What is Hex?

HEX is a proof of stake token

HEX is a tool using blockchain technology on the Ethereum network to primarily work as a traditional certificate of deposit, but with a lot of extras. HEX opens the possibility for users to stake tokens in return for interest. But since it doesn’t need a fancy marble-floored bank office or a high paid CEO, the return could be significantly higher than in a traditional CD. But keep in mind that it still runs in the highly fluctuating world of cryptocurrencies, making it hard to predict an exact outcome. At the end of it all, it could be worth nothing more than dust, but it could also go waaaay up. A fine example is Ethereum that went up 233 times from 6 to 1,400 US dollars in just over four hundred days! But as always, do not expect nothing: there are not any promises of a positive return  at all.

 

When you stake your HEX, you get a return in a compounded interest pool. HEX is intended to store value and is not intended as a coin that has an application, like for example, ETH.  So, it should be regarded more like the concept of gold than a fiat currency (like the US-dollar) you make transactions with.

So, in general, you could compare it to the function of gold. As an easy comparison, if this was gold could be that you trade your X amount of dollars for 1 ounce of gold, and lock it down for a period of time. When release that lock, you get 1.x ounces of gold back, which you can, of course, transform to US dollars again. The longer you stake, the more you make.

Now keep in mind that this introduction-phase is going on for the total amount of fifty-weeks and isn’t ending until November 2020. So, there is still time to be one of the early investors.  We suggest you read more on the official HEX website or check out the how-to guide to get started. Remember that this site is only intended for educational purposes and is not intended to give financial advice of any kind.

Frequently asked questions about HEX

Gas fees

Each time you mint HEX or interact with HEX smart contracts for claims or an end stake, you must use up a few cents of ETH to pay a gas fee to the ETH ecosystem for each transaction or interaction with a contract. Therefore, you must put at least a little bit of ETH into MetaMask to pay the gas fees, even if you only free claim and stake HEX. The ecosystem will work faster if you edit the gas on MetaMask and use more ETH; for example, an increase in gas from $0.03 to $0.05. Otherwise, the transaction may take twenty minutes or longer. More gas = speedier transaction time.

Claiming HEX with bitcoin

  • You can only free claim HEX if you owned BTC on Dec 2, 2019, at 00:00:00 UST, or in other time zones, Dec 1, 2019, at 7 pm EST, or Dec 1, 2019, at 4 pm PST

  • You BTC must be in a single sig hard or soft wallet - not on an exchange in a multi-signature vault or a multi-sig wallet

  • You must have a wallet where only you control its release

  • You can free claim at a ratio of 10,000 HEX for proof that you owned 1 BTC on December 2, 00:00:00 UST with no minimum BTC. The 10,000 is reduced daily in an amount equal to 2% weekly for the 352 days after December 1, 7 pm EST

  • If your free claim exceeds 1000 BTC, you only receive 5,000 HEX per BTC. 

  • Free claim means you keep your BTC

  • This link gives you 10% extra when free-claiming.

The Adoption Amplifier

  • You can donate ETH to a HEX smart contract and then be eligible for the daily lobby. You will see the adoption amplifier abbreviated as AA.

  • It works like this:  Every day during the launch period (which equals 352 days) this starts a new cycle: Imagine empty bucket A and bucket B which contains unclaimed HEX/350

  • During the day, bucket A accepts donated ETH. At the end of the day, bucket B is divided up proportionately to those who donated to bucket A; if you donated half of the amount in bucket A, you get half of bucket B. Then at the end of the day, bucket A is dumped to contract (emptied), and bucket B is refilled using same formula above.

  • The Adoption Amplifier (AA) lasts for 352 days starting on December 3, 00:00:00 UST or equalling December 2, 7 pm EST.

  • Going through this link gives you 10% extra when transforming

HEX referral link

  1. There is a referral bonus where the referrer is given at time HEX is minted a percentage of HEX obtained by those who use the referral link to free claim HEX with Bitcoin, or use the Adoption Amplifier.

  2. Those who use referral link also get a 10% HEX bonus

  3. Here you can find your own referral address​

Certificate of deposit

You can time-lock your HEX (like a bank CD=certificate of deposit) with interest per year between 3.69% and up, depending upon the proportion of all HEX staked

HEX shares

  • On day 353, at the end of the launch period, those who have HEX staked receive a proportionate share of all the unclaimed HEX. This is called Big Pay Day. All BTC that is not claimed will build up to be distributed to all stakes made over the Big Pay Day. 

  • Interest on all HEX is fixed at a minimum 3.69% per year and is divided up and given proportionately to those with staked HEX in the form of shares - get it in HEX when the stake ends.

  •  If you fail to end stake within two weeks of the end stake date, you lose 1% of your shares per week, and thus cannot mint as much HEX as you expected when you processed your end state = withdraw HEX by re-minting it

Is it an ICO?

Whenever HEX is created, you are performing the work to create it by interacting with the immutable, fixed, self-executing, smart contract on the ETH ecosystem. Hitting the exit button after the end of the day you put in ETH amounts for YOU interacting with the smart contract and mining your HEX plus interest bonuses and minus penalties – if you never hit exit, you never have HEX and exit does not appear until the day after you donate ETH.

HEX Bonus

  • There are bonuses for longer stakes up to 300% for 5555 days which is the longest possible stake allowed (15 years)

  • There are bonuses for bigger stakes

  • Bonus penalties and interest are paid or deducted to or from stakers in HEX

HEX after launch

After the launch phase (day 353), the only way you can obtain HEX is by purchase, trade, gift, or interest from a time lock - so no more claims or AA.

What is Ethereum

WHAT IS ETHEREUM?

Ethereum has been around for a while as can in some aspects be regarded at a competitor to Bitcoin and other crypto based currencies. It's now regarded as the second largest cryptocurrency and to me it seems like it's progressing more and more on the right path. And the fact that you can throw in the words "The world computer" when talking about it simply makes it awsome.

Just like any other blockchain, Ethereum has it own cryptocurrency called Ether, shorten ETH. Basically it's digital money and if you ever heard of Bitcoin it's very similar to it. But unlike Bitcoin and other cryptocurrencies it's more than a currency. Ethereum basically offers a programmable platform where developers from all over the world can build and run all kind of applications.


The applications then runs decentralized and can use all the positives of the blockchain technology, such as a great uptime and that the data isn't controlled by a central power. This is still pretty early but has some fun projects on it. These apps are often referred to as Dapps and there are some cool projects running on the Ethereum blockchain

You can for example check out a fun project called Cryptokitties and Decentraland is another one that really could change our views on the digital world.​ What's even more exciting is the HEX crypto project which also runs on the Etereum blockchain.

What is a blockchain

Blockchain is the record-keeping technology behind cryptocurrencies such as bitcoin and Ethereum. it's basically a way to keep track of all the data and it's transaction while at the same time keeping it secure and encrypted.

Everytime someone makes a transaction it's got to be checked if it's a legit one. So if a transaction is made it must be processed, checked for legitimacy and encrypted. It does this stored together with a lot of other transactions on what is known as a block. This is where the chain of nodes come in the picture. If you "lend" your hardware to do these thing it makes the process go smoothly and the incitament for doing so is that you get a small fraction of the bitcoin when completing one of these blocks. On the Bitcoin blockchain you probably heard called of this process as mining or bitcoin mining.

Image by William Iven

Check out our guide on how to buy HEX and you could be set up in minutes! You'll find everything you need to know and and at the top you will find it summarized step-by-step.

"It’s the world’s first blockchain CD that attacks the largest market in the banking ecosystem outside of savings accounts”
-Richard Heart, inventor of HEX

During the 350 days of the launch period, there is a possibility for bitcoin holders to get free HEX, simply by having BTC in their wallets. Our link gives you 10 % extra when claiming!

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