It is an opportune moment for us to share what we will be working on for 2021, and look back at what we have achieved in 2020. Function X shares the motto with Pundi X, which is “allowing crypto for the masses”. Whether it’s allowing people to use crypto as easy as buying a bottle of water, or for blockchain enthusiasts and companies to deploy efficient ecosystems under Function X.
Below is the roadmap and progress.
The roadmap is broken down into three parts: Payment, Blockchain and De-Fi.
Payment has been Pundi X’s bread and butter and a considerable amount of time has been spent by Function X to port Pundi X’s existing products into the Function X ecosystem, You have seen first hand how FXConnect (which will be renamed) will power the wallets solutions, hence making it non-custodial, more secure and faster. XPOS will also move to Function X with faster and better solutions.
Blockchain has taken the majority of our development resources and for good reason: it powers everything underneath. Testnet 1.0 and Testnet 2.0 and the final Testnet, 3.0 are testimony of the progress made, and we are truly grateful for the feedback we’ve received from the community. The components of the various testnets included the introduction of FXCore, FXCloud, FXConnect (which will be renamed), FXExplorer, and the upcoming cross-chain relay nodes. A notable highlight is that we are the industry’s first to allow the creation of private chains without coding.
DeFi came to the forefront in 2020 with digital asset owners looking for ways to grow their assets through decentralized finance platforms. We decided in June 2020 to include De-Fi in our Function X ecosystem and a substantial amount of exploratory work began then. This is an essential part to be included in our Mainnet to allow our current users to benefit from it. We believe this is analogous to the development seen in the internet when online payments and commerce fueled the growth of internet adoption.
You will note in the Roadmap that among the products in the bright yellow, “Completed” section is DeFi. It is indeed completed and will be released as part of our Testnet 3.0 and Mainnet. While self-explanatory, many questions will be asked about what is Function X’s Synthetic Assets and DEX. This will be explored in greater depth in our December HashOut article.
BOB update
We have previously announced that due to Covid-19 there were changes to our supply chain partners for the production of BOB in the People’s Republic of China. While all of our developers are back to work — remotely or in person — we are still facing production challenges: our manufacturer’s new minimum order requirement has increased and we’re unsure at the moment whether or not we’ll be able to meet that requirement.
We are, nonetheless, continuously working on BOB and its operating system powered by Function X, underpinning BOB, but what goes far beyond just BOB, is the Function X blockchain. As you know, we’ve made promising progress in this area. We’ve had successful launches of Testnet 1.0 and Testnet 2.0 and the final Testnet, 3.0 will be soon be activated prior to the launch of Mainnet. Considering the increase in the manufacturer’s minimum requirement of orders that BOB has to meet, the current production plan may not coincide with the launch of Mainnet.
While many of you have continued to support us, we also understand the frustration surrounding the delay of BOB and the uncertainty regarding production and delivery. Because of this, we would like to reiterate our long-standing policy of providing a full refund to those of you who would like. All you need to do is send a request for refund together with proof of payment to preorder@functionx.io. Supporters will be refunded the full amount of their crypto or fiat payment; in other words, if you have paid in BTC you will be eligible for a refund of the full amount of BTC. The same goes for fiat currencies.
In addition, as a sign of our appreciation for your support and patience, Function X Foundation will also pass on the FX token equivalent of USD 300 (50% of the full retail price) to supporters opting for a refund from December 15, 2020 onward. Refunds will be transferred to supporters’ XWallet accounts.
Once again, we would like to thank you for your continued support of our projects and for traveling with us on the journey to the next great leap in blockchain.