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What is Hex?
Hex is an ERC20 token created by Richard Heart; it is essentially a crypto term deposit ecosystem. The smart contract allows bag holders to lock their coins for periods of time, in return the smart contract will pay out rewards as a percentage from a reward pool. The reward percentage is based on the length of the claim, the amount of Hex staked and the time the stake was done. It was launched as Bitcoin Hex, but it has been rebranded as Hex.
Hex will pay passive income to all those who stake and claim their rewards.
How does Hex work?
It is a smart contract with functionalities to claim Hex and stake Hex. The claim can be done to all those holding Bitcoin at the snapshot date. Claiming is a free Airdrop. Staking which is similar to a term deposit can be done by all those holding Hex. The staking will work like a CD (Certificate of a Deposit).
How to claim Hex?
- In order to claim Hex your BTC addresses need to be in the snapshot
You can claim Hex from any BTC address you have with a positive balance at the snapshot date.
You need to claim on each BTC address separately.
You can claim each address into the same ETH address.
- Your Bitcoin does not need to leave your wallet to claim Hex.
- The first fifty weeks of claiming Hex are crucial because
- Speed Bonus: You earn 20% more if you claim in the first week.
- SillyWhalePenalty: A penalty is applied to accounts holding more than 1,000 Bitcoins. This penalty is distributed to the stakers, but only in the first 50 weeks.
Steps to claim Hex Airdrop.
- Make sure you have the right link to the Hex site. Use a confirmed link. See here.
- Go to the Hex Website and familiarize yourself with it.
- Install MetaMask in your internet browser.
- Find the claim tool for Hex. Most likely this will be wallet.HEX.win or claim.hex.win, you can also check Richard Heart’s twitter for the latest on this.
- The claim tool will guide you through the process
- It will provide you with a text which you will need to sign using your Bitcoin wallet.
- To do this, make sure that your wallet supports the signing of messages. If your Bitcoin is on an exchange you will not be able to do this! Wallets which support signing are Electrum.org or Coinomi(Mobile only) Trezor and Ledger.
- Sign the message provided by the claim tool.
- Paste the signature in the claim tool
- Press Submit.
How to stake Hex?
Hex staking will be done through Meta mask.
Things to understand:
- Any unclaimed Hex will be redistributed to the stakers, but this will only take place in the first 50 weeks.
- After the fifty weeks, all stakers will receive a bonus depending on how many people claimed. This will incentives people to spread the word on Hex.
- Satoshi will most likely not claim his Hex. This bag will be redistributed to all stakers in the first 50 weeks, this will make more people claim early. Creating more hype.
- All stakers dip into the same pool, the fewer stakers there are the larger the claim of those staking on the reward pool.
- Anyone who stops his term deposit will be penalized. This penalty will be distributed among the stakers.
- For every year you stake get 20% more claim on the staking reward pool.
Is Hex a scam?
Hex is being airdropped, how can stuff deliver for free be a scam? The same concept does not apply to those who buy Hex. In the Hex contract, there is a clause to pay a founder contract. This contract can be used to pay for marketing of Hex which will increase its value OR it will be used to dump Hex, which will reduce its value. See the full article: Is Hex coin a scam?
The earlier you claim the better.
The longer the stake the better.
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