HEX is an ERC20 token launched on the Ethereum network. HEX is designed to be a store of value to replace the Certificate of Deposit as the blockchain counterpart of that financial product used in traditional financial markets. HEX is also designed to leverage off the emerging DeFi (Decentralised Finance) ecosystem in cryptocurrencies within the Ethereum network.
HEX uses the Ethereum network for the transaction layer (sending and receiving HEX tokens, as well as interacting with the HEX smart contract), whilst the consensus code and staking mechanism is contained in the HEX smart contract.
HEX allows a user to stake his or her HEX coins for a share of the new HEX coin issuance, or inflation and contains features designed to incentivize behaviors that encourage price appreciation and disincentivize behaviors that encourage harm to the price. The HEX smart contract penalizes stakers for ending their stake early and rewards them for staking larger amounts of HEX for longer periods.
HEX is distributed to Bitcoin holders by way of a snapshot of the Bitcoin UTXO set that occurred on 2 December 2019 at block height 606227. The distribution of HEX to Bitcoin holders is 10,000 HEX per 1 BTC. Bitcoin holders are able to claim HEX only during the first year of launch. During this period, HEX is also obtained in exchange for ETH through interacting with the HEX smart contract.
At the end of the first year of launch, all HEX coins that were not claimed by Bitcoin holders are distributed to the rest of the HEX users who have stakes that are active. The maximum possible annual inflation of HEX is designed to be 3.69% after the first year of launch.
HEX is a cryptocurrency based on the Ethereum blockchain that utilizes a unique mechanism called Certificate of Deposit (CD), similar to traditional bank time deposits. Users can lock HEX tokens in smart contracts for a fixed period to earn additional interest as rewards. It aims to provide stable returns for long-term holders. HEX's design and mechanism offer new possibilities for financial innovation. It can serve as a novel financial instrument for creating various derivatives and financial products such as options, futures, etc., providing market participants with more choices and opportunities.
How to Buy HEX
1. How to Buy HEX on Exchanges
Step 1: Choose a reputable exchange platform
Select a trustworthy platform from numerous exchanges to make your purchase. Some trusted platforms include Coinbase, Binance, OKX, among others.
Step 2: Register an account
Create an account on the chosen exchange platform. You may need to provide personal information (such as phone number, email) to complete the registration process.
Step 3: Complete identity verification
For security reasons, some platforms may require you to undergo identity verification. Follow the platform's instructions, providing necessary identity information (such as country/ID number) and undergo facial recognition if prompted. Once your identity is confirmed, you'll receive notification.
Step 4: Link your bank or payment method
Link your bank account or other payment methods to the exchange platform for making payments when purchasing HEX.
Step 5: Purchase HEX
Find the option to buy coins on the exchange platform, select the C2C buying process, then input the amount of cryptocurrency you wish to purchase. Typically, you'll choose to buy USDT first and then proceed with the purchase method. Simply place your order, make payment to the seller, and you'll receive the cryptocurrency. Once the payment is completed, you can use your exchange assets to buy HEX.
Step 6: Store your HEX
After purchase, you can choose to store HEX in the digital wallet provided by the exchange platform or transfer it to a hardware wallet under your control.
Step 7: Security Tips
To protect your exchange account and HEX assets, it's essential to use strong passwords and enable two-factor authentication.
2. How to Buy HEX via Over-the-Counter (OTC) Trading
Over-the-counter (OTC) HEX trading occurs directly between buyers and sellers, bypassing exchanges or other intermediaries. Here are the general steps for OTC HEX trading:
Step 1: Find an OTC trading channel
Start by finding a reliable OTC trading platform or service provider. These platforms typically offer online marketplaces or ways to connect with brokers for trading.
Step 2: Register an account
Sign up for an account on the chosen OTC trading platform. You may need to provide some personal information (phone/email) to complete the registration process.
Step 3: Complete identity verification
For security purposes, some platforms may require you to undergo identity verification. Follow the platform's instructions to provide necessary identity information (nationality/ID) and undergo facial recognition or other verification steps.
Step 4: Browse the trading list
After logging into your account, browse through the platform's trading list to find HEX trades that interest you. You can choose trades based on the trader's reputation rating, trade volume, price, and payment methods.
Step 5: Select a trading partner
Once you find a suitable trade, click to enter the trading page and carefully review the trader's terms and conditions. Ensure you understand and agree to the trader's requirements, such as trade amount, payment method, trade time, etc.
Step 6: Negotiate trade details
After reaching an agreement with the trader, you can negotiate trade details such as trade amount, payment method, trade time, and location.
Step 7: Make payment
According to the agreement reached with the trader, use the chosen payment method to pay the HEX purchase amount to the seller.
Step 8: Confirm receipt
Once the trader confirms receiving your payment, they will release HEX to the HEX address you provided. You can check your HEX wallet balance after the trade to confirm its success.
3. How to Buy HEX through Decentralized Exchanges (DEX)
Buying HEX on decentralized exchanges (DEX) differs from purchasing other cryptocurrencies on centralized exchanges. Here are the general steps for buying HEX on DEX:
Step 1: Choose a HEX-supporting wallet
Create a new wallet supporting HEX assets, then select a decentralized exchange that supports HEX.
Step 2: Connect your wallet
Before using the DEX, you need to connect a wallet supporting the HEX blockchain. You can connect your wallet to the selected DEX via browser extension or mobile application.
Step 3: Deposit funds
In your wallet, select deposit and choose the asset you want to deposit (such as stablecoins). Follow the wallet prompts to complete the deposit process.
Step 4: Find the trading pair
Search or browse for the HEX trading pair on the DEX. Typically, you can find a search box or a list of trading pairs on the exchange's homepage or trading interface.
Step 5: Place an order
Once you find the HEX trading pair, you can choose between market or limit orders and input the quantity you want to purchase. Ensure you input the correct price and quantity in the order, then confirm the order.
Step 6: Wait for the trade to execute
Your order will be submitted to the HEX blockchain and wait for confirmation and execution by miners. Once the order is executed, you will receive the purchased HEX, which you can view in your wallet balance.
Step 7: Withdraw funds
After completing the trade, you can choose to withdraw the purchased HEX to your wallet for safer storage of your digital assets.
4. Official Channels for HEX Project Team or Community
Sometimes, the HEX project team or community may launch official channels for direct HEX purchases. This may include private placements, presales, or other forms of direct sales.