Litecoin Foundation, a non-profit organization behind the Litecoin cryptocurrency, announced the news in a blog post on Friday, January 7th. According to the announcement, by becoming a public validator of Function X network, Litecoin Foundation has joined three other renowned non-profit organizations that include Asosiasi Blockchain Indonesia, Blockchain Collaborative Consortium, and European University Cyprus.
— Litecoin Foundation ⚡️ (@LTCFoundation) January 7, 2022
Litecoin Foundation will contribute to the Function X network’s consensus and will participate in governance. The blog post reads:
“As a public validator, the Litecoin Foundation will be responsible for playing a role in consensus by broadcasting votes and participating in governance by giving their vote on proposals. By inviting outside organizations as validators, the team behind Function X can ensure its blockchain remains truly decentralized without sacrificing efficiency.”
Litecoin Foundation is a community-led, non-profit organization that works to promote the development and use of Litecoin (LTC), the 24th largest crypto coin by a market cap of over $9 billion. The Litecoin Network went live in October 2011. Since then, it has exploded in both usage and acceptance among merchants and has counted among the top ten cryptocurrencies by market capitalization for most of its existence, thanks to the efforts of Litecoin Foundation.
Alan Austin, Director at Litecoin Foundation, working Function X Foundation is a step forward to achieve organization goal of “giving people greater control over their data and promoting the use of the blockchain technology.” He commented:
“With Function X, it’s easier than ever to build decentralized apps. That’s a crucial step towards creating a world where people can easily access their crypto assets and build an efficient cross-chain transaction environment.”
Function X is a proof-of-stake (POS) public blockchain developed by Pundi X Labs that launched its mainnet in on July 6th, 2021. It has cross-chain architecture based on pBFT and PoS. By integrating various blockchain ecosystems like Ethereum and others, Function X is designed to increase the liquidity and value of digital assets created on the Function X network.
Function X Foundation is also a nonprofit, independent organization that supports the growth of the Function X Ecosystem. The organization brings renowned outside organization to ecosystem to ensure that its blockchain remains truly decentralized.
David Ben Kay, Function X President, stated:
“The Litecoin Foundation team and community has a long history of making Litecoin accessible to more people. It’s the perfect combination. We look forward to having more cross-chain developments with Litecoin Foundation.”