HEX
HEX, conceived and initiated by Richard Heart on December 2, 2019, positions itself as a groundbreaking Certificate of Deposit (CD) protocol ingrained within the blockchain realm.
Operating as an ERC20 token within the Ethereum ecosystem, HEX aims to serve as a robust store of value, poised to supplant traditional Certificates of Deposit prevalent in conventional financial markets. Its overarching mission extends to capitalizing on the burgeoning DeFi landscape within the Ethereum network.
HEX harnesses the Ethereum network's prowess for transactional functionalities, facilitating seamless token transfers and interactions with the HEX smart contract. Meanwhile, the crux of its consensus mechanism and staking protocol is enshrined within the HEX smart contract.
At its core, HEX empowers users to stake their HEX holdings in exchange for a proportionate allocation of newly minted HEX tokens, all while implementing mechanisms that foster price appreciation and deter actions detrimental to market dynamics. Notably, the HEX smart contract penalizes premature stake withdrawals while incentivizing prolonged staking commitments.
HEX initiates its distribution process to Bitcoin holders through a snapshot of the Bitcoin Unspent Transaction Output (UTXO) set, executed on December 2, 2019, at block height 606227. The distribution ratio stands at 10,000 HEX for every 1 BTC held. Notably, Bitcoin holders are exclusively entitled to claim HEX tokens within the inaugural year post-launch. Simultaneously, HEX can be acquired in exchange for ETH through direct interactions with the HEX smart contract during this period.
Upon the culmination of the inaugural year, any unclaimed HEX tokens allocated for Bitcoin holders are proportionately distributed among active HEX stakers. The projected maximum annual inflation rate for HEX stands at 3.69% post the initial launch year.
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