The Function X Foundation allocates 100 million USD to develop its ecosystem


VALLETTA, Malta, November 10, 2021 / PRNewswire / – The Function X Foundation announces that it will intensify its efforts to accelerate the development of the Function X ecosystem by allocating 75 million Function X (FX) coins (approximately the equivalent of $ 100 million) as an Ecosystem Genesis Fund (EGF) to support decentralization efforts, improved infrastructure, increased liquidity and community development.

Initiated by blockchain solutions provider Pundi X, Function X is an internet service framework for developers and businesses of all sizes, the best of decentralization. Function X consists of a comprehensive set of decentralized network components, cross-chain communication architecture, and decentralized governance protocol to deliver the next generation of financial services.

The 75 million FX coins will all be allocated to different segments with different purposes.

20% will be allocated to infrastructure service providers who can help set up or start using the Function X infrastructure. 20% will be used by financial service providers to create a trading platform for $ FX and increase the liquidity.

An additional 10% of the tokens will be rewarded to consumers, intended to attract consumers and grow the user base of Function X. This will then be supported by an additional 20% allocation for developers, to encourage them to create dApps additions to the Function X blockchain and eventually make room for the growth of use cases. Finally, to help function X survive volatile market conditions, 30% will be allocated to stakeholders as an emergency bridging reserve.

President of the Function X Foundation David Ben Kay describes allocations as a huge step forward in giving users of the X function a bigger role in shaping the future of the framework. “We provide an accessible way for people to help develop the Function X blockchain ecosystem in accordance with the principles of distribution and decentralization” Ben kay Explain.

The distribution of the Ecosystem Genesis Fund will be approved by a governance vote. Recently 99.98% of the Function X community voted ‘yes’ at launch a Function X decentralized marketing program (fxDM) who attributes US $ 1 million value of FX coins over a period of at least 2 years to community content creators who promote the Function X ecosystem. In accordance with a decentralized approach, a committee formed by the community, Function X and Pundi staff X will decide which content creators will be eligible to receive the coins as a reward. To keep decisions about rewards as impartial as possible, decision committee members are not allowed to participate in the program and will instead receive personalized items in recognition of their efforts (as opposed to FX coins).

Overall, the above initiatives hope to both increase the number of users on the Function X network while supporting those already connected to it. As Function X is committed to helping people and businesses around the world harness the best of blockchain technology, Function X’s programs could play an important role in the eventual mass adoption of blockchain.

“We strongly believe in what the X function can do for the blockchain”, Ben kay concluded. “Once people start using it for themselves, we think they’ll see what we see as well.”

To find out more about the fund and how to submit your proposal: https://medium.com/functionx/function-x-august-hash-out-f7a024aa7c6c

Link to create a governance vote proposal: https://explorer.functionx.io/fxcore/proposals

Video: https://youtu.be/ELF3nD-TxRc

About the Function X Foundation

Function X Foundation is an independent, non-profit organization that supports the growth of the Function X ecosystem, a next-generation internet service framework built entirely on and for the blockchain. It is a whole new ecosystem providing a new service framework by improving existing internet and blockchain architectures, combining the advantages of both and using the most commonly used technical solutions. The foundation manages the use of the Genesis Ecosystem Fund, which aims to motivate, encourage and facilitate service providers to join and take root in the f (x) ecosystem. For more information on the X function, visit https://www.functionx.io.

SOURCE Function X Foundation

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