Exchange HEX (HEX)

HEX is a cryptocurrency that was launched in December 2019. It is an ERC-20 token built on the Ethereum blockchain. HEX was created by Richard Heart, a cryptocurrency enthusiast. 

Richard Heart, whose real name is Richard James Schueler, became interested in cryptocurrencies early on and became a vocal advocate for Bitcoin and blockchain technology. He has been actively involved in promoting the adoption and understanding of cryptocurrencies.

Richard Heart is also known for his YouTube channel, where he shares educational content, insights, and opinions about cryptocurrencies, investing, and personal development. He has a significant following on YouTube and has conducted numerous interviews with industry experts.

Richard Heart has been active in promoting the HEX cryptocurrency and attracting attention to the project. He has employed various marketing strategies, including referral programs and incentives, to engage the crypto community and increase awareness of HEX.

HEX utilizes Ethereum's smart contract capabilities to define and execute its staking and token distribution mechanisms. The HEX smart contract is written in Solidity, the programming language used for Ethereum smart contracts. Users interact with HEX by utilizing Ethereum wallets and the Ethereum network. This includes actions such as transferring HEX tokens, staking them, or interacting with the HEX smart contract functions.

HEX is designed to be a high-interest savings account and a store of value. It operates on a proof-of-stake (PoS) consensus mechanism, allowing token holders to earn additional HEX tokens by staking their existing tokens. Staking involves locking up your HEX tokens for a specific period, typically between one day and five years. The longer you stake your tokens, the more interest you can earn.

HEX incentivizes users to lock up their tokens by rewarding them with additional HEX tokens. The staking rewards are distributed to users who participate in the network and help secure the blockchain.

HEX claims to have a unique distribution mechanism that encourages long-term holding. The project introduced a concept called the "Adoption Amplifier," which allowed users to transform Ethereum (ETH) into HEX during a specific period. This mechanism aimed to distribute the tokens fairly among participants.

HEX is designed to have a low inflation rate over time. The project implements various mechanisms to control the supply of new tokens, including the distribution of tokens through staking rewards and penalties for early unstaking.

HEX had a distribution phase called the "Bitcoin FreeClaim" period, during which Bitcoin holders had the opportunity to claim HEX tokens for free based on their Bitcoin holdings. The HEX team took a snapshot of the Bitcoin blockchain on December 2, 2019, to determine the Bitcoin addresses and their corresponding balances. The snapshot was taken at a block height specified by the HEX project.

Bitcoin holders who had control of their private keys, specifically those with Bitcoin on addresses that they held the private keys for, were eligible to claim HEX tokens. Bitcoin held on exchanges or custodial wallets was not eligible. During the FreeClaim period, Bitcoin holders could claim HEX tokens for free. The number of HEX tokens that could be claimed was based on the proportion of Bitcoin held in the eligible addresses at the time of the snapshot.

If Bitcoin holders did not claim their HEX tokens during the FreeClaim period, the unclaimed HEX was sent to the HEX Adoption Amplifier pool. These unclaimed tokens could be acquired by participating in the Adoption Amplifier using Ethereum.

HEX was designed to have a variable and decreasing inflation rate over time —the project aimed to incentivize long-term staking and reduce inflation gradually. The HEX token is created with a maximum annual inflation rate of 3.69% following its first year of launch.

The total supply of HEX tokens is 633,542,658,973 tokens. As of June 2023, the circulating supply is 173,411,074,413 HEX.

Average Fees on the HEX Network

The fees associated with HEX token transactions can vary depending on various factors, including the network congestion on the Ethereum blockchain and the gas fees required to process the transactions. Gas fees are typically measured in Ethereum's native cryptocurrency, Ether (ETH).

HEX Token Wallets 

HEX tokens can be stored in any wallet that supports ERC-20 tokens, including MetaMask, MyEtherWallet, Ledger Live, Trust Wallet, Exodus, Atomic Wallet, Coinomi, Trezor, MEW Wallet, inToken, Eidoo Wallet, Guarda, etc.