Hex prides itself on the restoration of the lost value in the Bitcoin network and cryptocurrency at large. It operates a hybrid consensus of Proof of Work and Proof of Stake, though not a blockchain, it brings the value of a Proof of Stake as an ERC20 token.

A value at last for Bitcoiners

December 2019, Hex initiated an airdrop to Bitcoin holders according to the coins held in their wallets at a snapshot before the airdrop event. According to its mission, it seeks to distribute HEX to Bitcoiners who hold less than 1000BTC. This helps to distribute wealth evenly and restore true decentralization of crypto as most Bitcoins are hoarded in wallets of whales. For holders with more coins, Hex will still be distributed but with a penalty. Bitcoiners will receive lesser coins as the time from the airdrop announcement increases. 

Hodlers with a responsibility

HEX’s proof of stake incentivizes its holders for being truthful to their words. When users stake their tokens in the smart contract, they set the numbers of days to which their tokens will be locked when they will receive returns. At the end of the staking period, they are expected to unstake or they will begin to receive penalties after fourteen days which will lower their rewards. Claiming coins before the end of the staking period set will also attract penalties, as a matter of fact, stakers will receive lesser coins than they staked if they unstake before half of the time they set. 

This is an interesting innovation as it will ensure the value of the coin as users can see how many tokens are staked per time and can forecast how much will be in circulation at a future date. 

No wonder the coin made a 11500% increase against USD in only 129 days. It seems people have seen how mathematics can be the best DeFi system the world has gotten. 

Proof of Stake Rewards Distribution

Users can get Hex as an airdrop for holding Bitcoin, or after they swap Ethereum via exchanges. The rewards are released at the end of the staking period according to calculations set in the smart contract which is quite interesting. Hex gives higher rewards to coins that are staked for a longer period of time (LongerPaysbetter), it also returns rewards according to the amount staked (BiggerPaysbetter). Additionally, the higher the number of stakers, the lower the rewards, this is done to ensure the value of the coin. 

Not an MLM- A cryptocurrency to the Core

The system does not run a multilevel marketing system or an HYIP but gives a one-level referral bonus for a very limited period. The smart contracts have been audited twice by external auditors, one of them is the popular Chainsecurity. The developers clearly do not intend and do not give investment advice but are straight forward in their words and action. Sydney Ifergan, the Crypto Guru and founder of the Currency Analytics said in a tweet:

“In despite to my internet connection today, I managed to chat with Richard Heart from #HEX (.@RichardHeartWin), he is real that’s for sure and pretty straight to the point and honestly I like that, Thousands of #cryptos have 0 value today and it’s a fact! thanks for the Chat.”

The Currency Analytics runs a tstamp verification that helps communities to confirm if the team behind projects are who they say they are (if they are real). Sydney Ifergan carries this passion with him at all times to help cryptocurrency communities voluntarily and in Hex’s case, he was able to confirm whom Richard Heart the founder of Hex was with no strings attached. People who have watched videos of Richard Heart in his conversations know that his project is just a version of him- straight forward, with actions that prove the truth. 

Trustless- A Defi with a Difference

Hex proves itself to be a Decentralized Finance application with a difference as users are always in control of their tokens and they can always do whatever they want with them. The protocol operates based on smart contracts which continue even if the developers or the website (frontend) are no longer existent. Even if the number of stakers reduces, according to the algorithm, the number of tokens as rewards increase thus stabilizing the value of the coin. 

Thoughts

Can DeFis be thoroughly decentralized as Hex is? 

If you like the article, feel free to send a tip to our writer in HEX token to: 0x6F047Ac7269C2888B2CB57D05A34A79Cf7a1D275 or any other Cryptos via this link.

The TCAT team.