Note: below is the summary transcript of the quarterly report of the AMA conducted on 7th January 2022. There might be minor discrepancies and you can watch the original video of the AMA below.
Happy New Year to all! Thank you for your time to participate in the Q4 2021 progress report. The host of the quarterly progress AMA is CEO and Co-Founder Zac Cheah, joined by David Ben Kay, President of Function X Foundation, Jeremy Herbst, the Digital and Social Media Marketing Manager, and Peko Wan, Chief Ecosystem Officer.
The agenda of the Q4 2021 Progress Report AMA is as below:
Pundi X Chain Launch
With the launch of Pundi X Chain, $PUNDIX has become the native token of the chain, while remaining a ERC-20 token. Users are able to cross-chain transact PUNDIX token from/ to Pundi X Chain.
As of now, 29.1 million PUNDIX tokens have been delegated at this moment to help secure. It’s over 10% of the total supply.
When delegating to Pundi X Chain, delegators are helping to verify the blocks. Every time a transaction happens, the delegators are helping to secure the transaction. The block rewards generated from block creations are PURSE tokens and are given to the delegators.
100 XPOS Handy arrived in UAE in 2021 at the hands of Zelaa Pay. We are now in the merchant training session with Zelaa Pay. And Turkey has opened 4 physical Exchange stores using XPOS already and aims to deploy 100 in 2022.
In El Salvador, we have now distributors there to help undergo the necessary registration to operate in the country. We are also lucky to have the Association of Small and Medium Enterprises to help us distribute the XPOS devices. More than 250 merchants have been allocated the XPOS device by the association.
We also have some new leads signed up in countries such as Mexico, Belgium, and Ghana. More details will be rolled out in 2022 gradually.
Below is the information of the XPOS transactions made and XWallet growth in Q4 2021.
Launched Pundi X Rewards program: PURSE
PURSE token is a reward token to give back to the community for the hard work they have been giving. The community has helped us to where we are now. The PURSE token is available on Binance Smart Chain, which holders can use to redeem NFTs, and many more things to come.
We are now having a Liquidity Mining program on Pancake swap. Visit the official site: https://pursetoken.com to join the program.
The current supply on PancakeSwap is over 600K with 1 billion PURSE for Pancake swap liquidity award burnt.
Mission WAGMI is the NFT collection launched on f(x)Wallet beta. PURSE holders are able to redeem the NFTs within the beta version and each NFT requires 1,000 PURSE tokens to mint.
Up to 34 million PURSE grand prize pool to be shared by the collectors of a full set of 10 Mission WAGMI NFTs who complete the registration by Jan 22, 2022. Over 4,400 WAGMI NFT have been minted. We welcome you to join the campaign, check out the details here: https://medium.com/pundix/get-ready-for-your-first-space-mission-in-2022-95a5b0a27f0f
At the moment, another PURSE giveaway is happening. On Jan 14, 2022, a 5,000 USD worth of $PURSE token will be given to 10 lucky winners.
There will be $PURSE giveaway activities every month throughout the year, make sure to follow the official Twitter account and stay tuned for the following cool events.
4th Anniversary celebration
As part of the 4th-anniversary events, the Review4good event is for both f(x)Wallet and XWallet. 160 winners who have left a review in either Google Play or App Store about the wallets will be chosen, and each will be awarded 25,000 PURSE.
The deadline for this event is Jan 21, 2022, which is the date we completed our public sales 4 years ago.
The Meme campaign is still ongoing. 40 winners will be chosen and each receives 25,000 PURSE (20 from Twitter and 20 from Instagram). An additional 4 winners will each receive a Blindbox NFT.
Both activities will end on Jan 21 2022.
Questions From the community
- CryptoGon on Twitter: Launch card to be used not only in XPOS using the balance of FX Wallet? Launch new tokens (IDO) in future DEX like uniswap?
Zac: With the launch card I believe you are referring to our hardware physical card XPASS? Things are looking positive that we will be able to create a decentralized version of XPASS card with a global hardware company that is known for their high security, if that comes to fruition, future XPASS cards will be able to support on-chain transactions because an on-chain wallet can always talk to deXPOS, which is fully on-chain as well. In theory, anything that can transact on-chain will be able to be processed on deXPOS. This is what we’re working a lot on.
- Betchip: Secondly are you aware of the dubious gas fees charged while funding the xpos. Whats the way out? (this has been answered on Twitter)
Peko: The fee to fund XPOS is like a regular Ethereum on-chain transaction, the gas fee is much higher than 4 years ago. I wish I could call Vitalik to lower the fee somehow but that’s Ethereum on-chain mechanism and if you want to do ERC-20 transactions we can’t change that. That’s why we are looking into integrating multiple chains into our network. What we CAN change is to open multiple options for merchants to fund with BEP-20, FXCore, and Pundi X Chain.
- When BSC will be available for PUNDIX
Jeremy: This is something we’re working on every day, and we’ll not launch it until it’s been tested properly. Soon.
- When PUNDIX CHAIN will be supported by other wallets and exchanges
Zac: It’s been our long-standing position that we don’t comment on when we get listed by any Exchange. That has been our principle for four years running, and we’ll stick to that. However, we do spend much effort talking to Exchanges.
- From FrenchCore — FX validator node: Hi. I’d like to know if there is an intent, further down the line, to do all payments using the PundiXChain, which would then cross-chain to other chains’ wallets, to improve response time, reduce transaction costs (by grouping transactions) and empower the PundiXChain. Thanks in advance.
David: That is our intention. We feel the pain, as Peko mentioned, of the high gas fee on Ethereum network, so it is in everybody’s interest to do all the payments on Pundi X Chain. It will not only improve speed but also decrease the gas fee.
- Jaaronjoyce: I wish the team would focus on network expansion and token marketing. They have an amazing network and working physical projects but tend to be more reactive than proactive. What are the goals for 2022 for new partnerships and getting on new exchanges?
Jeremy: We are listening to the community’s feedback and pushing forward our marketing effort. We want to do it and we want to do it right. As for networking activities, Function X blockchain launched in July, Pundi X Chain in October and cross-chain functionality available. The network expansion is coming. We have many other Blockchain to work with and we can use that are already working. In terms of new partnerships and getting on new Exchanges, we have them in the pipeline but we can’t release any news in advance. So make sure to follow our social media channels to get the latest news.
One key takeaway from our community last year is that in spite of you appreciating that we are working hard secretly, you want us to be more public and tell the world what we’re doing in the words “less reactive and more proactive”.
We are listening to you and we will be more transparent and proactive as you’ll see this year.
- Blokhead: Do we have a growth est/possibility of the XPOS adoption or expectation for 2022 of device unit growth with the known factors like El Salvador roll out ZPay’s expansions & turkey stores combined with the new distributors & regions
Zac: While we can’t comment on exact numbers, Zelaa Pay has received a hundred XPOS and they are very ambitious in the region. We will also be received by El Salvadorian government officials in person last year and they will be visiting Singapore next month. So the intent is to do a government level effort. No promises as there are many hurdles, but the intent and seriousness are there. Turkey we have a great partner and we have fourth stores running.
- Jojy: X wallet working? Cryptozooo working?
Peko: XWallet is working, it’s very compliant and a good way to interact with XPOS. CryptoZoo is a third-party DApp and not working anymore. If you have any assets left in CryptoZoo, it is returned to your wallet automatically.
- EdwinS93: Hi Zac! How do you determine the number that will be destroyed with the Token Removal? And is there already a new possible target for a buyback? 😃
Zac: The token removal is from the transactions we have on XPOS, XWallet, and the Pundi X Ecosystem, we have been removing those quarterly since the beginning of the project. The buyback is an ongoing discussion in the team, it’s because we have been doing buybacks internally, but we are advised not to announce publicly for compliance purposes. We can only announce it afterward, not beforehand.
- Daniel Przybylski: With which business partners we currently cooperate (VERIFONE, INGENICO) and what is the future of this cooperation?
Peko: The way we work with Ingenico and VeriFone is that we integrate our XPOS system into their POS machines. When a merchant or distributor requests, we work with the service providers to turn on the functionality in certain models. For example, we made XPOS competible with Ingenico DX8000 last year.
The other way of cooperation is through the app portal. For example, the POS manufacturer PAX has its own app marketplace where the merchant can download XPOS app directly into their existing devices.
When a merchant or distributor has any request, we will facilitate the capability of the XPOS with the devices that work for them. Therefore, we are working very closely with their R&D teams for technical support.
- Richy: Any update on the fx pancakeswap addition? Its gone a bit quite on that😅 or did i miss a post?
David: We will have our own “pancakeswap” or “uniswap” and probably gonna call it fxswap for now and it will come with all the features we see on pancakeswap. That is in EVM testing phase and you can already play on it on our testnet, available publically.
Function X progress
One of the main features of Function X development is the multi-chain functionality. We added complete support of the Binance Smart Chain, TRON and Polygon. We’ll continue to see the growth of the network.
These chains are added on through our governance process, then touch upon our validator ecosystem. The validators have increased in numbers. We started off with 20 company-hosted validators and now we have increased the nodes from 20 to 50. 47% are public hosted validators including 4 from organizations European University Cyprus, Asosiasi Blockchain Indonesia, Blockchain Collaborative Consortium, and NOBI. One of the top 3 crypto foundation will also join us which we will announce later.
One of those exciting development is the EVM UPgrade. It is now testing on testnet with 4 DApps testing at this moment, including Uniswap, Pancake swap, NFT marketplace and a money streaming service, Sablier.
This is the tip of the iceberg. It really opens up to developers developing on the Ethereum network to easily port the Dapps to our FXCore.
One of the proposals, in addition to the multichain proposals, that has passed through the validators and community voting is the Function X Decentralized Marketing. A group of 7 volunteers has gone through all of the contributions the community has made on the creative side. The first round of FXDM award voting is completed and the winners will be announced soon.
There are some proposals in the pipeline right now that have been discussed on the Function X Forum. Please visit the forum and you will see what is to expect for Function X in 2022.
Upcoming in 2022
A few things to highlight for 2022.
- XPOS update: on-chain USDT support. This is the most asked-for feature by our distributors and merchants and we have brought it live.
- A revamped user interface on f(x)Wallet beta, testing out NFT (supporting ERC-721 and BEP-721) and crypto gift features. Also, other on-chain features that f(x)Wallet will bring to support XPOS.
Development status on decentralized XPOS module and decentralized XPASS card: Will support more ERC-20and BEP-20 tokens via decentralized module, and more networks. We will collabrate with a major chipset manufacturer to develop decentralized XPASS card to support multiple blockchains, including Pundi X Chain and FXCore.
We will have a roadmap update in the end of February, which will bring a more holistic and complete structure of what’s in the plan for 2022.
Below are the company-hosted validators on Pundi X Chain. We will also open up for the community to join as public validators.
With so many things working in the process, 2022 is going to be an exciting year. Thank you for joining us at the AMA, as always, stay safe, stay positive and stay happy.