What is HEX?

HEX is a distinctive digital asset that was conceived and introduced by Richard Heart on December 2, 2019. It is an ERC20 token that operates on the Ethereum network and intends to serve as an alternative to the traditional Certificate of Deposit as a store of value. HEX is designed to interact with the emerging DeFi (Decentralised Finance) ecosystem within the Ethereum network. It allows users to stake their HEX coins for a potential share of the new HEX coin issuance, or inflation. The HEX smart contract contains features that incentivize behaviors that encourage price appreciation and disincentivize behaviors that could potentially harm the price.

How does HEX work?

HEX operates on the Ethereum network for the transaction layer, which includes sending and receiving HEX tokens and interacting with the HEX smart contract. The consensus code and staking mechanism are contained within the HEX smart contract. Users may stake their HEX coins for a potential share of the new HEX coin issuance. The smart contract penalizes stakers for ending their stake early and rewards them for staking larger amounts of HEX for longer periods. HEX was distributed to Bitcoin holders through a snapshot of the Bitcoin UTXO set that occurred on December 2, 2019.

What are the potential use cases for HEX?

HEX strives to serve as a digital store of value, similar to a Certificate of Deposit in traditional finance. It allows users to stake their HEX coins and potentially receive a share of the new HEX coin issuance. This staking mechanism encourages users to hold their coins for longer periods, which can potentially lead to price appreciation. HEX also interacts with the DeFi ecosystem within the Ethereum network, which opens up a range of potential use cases in decentralized finance.

What is the history of HEX?

HEX was conceived and introduced by Richard Heart on December 2, 2019. It was created as an ERC20 token on the Ethereum network with the intention of serving as an alternative to the traditional Certificate of Deposit as a store of value. HEX was distributed to Bitcoin holders through a snapshot of the Bitcoin UTXO set that occurred on the same day of its launch. The distribution of HEX to Bitcoin holders was 10,000 HEX per 1 BTC. Bitcoin holders had the opportunity to claim HEX during the first year of launch. At the end of the first year, all HEX coins that were not claimed by Bitcoin holders were distributed to the rest of the HEX users who had active stakes.