What is HEX?
HEX is analogous to a Certificate of Deposit (CD) at your local bank branch. It is the first cryptocurrency which pays interest without counter-party risk.
Tell Me More About It…
HEX is generated by a cryptocurrency smart contract written on the Ethereum platform. It functions like most cryptocurrencies such as Bitcoin, but includes the concept of getting interest for “depositing” (locking-up) your HEX for a period of time that you specify. The longer you lock-up your HEX, the more HEX interest you receive from the smart contract.
The smart contract that creates HEX is also responsible for the interest payout and penalties for early withdrawal. In essence the smart contract acts like the a treasury and bank secured by the Ethereum platform.
How Does It Work?
When HEX is launched the Bitcoin blockchain will be “snapshotted” and linked to the Ethereum Smart Contract which defines HEX. All Bitcoin addresses with Unspent Transaction Outputs (UTXOs) on the Bitcoin blockchain at the time of the snapshot will be eligible to be used to claim FREE HEX. You must have the private key in your possession for the Bitcoin addresses with UTXOs in order to claim your FREE HEX.
Step 1 – You need Bitcoin to claim your Free HEX. Buy Bitcoin and store it in a wallet address for which you have the private key. You must have the private key of your Bitcoin address to claim your HEX. Most of the large exchanges do not provide you the private key to your Bitcoin stored on the exchange so you will probably have to transfer your Bitcoin from the exchange to a local wallet.
Step 2 – Install MetaMask or use your Ethereum wallet of choice to generate Ethereum address(es) which will be used to claim, stake and receive HEX.
Step 3 – Wait for HEX launch announcement and then claim your HEX ASAP! You get bonuses for claiming and staking early.