European University Cyprus (EUC) and Pundi X 365 have jointly announced that EUC is now part of Function X, becoming the first academic organization to operate as a public node. This strategic move aims to bring Function X closer to achieving genuine decentralization while maintaining the network’s security and stability as a blockchain validator node.
Function X is a network comprising independent yet interoperable blockchains, offering decentralization possibilities for applications, websites, data, and services.
Validators play a pivotal role in the network by running full nodes, engaging in consensus through vote broadcasts using cryptographic signatures from their private keys, and participating in decentralized governance, including voting on ecosystem development proposals.
Costas Papacostantinou, Director of Information Systems and Operation at European University Cyprus, expressed enthusiasm for collaborating with Function X, acknowledging their pioneering contributions to the blockchain industry. He emphasized that this partnership allows EUC to actively engage in governance and contribute to network development.
Joseph Borghese, Executive Chairman of Pundi X 365, highlighted the potential of Cyprus in the blockchain landscape, positioning the EUC’s involvement with Function X as a significant step toward positioning Cyprus as a prominent player within the European Union.
Function X’s network has already generated over 2 million blocks, with an average block time of just 5 seconds since its mainnet launch in July 2021. Function X Foundation President David Ben Kay expressed optimism about the network’s future impact, emphasizing their vision to enhance efficiency through blockchain technology and the growing significance of validator nodes in achieving this vision.