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Hex will not be airdropped to Bitcoin Holders automatically, to get Hex, Bitcoin holders need to claim it manually. Since Bitcoin balances can change with every block created, a snapshot will be taken of all Bitcoin accounts at a specific point in time. This will probably be some time in April 2019. The airdrop claim of Hex coin will be based on the balances of this snapshot. You need to hold Bitcoin in a Bitcoin address you control to be eligible for the Airdrop.
- You can claim Hex up to fifty weeks following the launch.
- Every 1 BTC makes you eligible for 10,000 Hex.
- It is easy to claim Hex as doing a few copy and paste actions.
- People will want to claim Hex, because it has the functionality similar to that of a CD and will create a stream of Passive Income.
- There are several mechanisms in Hex which incentivise people to claim early and protect the small Bitcoin holders. Together these mechanisms are referred to as “Game Theory”.
Bonuses and Penalties during the Hex Airdrop
Speed Bonus: Claiming on the first week will provide a reward of 20%, this bonus is reduced by 0.4% weekly. This bonus is an anti-procrastination bonus; people would keep delaying the claim if the claim is worth the same on the 1st week and the 5th week.
GoxMeNot Bonus: Some public address which holds Bitcoin will not be allowed to claim, this includes MtGox account. Mr Hear considers that some players in the ecosystem should not be part of the Hex community and their addresses have been banned. These include MtGox accounts and other accounts which are subject to international trade sanctions.
SillyWhalePenalty: BTC addresses which have more than 1,000 BTC will be able to claim only 50% of their stack. This penalty goes up the higher the amount fo BTC held in a single account. The maximum penalty is fo 75%. The idea here is that the rich do not keep getting richer.
Hex Staking Bonuses in parallel to the Hex Airdrop (Only for the first 50 weeks)
The Hex smart contract will allow you to stake, and when doing so you will earn claims on the reward pool. The earlier you claim the earlier you can stake!
Satoshi bonus: Every week 2% of (Total Bitcoins in circulation – claimed coins) go to the reward pool. What this means is that the more people claim the less Hex will go to the reward pool.
Critical Mass bonus: Critical mass is defined as the number of people that claim Hex. The more critical mass is achieved the more coins will be mined and sent to the reward pool. This tries to incentivize people to tell others to claim. However, the fewer people claim the higher bonus will be received from the satoshi Coins Bonus. Increases stakers’ pay 10% x claimed coins/max claimable coins
Virality Bonus: The more individual account holders claim the more the reward pool will increase in size. Increases stakers’ pay 10% x claim events/max claim events
The bonus pool will have added an equivalent amount of Hex as that it was claimed. This should incentivise the people to spread the word about Hex. Only the stakers benefit from this bonus.
What all of the above bonuses mean is that Hex will have a very high inflation rate for the first 50 months, but after that, it will settle down to 3.69%
The reward pool will be shared with all the stakers, but not with the Hex tokens that are not staked and this includes tokens on exchanges.
Inflation payment: The stakers will earn a share of the 3.69% inflation. The 3.69% compounds daily and goes to the reward pool.
End Stake before term expiry: Accounts who unstake early, will get a fee, this is called the Emergency End Stake penalties fee. Half of that fee will get paid to the reward pool.
Late End Stake: Accounts have two weeks to unstake their coins after the term expires, if they do not do so they get charges 1% a week on the whole amount staked. After 100 weeks all your bag is gone.
LongerPaysBetter: For every year staked, there is a 20% increase in the claim towards the reward pool.
These bonuses are designed to keep people aware of their stakes, the more aware they are of it they more likely they will be engaged` and mention it to others. This is being done to increase word of mouth marketing.
Hex Originator Account
The Hex smart contract controls all Hex operations, it will mint coins to an “originator account” under certain conditions. The originator account will not receive any coins from base claims. However, it will receive rewards from the Ref fees, Speed Bonus, Satoshi bonus, Half of all the penalties and the Virality bonus. Hex was created by Richard Heart.
The originator account has not done any promises on how to use the coins. For all, we know they will be dumped as soon as the coin is listed on an exchange.
Is the originator account fair? It is a free world. Those who participate in the Hex Airdrop are doing so voluntarily. As long as the participants know about the existence of the originator account and they know that it has not made any promises on how to use those coins, then I fail to see how this can be a scam or unfair. Does the existence of the originator account make Hex a scam?
The Hex Airdrop is free, so why not participate? Yes if this goes up in flames you might have lost some of your time, but on the other hand, there are many things to learn from in this process.
Go to the Hex Site to learn more about Hex.
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