A serious and very controversial debate has started in the world of crypto. It is about HEX, the new crypto project by Richard Heart. You might still know it as Bitcoin HEX, it was recently renamed to only HEX. With this article, I will summarize the most advantages and critics.
Disclaimer: We are invested and staking HEX. We believe that we can make money with HEX. We want to share this information with you.
HEX is a cryptocurrency based on advanced game theory. It is an ERC-20 token on the Ethereum blockchain. It runs as a smart contract, unchangeable and immutable.HEX allows:
Bitcoin Maximalists are angry. Accusations of scam are rising on a daily basis. Is HEX a Scam or are maximalists scared of the new coin?
Richard Heart claims that he has created "THE FIRST HIGH INTEREST BLOCKCHAIN CERTIFICATE OF DEPOSIT". "HEX is designed to increase in value faster than anything else in history" and is superior in many ways to other crypto, Bitcoin included.
HEX maximizes what Bitcoin has shown to do best: Being a store of value, not a means of exchange.Baking together the best of crypto:
HEX is contrary to today's banking system: Nobody can control, censor, limit, or devalue your HEX token. HEX aims to replace inefficient currencies, banks and payment networks. It runs on the Ethereum blockchain as verifiably secure peer-to-peer technology.
HEX has a yearly fixed inflation of 3,69%. HEX takes the profit out of banks and government money printing and gives it to the people who are holding the token. This is called HEX staking. You need to stake HEX for a period of time (min 1, max 5555 days) to receive a part of the newly minted HEX token as trustless interest.
There are many big bonuses for staking HEX as well as penalties (e.g. claiming late). This is a not easy to understand at a first look. HEX is a crypto for the long run:
The LONGER you lock up your HEX (staking) the HIGHER are your PROFITS. This is called: Longer pays Better.
Staking more coins pays a bonus up to 10%: Bigger pays Better.
For details about staking bonuses and benefits go to the official HEX website.
Inflation of 3,69% a year does not seem a lot of profit. Compounding the included bonuses together with staking longer and making bigger stakes is adding up. Penalty coins (e.g. If someone stops their staking commit earlier) are divided amongst all HEX stakers. All together you will realize, that you may well end up with a 10 to 30% profit per year!
This are percentages never seen before on the banking sector!
Those who believe in the project the most gain the most bonus shares.
HEX has a Self Balancing Mechanism: The more people are HEX staking, the less profits they receive. But the price of HEX is getting higher. The less people are staking, the lower is the HEX price, but they receive more profits.
The HEX Big Pay Day, in short HEX BPD, happens at day 353 after the HEX contract launch in December 2019. This day is the last day of the 50 week launch phase, referenced by the countdown timer on top. The Adoption Amplifier (Ethereum Transfer Lobby) ends on that day as well and big payday staking bonuses are calculated.
Giant profit is expected to be shared amongst HEX stakers. Stakers get rewarded according the amount of shares they hold. All coins which aren't claimed, are paid to stakers.To qualify for BPD bonus, your staked HEX coins can't end before that important day to qualify for this one time bonus!
Your share of the BigPayDay is variable and can only be calculated on that day. Your bonus goes up as other people close their stakes. It goes down, as other stakers open new stakes after the day you staked your HEX token.
Big Pay Day bonus shares are complex to calculate. It depends how many free BTC is claimed until BPD, the amount of early unstake penalties and the length of your staking period. It can be up to 5x of your stake. If you type in your expected staking length at the Adoption Amplifier, you see there an estimate based on available data until that day. Vary the stake length and you see it changing.
The unclaimed amount of BTC is calculated daily. The equivalent HEX of the unclaimed Bitcoin is rewarded to HEX stakers. If more people free claim with their BTC, the daily unclaimed pool is reduced accordingly. At the time of writing, only 2.8% of all Bitcoin have claimed their FREE HEX.
Your BigPayDay bonus is part of your staking benefits. It will be automatically paid out at the end of your staking period together with your principal and earned interest. You don't have to do anything special. DON'T unstake early - you would face heavy penalties should you press the red "End Stake" button. It is red for a good reason!
HEX is different from other tokens. The main purpose of HEX is to increase in price. It allows users to stake their HEX tokens and get rewarded for doing so. HEX pays interest to stakers instead of miners. Staking HEX is like getting free mining hardware and electricity. The same smart contract that created your HEX tokens will pay stakers.
HEX is designed to increase its price and adoption. In the smart contract are several complex bonuses and benefits built in to achieve this. Those who acquire HEX the earliest, stake more for longer and refer others to do the same are rewarded most.
Does your wallet support human readable addresses? Test it by tipping some HEX or ETH to:
hexstaking.eth instead of the long address: 0xf81790c1d45c481B80044d6A2C64bfA5FabDF179
Thank you, regardless of size, it would be much appreciated.