Summary of Function X All-Hands Meeting on 16th September 2021
By: Indra Winarta
Tags: Functionx, Blockchain, Validator, Decentralization, Ecosystem

Thank you for those who have participating the September All-Hands meeting via Twitter Spaces. We have 95 participants in this meeting. Here is the brief summary:

As we mentioned in the August All-Hands Meeting, Function X Foundation has allocated 75mil $FX for EGF (Ecosystem Genesis Fund) and will be utilized for marketing, third-party developers, exchange listings, etc. We have seen that many people are interested in developing in Function X and we want to reward the community to grow Function X.

2. Function X Decentralized Marketing (FXDM)

The idea is to involve our community in growing Function X with us. Among our community, we know there are many creative/marketing people and we want to reward community for their creativity and marketing efforts. (i.e: blog, social media,etc)

Hiring Marketing agency / company will be a separate proposal. The aim of the FXDM is to grow the project and reward the marketing efforts contributed by our community members. If there’s a professional marketing agency, they can come up with the proposal and budget estimate to pitch. It will be allocated from the EGF.

There will be no on-chain voting process for FXDM. Community can simply start to create quality content, submit to the committee and earn the rewards.

3. Upcoming activities

There will be many exciting updates in October and community can participate in it. Here are the details:

A. On-Chain Voting

Our team is currently developing the on-chain voting website (similar to snapshot.org on Ethereum) and estimated to be launched in early October. As discussed in the forum, if the website is not ready in time, we will do manual governance votings first, including Binance Chain integration and some EGF proposals.

B. Function X Public Hosted Validator

There will be a live session training by our blockchain developer (Richard) to teach people to setup the validator nodes on f(x)Core next month. We will announce more details.

September Hash Out will cover the general information regarding to the validator setup. Community can read this article prior to the live session training.

C. Pundi X Chain

In October, we will launch the Pundi X chain to public. We plan to have this chain to support cross-chain transactions not only between Ethereum and Function X but also Binance Smart Chain and Function X, bringing more utilities to f(x)Core.

4. Exchange Listing

For reputable exchanges, we need to go through a comprehensive review process and it will take longer time. We are in touch with several exchanges and we are restricted to announce anything before the exchanges.

Currently, there are stricter regulation for exchange listings, and we are working to comply. Also, some reputable exchanges are evaluating whether the project is decentralized enough to operate without the original team behind. That’s why we allocated funding around one forth of the capitalization to enable more parties to join and grow Function X.

How can EGF fund help us on listing? Exchanges which list FX can utilize the fund to support the Exchange marketing budget. This is a win-win situation, since the fund can be utilized as marketing campaign, i.e trading competition.

5. Inputs From the Community

There is a proposal from community member to develop a browser extension for Function X. Our development team is currently developing it, but we think it is a good to have more than more browser extensions in our ecosystem.

Stable coin on Function X

Currently, there two options for this: bring the existing stable coin (USDT,USDC, etc) to Function X or build our own stable coin (FxUSD). It is something needed in our ecosystem and we are still reviewing it. More details will be announced soon.

Currently, there two options for this: bring the existing stable coin (USDT,USDC, etc) to Function X or build our own stable coin (FxUSD). It is something needed in our ecosystem and we are still reviewing it. More details will be announced soon. Marketing team and resource allocation

Our marketing team is small, locating across different countries. They cover both marketing as well as business development for Pundi X. Hence, our marketing strategy focuses on the organic growth. We don’t do paid marketing. It has always been like it. That’s why we have proposed FXDM to involve community talents to grow Function X, including creating marketing content for Function X official accounts and reward the content related to Function X distributed via the 3rd-party social media / news channels.

Once again, thanks for your participation in this meeting.

What do you think about our All-hands Meeting in Twitter Spaces? Is it a good way for you to engage and participate? What can we do to make it better? Welcome to discuss and feedback at https://forum.functionx.io