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To say that the COVID-19 pandemic has changed a lot of things is an understatement, yet perhaps nowhere is this more true than when it comes to cryptocurrency.

Over the years, cryptocurrency has gone from a perception of it being dodgy at best (with fears that it will be mainly used for illegal activities like black market dealing and money laundering) to a legitimate investment vehicle. Under COVID-19, the cryptocurrency market has performed better than ever and this has led to much speculation that the pandemic could be the trigger for its mass mainstream adoption. …


Testnet 3.0 — Function X Cross-Chain

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Welcome to Function X Testnet 3.0 where users are able to perform cross chain functionalities on their personal blockchain. In this tutorial users will be able to send ERC-20 tokens into Function X blockchain. All tokens used in this tutorial are on Testnet, for ERC-20 tokens they are on Ethereum’s Kovan testnet and FRC-20 tokens on Function X’s Testnet 3.0.

What you will learn today (using FXCloud)

  • Enable cross-chain transfer on your custom blockchain
  • Set up a relay node on Ethereum (Kovan testnet)
  • Set up on Function X (Testnet 3.0)
  • Add tokens that you want to relay (eg: an ERC-20 DeFi…


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The decentralized nature of cryptocurrency — which allows users to directly transact without having to go through a bank — has caused it to see a meteoric rise in popularity ever since its invention. Ironically, however, this has caused cryptocurrency to become a threat to fiat currency and for central banks, world governments, and other traditional financial institutions to view it with a suspicious eye. It doesn’t help either that the lack of a central authority in governing cryptocurrency transactions has caused it to be taken advantage of by some to deal on the black market, launder money, etc.

As a counter, many central banks are releasing their own digital currencies. For example, China has recently released its own digital currency, giving away USD$1.5 million worth of currency in what is so far the country’s biggest experiment on the new medium. Even the Bank of England has confirmed that they are considering launching a digital currency of their own. …


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XPOS in Nigeria. Produced by Multi-jakes

Many countries around the world are beginning to ease up on blockchain and cryptocurrency, considering that they have proven useful in the midst of the COVID-19 pandemic. Influential figures around the world such as billionaire investor Paul Tudor Jones have also expressed support for Bitcoin, calling it as the best possible hedge against inflation.

Crypto regulatory support is known in countries such as Japan, Malta, Switzerland, and Singapore. However, a report by Arcane Research shows that Africa is also becoming one of the most promising places for crypto adoption. …


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More than a decade has passed since Bitcoin and blockchain technology was introduced to the world. Some may believe that we still have a long way to go with blockchain and crypto adoption since it’s still considered a novel concept; not a lot of people are comfortable with the idea of investing their money on new technologies, possibly even more so people in developing countries where fiat money is still very much the norm. However, various reports and studies, such as one conducted by blockchain project Onfo, debunk this idea.

The experiment focused on four countries: the U.S., Germany, Indonesia, and Russia, with the first two classified as developed countries and the latter two as developing countries. About 100 individuals from each country were given free crypto assets and were advised that they would receive more if they invited other people to use the crypto assets. The respondents from Indonesia and Russia adopted cryptocurrencies four times faster than those from the U.S. and Germany because the developing countries valued small amounts of money more. …


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As the public release of the Function X testnet is around the corner, we will elaborate more on validators, delegators, FX Connect app and address some of the key questions that the community has posted in our AMA Telegram (held on May 6, 2020) and our Reddit page in this issue of HashOut.

About testnet

When is the testnet launch date?

We aim to launch the testnet in June 2020. The testnet launch date will be the same as the Function X Cloud (beta) launch date. …


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Image created by Laura Makaltses. Submitted for United Nations Global Call Out To Creatives — help stop the spread of COVID-19.

The COVID-19 pandemic continues to engulf the world, but some countries such as Singapore, Australia, and New Zealand are starting to consider reopening their borders after managing to contain the transmission of the virus in their region.

For Singapore, the government will continue to impose isolation and testing requirements to protect the country from imported COVID-19 cases that could increase community transmission again. Australia and New Zealand, on the other hand, have discussed implementing a trans-Tasman bubble to mutually build up their economies and avoid possible recessions. …


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In this issue of Hash Out, we will dive more into the full node’s role as validator and what’s entailed in being a validator, including the duty, tokenomics and rewards.

What is a full node (validator)?
Nodes validate blockchain transactions that are written on the ledger. Full nodes are sometimes called validators as they validate transactions on the chain. You may also review Function X’s February Hash Out which discusses the various nodes.

Why should I be a validator?
By being a validator, you can take part in network governance work, which ensures the stability and health of the blockchain ecosystem. …


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Digital currencies have been touted as the next big thing for a number of years now. Its increasing popularity has even seen it pose a threat to the current monopoly that fiat money has on the world.

Yet it’s the ongoing COVID-19 pandemic that may serve as the tipping point for digital currency. With businesses and even banks having to shut down everywhere to prevent the spread of the virus, transacting in cash is no longer as easy as it used to be.

This is something that institutions all over the world are acutely aware of. Just last week, the US Senate proposed legislation calling for a central bank digital currency (CBDC) to get money moving faster in this time of crisis, considering those suffering from sudden unemployment and an overflow of expenses as a result of the crisis. TechCrunch reports that Kenya’s largest telco, Safaricom, “implemented a fee-waiver on East Africa’s leading mobile money product, M-Pesa, to reduce the physical exchange of currency in response to COVID-19.” …


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This session of Hash Out will talk more about hubs and zones. We will also discuss further topics the community raised in social media for Hash Out February.

Function X’s Hub and Zone

Let’s dive in more on Hub and Zone which we talked about in January’s Hash Out.

To recap, “Hub” is regarded as the parent chain, which is what we commonly call the Function X public chain. It is the backbone of communication between different blockchains in which call “Zone”.

A zone is the blockchain that has a specific functionality, such as a “payment” chain specifically catered for transactions of XPOS Point-of-Sales network. In this “payment” chain you will see the transactions of each XPOS device, from people buying cryptocurrency or spending cryptocurrency on the XPOS. …

About

Zac Cheah

CEO & Co-Founder Pundi X, Creator Function X

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