What is HEX? How to Claim and Stake HEX Tokens

What is HEX?

The founder of HEX crypto, Richard Heart, describes it as a tool that could be the first high-interest certificate of deposit (CD) in the cryptocurrency world. Built on the Ethereum blockchain, the HEX token is based on ERC-20. The HEX coin has promised to increase in value “faster than anything else in history.” Higher-interest certificates of deposit for fiat currency held for a longer period of the time at the bank are commonly used in the traditional financial world as a safe form of investment. Of course, things are different in the crypto universe, especially because this project involves the new HEX token.

The HEX token proposes to revolutionize the idea of a CD by scaling it up considerably to a worldwide scale on the blockchain. Investors in the first launch year would deposit their currency, which they receive as part of a free claim or by using an Adoption Amplifier to exchange for ETH. At the end of the year or additional staking period, investors would get their tokens back with any value increase that accumulated during that time as well as other distributions to stakers. The system is designed to promote scarcity in the market, pushing for a greater cryptocurrency value for the token. Of course, since it is a new offering on the market, the value after that staking period for conversion into other cryptocurrencies or fiat currencies could vary dramatically, although the staking project aims to elevate the value of HEX overall, not only within its own ecosystem. As with any cryptocurrency, the value can change quickly.

The HEX coin is intended as a stored value mechanism rather than aimed toward becoming a coin commonly used for transactions like BTC and ETH. The introduction phase launched in December 2019 and will last until November 2020, and the world is still welcoming initial participants.

How Does Staking HEX Work?

With some currencies, such as Bitcoin, mining is a major part of the process. Here, the role of miners is replaced by stakers. When people stake HEX, they do so with the Smart Contract that minted the token, rather than an external exchange. They contract to keep their HEX coin staked for a specific period. During this period, each staker will receive interest credits over a period of time. The longer investors agree to stake HEX, the higher number of bonus shares that they receive.

When tokens are staked, they are taken off the market. There is a 3.69% minimum interest rate awarded to stakers every year but also a range of bonuses that can provide higher returns. People who stake larger amounts of HEX may receive bigger bonuses. Some investors may seek to end their stake early. Since they contracted for a longer stake, they will pay a penalty for early withdrawal. These funds are also distributed among the stakers.

As a larger percentage of investors stake their coins, the automatic interest rate goes down. However, the removal of coins from the market is also intended to drive up the price of the cryptocurrency, thereby providing greater results in a different form. On Day 353 of the launch, stakers will receive many significant bonuses applied to their stakes. As the value of HEX has risen dramatically throughout 2020, these bonuses are estimated to be worth $80 million USD at the token’s current valuation.

How to Claim HEX

If you also have and keep a Bitcoin balance, you may be able to claim HEX. The ability to claim is based on a snapshot taken on December 2, so you must have had BTC in one of the supported wallets on that date in order to make your claim.

There are many supported wallets, including Coinomi, Electrum, Mycelium, Bither, Bitcoin Knots, Bitcoin Core and Armory, as well as physical wallets like Trezor and Ledger. You must install the MetaMask add-on or extension in Firefox or Chrome. Once you are running MetaMask, you must visit the official Claim HEX site.

There, enter the address for your BTC wallet. You will need to provide a digital signature to confirm your ownership from your BTC wallet. You can do this by choosing to sign or verify a message inside your wallet, which will give you the signature string you need to confirm your account. The claim form will tell you how much you are able to claim based on the amount of BTC you hold. Because of the focus on holding this token for a long period, 90% of free-claimed tokens are automatically staked for a minimum of 350 days. When choosing how long to stake HEX, you will see different bonuses and interest rates available to you.

Next, submit your claim in order to process it. To complete the claim, you will need to pay a small “gas fee” to process the claim on the Ethereum blockchain. This will only amount to a few cents worth of ETH in USD and must be on the Ethereum address where you are trying to claim HEX. Once you confirm the gas fee transaction in MetaMask, your claim will be successful. You must claim HEX within the first 50 weeks, and the amount available for claiming gradually declines as that period moves on, so acting quickly can secure your free claim.

How to Use the Adoption Amplifier to Get HEX

The Adoption Amplifier is a way to transform ETH into a HEX token. This allows you to get HEX crypto during the 351 day launch period, especially if you don’t already have BTC or did not during the snapshot. Every day, 500 million of HEX token is minted. All of those not claimed the day before are moved into the lobby of the Adoption Amplifier.

In order to get your HEX coin, you must send some of your ETH into the lobby. The amount of HEX coin you will receive depends on how many other investors send ETH into the Adoption Amplifier on the same day and how much they spend. All of the HEX coin available in the pool that day is distributed as a percentage among all of the ETH paid on the same day, so there is an element of luck in how much HEX crypto you will receive. Once you send your ETH to the Adoption Amplifier, you should be able to see the amount of ETH you placed in the pool. Keep in mind that the Adoption Amplifier is open each day until 8 pm Eastern time, so you should assume that the ratio is confirmed only after the operating hours come to an end.

The next day, your HEX will be in your Ethereum wallet. Unlike when you make a free claim, the tokens you get from the Adoption Amplifier are not auto-staked. You can decide how long to stake HEX and you can EmergencyEndStake if you decide to do so at any time.

How to Buy HEX

During the 351-day launch period, you can make a free claim based on your BTC wallet or participate in the Adoption Amplifier. However, you can also buy the HEX coin on more than 10 exchanges where it has been listed, including BitMart, Bitcoin.com, BitexLive, LBank, p2pb2b, YoBit, TAGZ, Uniswap and Hotbit. Depending on the exchange you choose, you can trade HEX cryptocurrency with ETH, Tether, BTC or Bitcoin Cash.

The HexDex exchange is designed to let you buy HEX for ETH and has been recommended by the developers of the process.

You can also stake tokens that you purchased on an exchange and reap the benefits available to stakers at the end of the launch period. You can also hold multiple stakes, although you cannot modify an existing stake, so if you already have some holdings, you may launch another stake after you buy HEX on an exchange.

Essentially, there are three ways to get HEX cryptocurrency during the launch period: buy it on an exchange, make a free claim baased on your BTC holdings or use the Adoption Amplifier to transform your ETH.

About Richard Heart

Richard Heart is the founder of HEX crypto, known for his strong support of Bitcoin and various commentaries on crypto trading. He frequently presents at cryptocurrency conferences and on YouTube videos and livestreams. He operates several active Telegram channels, including the telegram channel for HEX cryptocurrency, which provides an array of updates and information about the development of the token historically and at present.

He is a longtime internet marketer who made money in the early 2000s through network and affiliate marketing and online promotions. He has founded and run several successful internet companies, including search engine optimization, mass mailing and other startups. The largest of his companies had 150 employees and a turnover of $60 million, operating in th finance market.

Heart has been heavily and actively involved throughout the HEX cryptocurrency creation process. He describes the project as based on “pumpamentals,” or massive value growth over time. Heart can be considered a controversial figure in the cryptocurrency world because he has become known for harsh, sarcastic arguments with other crypto commentators, debates on Twitter and YouTube, and frequent use of profanity. Of course, these same characteristics endear him to other people in the crypto space.

He is a frequent speaker at blockchain and cryptocurrency conferences and events and has openly debated the merits of the project with a wide range of critics. He has also appeared frequently on international television speaking about bitcoin and cryptocurrency. The HEX website also provides links to Richard Heart’s social media presence on Twitter and YouTube, where potential investors can become more acquainted with the founder’s personal style and approach — as well as his advocacy for and promotion of the project.

Is HEX a Scam, Ponzi Scheme or Pyramid Scheme?

Some people have raised concerns that the HEX cryptocurrency may be a scam, especially as there have been several altcoin projects in recent years that have collapsed dramatically. In particular, some accuse the project of being a Ponzi scheme or a pyramid scheme. While the two terms are sometimes used interchangeably, they are different.

A Ponzi scheme is based on investors being attracted to provide money to a manager, who will provide them with a high rate of return. However, the payouts to early investors are funded not be asset appreciation or smart money management but by the funds received from later investors. New clients’ funds go to pay older clients.

On the other hand, a pyramid scheme involves initial investors recruiting other investors and participants. Sometimes, a pyramid scheme is marketed as a direct investment, but it may also be presented as a form of network or multi-level marketing. However, there is always some type of intangible investment associated with the ability to obtain substantial returns, not just a simple sales commission. The profits at any level go up the levels of the pyramid. Lower-level investors lose out as the ability to recruit new participants dries up, while those at the top may receive massive returns.

In the case of the HEX token, the project notes that it is not a scam as it was founded by high-profile, respected members of the cryptocurrency community and is based on open-source code and audited ERC-20 contracts. All participants are free to examine the code, and no one has to invest real money to participate, so long as they have BTC to make a free claim.

It notes that it is not a security and that, unlike a Ponzi scheme, the project is based on a balanced and verified internal framework. Staking takes place solely within the HEX crypto ecosystem, so there is no reason that HEX would be unable to continue to pay all of its investors, unlike Ponzi schemes, which inevitably collapse.

Unlike a pyramid scheme, there is no multi-level structure involved in the project. People can get referral bonuses over a single tier only, and that persists only for the first launch year, after which there is no referral process at all.

Final Thoughts

The HEX token is an innovative and intriguing approach to cryptocurrency, prioritizing long-term holdings and seemingly designed specifically to spark appreciating value and growth. 2020 results appear to be pointing in a positive direction for the project, which, if successful, could launch new high-value projects in the cryptocurrency space. The launch year is continuing, and there are significant benefits to being an early investor in the project, especially the pay-out day on the 353rd day after the contract was launched.

There are a number of easy ways to dip a toe into the market, especially with the free claim process for BTC holders. Of course, there is no sure bet in cryptocurrency, and the value of any coin or token can fluctuate dramatically. Each investor can decide whether the potential huge upsides of HEX make it a good investment for their crypto portfolio.