HEX

HEX is an ERC-20 token that is fully automated in the form of a smart-contract compatible that operates on Ethereum’s network blockchain.

Initially, BTC holders could become early adopters of HEX due to the marketing method of claiming a small quantity free or earning it through a crypto airdrop. Currently, the most common way for users to acquire HEX is through exchanges like UniSwap or MetaMask. Using such exchanges is useful as they use smart contracts to facilitate automated transactions between different cryptocurrencies.

Key Points

- HEX is the first Blockchain CD

- HEX’s inflation is capped at 3.69%

- HEX is the first cryptocurrency in the world that shows a chart of its future locked supply

- Stakers are paid inflation in HEX while ETH miners receive small amounts of ETH to perform your HEX transaction. 

How does HEX work?

HEX uses the Ethereum blockchain network to interact with HEX smart contracts as well as the transaction layer to send, and receive HEX coins. HEX smart contract mainly contains consensus code and staking mechanism. 

"HEX uses a hybrid consensus algorithm of PoW and PoS"

Similarly to Bitcoin, HEX coin uses the proof-of-work (PoW) consensus algorithm and combines it with the functions of the proof-of-stake (PoS)  consensus algorithm. With the hybrid nature, investors will stake a portion of their funds to aid the verification of transactions. This implies as the larger amount they stake correlates with the number of transactions they can verify.  In return, adopting the nature of a “time deposit”, HEX is designed to pay interest to participants who lock their coins through staking. It allows stakers to earn passive income without needing mining equipment. 

Richard Heart, The Main Man behind HEX Project

The main key person behind the protocol is Richard Heart. He is an American serial entrepreneur, Youtuber, and philanthropist. He is also the man behind The Pulse Chain. The project initially was worked on by team members consisting of Cody Lamson, Brent Morrissey, and Dan Emmons. 

"Richard Heart discovers about $1 Bitcoin through Reddit"

Heart later continued with the birth of HEX with the vision to develop a more decentralized, transparent, and environmentally friendly form of BTC. Richard Heart once predicted the Bitcoin price to be $20,000 at a time when it stood at just $5,000. He even also forecasted the price of Bitcoin to reach $60,000 in 2019.

HEX and PulseChain

To lower transaction "gas" fees, Richard heart is building a new Ethereum fork called PulseChain. Currently, the second version of The PulseChainTestnet is live with validator rotation, registration, and staking. Later, HEX is known as eHEX (short for HEX on the ETH network) while HEX on PulseChain is called pHEX (short for HEX on the Pulse network).

"HEX is like Proof of Wait"

What is HEX coin used for?

HEX coin goes with the ticker symbol of HEX on crypto P2P exchanges. Unlike many other cryptocurrencies, HEX has no obvious use case apart of it main features to store value and application of monetization of the proof-of-wait concept - which is staking for mining purposes. Although HEX was not designed as a Medium of Exchange it works fine as a day-to-day currency because it adopts the ERC20 standard. 

Elseway, users can still stake HEX to receive yield on them. HEX’s main attraction is it pays rewards to its token holder instead of miners or validator that operating the network. 

How do I Stake HEX?

User stake their HEX and bounded with the term of not selling off their token for pre-set lengths of time. Once the agreed period reaches, HEX stakers will receive those funds along with yield. This way the yield on your HEX multiplies with the price appreciation of HEX against USD. The rewards will be paid in HEX. User can currently select their staking duration between 1 and 5,555 days (over 15 years). The longer the staking period, the higher the reward will be. The yield consists out of a yearly 3.69% inflation and currently pays of APY 38% on average.  

HEX Stakers mint their own HEX, and reward themselves when they end their stake.

HEX stakers run the code for minting their own rewards themselves without any work from anybody else. Just like Bitcoin miners, users minted every HEX into existence. This means HEX stakers do not owe anyone anything, they will be rewarded regardless of the price movement. 

Staker can enjoy yield payments ranging from 3.69% (if 99% of the total supply is locked) up to massive payout of 369% if only 1% of the total amount is staked. The interest payments are made in HEX, which means that the monetary value of such an amount depends entirely on the market value of HEX at the time of maturity. The higher the HEX’s price traded at, the more monetary valuation HEX becomes. 

How can I Buy HEX?

In the early stage, HEX is airdropping free HEX tokens to BTC holders that held BTC in their private wallets during the snapshot on December 2 2019. Participants were able to claim 10,000 HEX for each 1 BTC.

Currently, in order to purchase HEX, users need to hold Ether (ETH) tokens and use MetaMask via Wyre or CoinSwitch, a cryptocurrency wallet that functions like a browser extension. Users can trade ETH for HEX. Do ensure there is some balance of ETH in the wallet to cover the gas fees. HEX is an ERC20 which means that almost all cryptocurrency wallets support in storing it

Important moments of HEX

- It is scheduled to launch in 2019 with the name of BitcoinHex.

- HEX was launched on 2nd December 2020 by Richard Heart.

- HEX hit its all-time maximum price of $0.510830 on September 19, 2021.

- By design, there is no central entity in HEX. No one owes anybody anything. As long as you have your private key, you truly own your HEX.