European University Cyprus (EUC) and Pundi X 365 today announced EUC has joined Function X and becomes the first public node from academic organizations, enabling the network to move closer to true decentralization while still maintaining network security and stability as a blockchain validator node.
Function X is a network of independent heterogeneous but also interoperable blockchains. Applications, websites, data, and services can be decentralized through the Function X network.
The role of validators is to run a full-node and participate in consensus by broadcasting votes which contain cryptographic signatures signed by their private key. They must also participate in decentralized governance by voting on proposals to build the ecosystem.
“We’re excited to set up a public node with Function X given their extensive experience of innovating the blockchain industry. It allows us to participate in the governance and build the network” said Costas Papacostantinou, Director of Information Systems and Operation of European University Cyprus.
“We definitely see Cyprus in the future of blockchain, so to have the EUC working on Function X just dovetails in perfectly with that. Cyprus ranked fifth to last in this year’s digital economy and society index. Therefore, Our aim is to make Cyprus an important player in the European Union,” concluded Joseph Borghese, Executive Chairman of Pundi X 365.
As of writing, the Function X network has created over 2 million blocks with an average block time of 5 seconds since its mainnet launch in July 2021.
“With more people helping out and participating in the Function X project, we expect it to truly make an impact in no time,” said Function X Foundation President David Ben Kay. “Our vision has always been to create a world that’s more efficient through blockchain. The latest news on validator nodes will certainly bring us closer.”