The Hex project is a smart contract on the Ethereum platform designed to become the first blockchain-based certificate of deposit (CD) in the cryptocurrency world.
A HEX CD works similar to traditional banking since it pays a return to investors who decide to lock up their HEX holdings for a set period.
HEX is an ERC20 token designed to replace the Certificate of Deposit and be a store of value.
Check the current HEX price, market cap, circulating supply, trading volume, historical statistics, etc., along with in-depth information on several of the biggest and fastest-growing cryptocurrencies on CoinStats, one of the best crypto platforms around.
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Read on to learn everything you need to know about the Hex platform and the HEX token.
What Is Hex
The Hex project is designed to create a decentralized blockchain-backed version of traditional CDs by paying interest to participants who lock up their coins. Interest payments range depending on how much of the total HEX token supply is staked. Investors who stake their HEX for extended periods get higher rewards, paid out in HEX tokens.
Hex includes large referral bonuses for participants who bring new participants to the project.
HEX is an ERC-20 token built on top of the Ethereum network and powered by a smart contract that regulates how tokens are minted and distributed to investors.
HEX is designed as a store of value and replaces the certificate of deposit as a blockchain analog of the business product utilized in traditional financial markets. It's also intended to leverage the emerging DeFi ecosystem in cryptos on the Ethereum network.
The HEX price skyrocketed in 2021, gaining approximately 3,400% by October 4, moving from $0.012 per coin to $0.42. However, within a few weeks, the price plunged.
HEX Founders
HEX was launched in December 2019 by Richard Schueler – better known as Richard Heart. Heart is a serial entrepreneur, a high-profile crypto Twitter and YouTube personality, philanthropist, and author. Richard Heart is also the founder of the PulseChain network, for which he raised over $27m for medical research.
The venture first used the name "Bitcoin Hex" and aimed to redistribute the wealth of the Bitcoin ecosystem.
How Does HEX Work
The Hex founder Richard Heart described Hex as the world's first blockchain certificate of deposit to use the Ethereum network for its transaction layer, while the consensus code and betting mechanism are contained in the HEX smart contract.
HEX allows users to stake HEX coins for a share of the issue of new HEX coins or inflation. HEX tokens were created and put into circulation through the Adoption Amplifier. The first tokens were created through the Free Claim. Holders of BTC were able to claim their HEX tokens at the rate of 10,000 HEX per bitcoin.
Using the Adoption Amplifier, participants could choose to send ETH to an address and then get HEX tokens in exchange.
HEX claims to follow a proof-of-wait (PoW) protocol that allows investors to mint new coins for holding HEX during the fixed holding period. Once the holding period ends, the HEX smart contract creates new coins to pay off the holder, who then becomes a "miner" in this ecosystem.
How to Claim HEX
The Adoption Amplifier was used to create HEX tokens. It worked by sending a message to a network of people who had bitcoin in their wallets before December 1, 2019.
If you had Bitcoin in your wallet before December 1/2019, you could claim it for free. The claim phase, however, has ended.
If you have ETH and want to transform it directly into HEX, you need to use Adoption Amplefaier or use Uniswap exchange: Both are signup-free and secure, executing peer-to-peer trading on the blockchain.
Note that Hex requires the MetaMask extension for Chrome to access the Ethereum network.
Where Can You Buy HEX
There are many top exchanges for buying and selling HEX. You can trade the token on HitBTC, Bitcoin.com Exchange, BitMart, Uniswap (V3), and xt.com.
