What is BitcoinHex and why do we need it?
BitcoinHex founder is Richard’s heart; his basic premise is that Bitcoin Miners have too much power and have tried to damage the BTC ecosystem several times. Mr Heart intends to use the Ethereum platform to mimic a Bitcoin-like system, without needing all the proof of work power.
In Bitcoin the inflation goes to the miners for their work, in Bitcoinhex, the inflation gets paid as passive income to the hodlers. In BitcoinHex the hodlers are held to account, they need to lock their accounts for a period of time of their choice. BitcoinHex is called BitcoinHex because only Bitcoin holders can claim it.
Status of BitcoinHex (As of 15th January 2019)
- Project is in testnet.
BitcoinHex Coin Supply:
- The final supply is based on the final claimed coins. The maximum would be (21 million x 1 million) + 20%.
- There are bitcoin addresses which cannot claim for legal and technical reasons.
- After the 50th week any unclaimed coins will be destroyed. I.e. they will never come into the circulation.
- The final coin supply will be inflated by 3.9% a year. As I understand this inflation will stay live forever.
- According to the founders, only 12.5 million coins can claim the BitcoinHex airdrop.
BitcoinHex Snapshot and Claim:
- A snapshot will be taken in the future, exact date to be announced.
- There will be a system to link Bitcoin addresses with Ethereum. It seems Bitcoin addresses need to start with 1b (legacy)
- The claim based on the snapshot can be done anytime in the first fifty weeks. It will be done using MetaMask.
Early Bird Bonuses
- There will be a bonus program which starts at 20% in the first week and every week it decreases. On the 25th week it will be 10% and on the 50th week around zero.
Staking and Passive Income from BitcoinHex
- Generating passive income on BitcoinHex is done through staking.
- The passive income from BitcoinHex comes from inflation and early withdrawal fees. The inflation is 3.9% per annum
- This is shared between the stakers. The stakers have seigniorage (priority) according to how many years they have staked for. The longer you stake for the larger the claim.
- The lockup period will be in multiples of 10 days.
- The first stakers will make most of the money because at this time there will be fewer claims on the passive income pool.
Emergency lockout from deposits
- You need to do at least half the term to break even.
- A fee will have to be paid if the withdrawal is earlier than initially specified. These fees will be paid to the stakers.
Losing your BitcoinHex passive income
- Stakers need to claim their stake within 14 days by running the “good accounting” contract function. Learn more : What is staking.
- The good accounting function and the claim function can be run by anyone. No private keys needed.
- If the claim or good accounting function are not executed within 14 days, 1% of the staked tokens will be lost every 14 days.
- There could be a good samaritan and run the claim function for everybody!
- It is using Bitcoin’s name, riding on the Bitcoins brand. This confuses newcomers in this space.
- It is tied to Ethereum, a better platform for this project would have been EOS. However, Mr Heart is of the opinion that EOS has too much baggage due to the 4 billion profit payout before they delivered any code. In addition, EOS was to be launched with 100s of dApps by block.one but this never came to fruition
- BitcoinHex cannot be changed once it is launched.
- The founders of Bitcoinhex are not promising to do any work at all after the coin is launched.
- Learn more: 22 cryptos that can generate a passive income
Richard Heart if a very eloquent and articulate guy, he has brains. He has made a fortune through affiliate marketing and retired in 2003. The success of Crypro all depends on adoption, BitcoinHex is a speculative coin that is trying to become a store of wealth by creating many mechanisms for hodlers to keep their coins and not sell them.
These mechanisms are there to create incentives also known as FOMO. The only usability of BitconHex is speculation, buying for a price and the hope of selling your bags for a higher price to someone else. Will it work? Human nature tends to be caught in endless loops of getting rich quick schemes. Enjoy the ride.
For more information please visit : BitcoinHex