FREQUENTLY ASKED QUESTIONS
It’s a record of the state of a blockchain at a single point in time. They are usually named at a “Block height.” which means a specific position in time on a blockchain. The block number is the block height. HEX uses a snapshot to record who on the Bitcoin Blockchain should be able to claim HEX.
- Open Source
- Store of Value
- Censorship Resistant
HEX addresses are also hexadecimal.
Bitcoin started the revolution in trustless, immutable, distributed peer to peer digital currency. It started worthless and over 10 years reached a value of $300 Billion USD. In 2019 it is used more as a store of value and speculative instrument than a currency.
Bitcoin has only 3 main functions: Send, Receive, or Mine. If you want to earn interest on your holdings, you must entrust them to a centralized third party. These are security holes that are often hacked, destroy privacy, or introduce fees if you want to get your funds out. The parties are so important to users that the companies themselves have made more profit on Bitcoin than its founder.
HEX adds a staking function which pays stakers instead of miners. This replaces these third parties with a trustless Peer-to-Peer to system. Instead of sending your HEX to an exchange so they can lend it out on your behalf to earn interest for you, you just send it to the same Smart Contract that minted all the HEX in the first place, and it credits you interest. If you’re given programmable money, the first thing you should program is interest.
The Certificate of Deposit (CD) is one of the most popular banking products in existence. HEX is the first CD on the blockchain. It’s much better than a CD though, because a CD won’t pay you more if others decide to close their CD’s. HEX does. If only 1% of coin holders stake, your ROI per a year as a staker exceeds 369%. If 10% Stake average ROI for stakers is 36.9%. If 20% stake average ROI for stakers is 18.45%. Instead of sending you money to a foreign mega-corp to buy mining equipment which shows up late, used, or never at all, you can skip the depreciating asset and electricity bills and just stake your coins.
The longer you stake, the more bonus shares you get. ~20% bonus shares per extra year of stake commitment, payable on all stake lengths over 1 week.
HEX includes all of the features of Bitcoin (send, receive, earn) and adds Trustless Interest through staking, where longer stakes pay better than shorter.
It already happened at block 606227 on December 2nd at 00:04:19 UTC
50 weeks from the contract start date, but if you don’t claim early you lose 2% of your stack every 7 days. You will have almost nothing left on week 49.
10,000 HEX per BTC, plus speed bonus (20% first week), plus many bonuses paid only to stakers, so you should probably stake, it can multiply your stack.
No. You must take your coins into your own possession.
You will need to have access to your private key to claim HEX, as long as you do you don’t need to move your coins out of cold storage. You do need to put your keys or seed in a wallet that lets you sign a statement. We list tested wallets in the FAQ.
Electrum, Coinomi (mobile only), Ledger and Trezor are great options.
HEX claiming has been tested on Electrum, Coinomi (mobile only), Bitcoin Core, Mycelium, Bither, Bitcoin Knots, Armory, Trezor, Ledger Nano S, KeepKey, Trezor through Electrum (for bc1). Richard likes Electrum and Coinomi.
Any Bitcoin address you have a balance on at the snapshot block, that starts with 1 or p2wpkh (BC1 address) or p2wpkh-p2sh (segwit address starting with 3.)
No. The claim tool is online only.
Staking is logged on the blockchain. You don’t need to have a wallet online or anything.
No. Once the snapshot has occurred, there’s no longer any relationship to Bitcoin at all.
No. Only the coins in the snapshot can claim, coins you buy after the snapshot won’t be able to claim, if they were sent to a new address, you’d have to take delivery of the private keys that were in snapshot, AND unclaimed, AND trust they didn’t just claim anyway after giving you a copy of the private keys. (racing you to claim.) You can stake HEX coins that are unstaked whenever you like though, doesn’t matter when you bought them.
Because Wallets are only keys to funds on the blockchain. The blockchain is all that actually matters. When the snapshot is taken, only the coins in that snapshot in time will ever matter for claiming. Once you’ve claimed the actual coins in the snapshot, they’re logged as claimed. Then no matter what you do they can’t be claimed again.
Yes. There is no signup process. It is trustless. If you use a proxy and claim each BTC address to a new ETH address, you’re as anonymous as you started.
Yes, but you should really wait for the claim tool, it’s safer.
Yes, you can stake coins you bought instead of claimed.
When you end the stake.
It’s very personal, you have to decide for yourself. If you want to accumulate the most HEX, it’s probably best to stake for as long as you’re comfortable to get the most bonus shares from the LongerPaysBetter bonus. (20% per extra year prorated.)
No. If you stake 5 years once, you get about ~100% bonus shares, which means getting paid about 2x as much. If you stake 1 year 5 times, you only get ~20% bonus shares.
No. The Stakers pool gets paid interest. You get paid shares of the stakers pool. This means that if only 1% of coins are staked the average payout to stakers is 369%. If 2% then 184.5%. If 3% then 123%.
No, you must start a new stake.
Run the end stake function or good accounting function. You’ll need to pay a gas fee in ETH (currently pennies) and make sure your transaction hits the blockchain.
You or someone else runs end stake or good accounting, which takes the expired shares out of the pool, and depending on which one you run, the principal plus interest & bonuses is sent to the staker. Or neither is run, and after 2 weeks a 1% per week penalty start accruing.
Yes, it’s called an Emergency End Stake and it has a fee equal to the profit of half the weeks you committed to. This can hit your principal.
Because the stakers expired shares are sitting in the stakers share pool reducing everyone else’s payouts and there is no way to update the state of the system to know those shares are expired unless someone runs a function to update the network. Running functions costs a small fee, so it is the responsibility of the staker. Anyone can run the good accounting function for anyone else. A generous person could run good accounting for all the stakes every 2 weeks and no one would ever pay this penalty.
7 days is the minimum stake week and 50 years is the maximum.
We need to test this to find out after audit is complete.
End Stake can only be run by the Staker and pays him his coins due. Good accounting just pulls expired stake shares from the stakers share pool, it does not pay the staker any coins due.
You can only stake HEX.
No, they are accounted for properly at the end of your stake, no matter when it ends.
Just put your ETH address like this: https://hex.win/?r=YourETHaddress Visitors to the URL will have the referring address set in their cookies on their browser where they can be pulled up by the claim tool when they claim. You can test this cookie being set by checking the cookies in your browser. For instance, in chrome: Inspect Element -> Application -> Cookies. Which means click the ref link you made. Right click some blank spot on the page. Left click inspect. Click the two right arrows in the top right to expose the “Application” drop down. Left click it. Left click the arrow next to “cookies” in the bottom of storage. Left click the HEX url. On the right you will see a cookie named “r” next to it you will see “Value” it should equal the ETH address you entered in the URL that you created and clicked to test.
Referrers get paid 20% of the value of HEX paid to any claimant made through their refer link. The claimant gets paid in full. The currency is inflated to pay the referrer. Newer referral links overwrite earlier referral links. Install metamask if you want to make an ETH address.
As of the Jan. 7, 2019 In the USA alone, counting only cd’s under $100,000 there’s $571.1 Billion USD: Stat
There are two other features which pay into the staker pool, the
- Emergency end stakeHalf of the penalty which is 50% of weeks committed to.
- Late End StakeHalf of 1% of entire stake per week after 2 week grace week.
It’s also nearly impossible the interest will ever be as low as 3.69%. It would require 100% of all coins ever issued to be staked. And no one ever paying early or late end stake penalties. And even then there would still be larger and smaller payouts to the stakers based on who had more shares due to longer or bigger stakes, causing them to get more while the other guys got less.
Inflationary in HEX supply, and perhaps increasing in USD price, as the value of HEX goes up. Other profit sources: 1. Rate will be higher because 100% of coins won’t be locked. e.g. 14.76% if only 25% of coins are staked. Emergency end stake penalty pays, Late end stake pays. Along with likely increases in demand from adoption/onboarding.
How many years of on boarding new users and locking up coins does it take to cancel out 3.69% of inflation? The inflation only affects those that aren’t being paid by it. Why would the inflation not be paying you? Because you want to sit around on your coins, and just hold them without staking them? Why not stake them? Bitcoin has had higher inflation than HEX forever since it’s existed, seems to have done ok.
If strong enough evidence can’t be found to tie an address to a bad actor, then their coins, if they have any, will remain in the snapshot for claiming, just like everyone else’s.
Only guesses can be made as it’s a function of how many people claim, when they claim, how many were referred. The bonuses paid increase the supply. The circulating supply is a function of how many coins are staked, also impossible to predict. Over 50% of coins staked seems like a reasonable guess because of all the great bonuses paid only to stakers.
The Ethereum price and the HEX price are determined individually. HEX only uses the Ethereum network for transactions and smart contracts.
The claim tool is closed source. Any copycats would need to figure that out, and it’s hard.
By not claiming and staking day 1, you lose out on maybe a 5x on your stack over year of rewards. And you don’t know how long it takes to get to exchange. And few/none? premarket bought coins dump under premarket once on exchange? You’d have to look yourself. Also, why is buying on exchange better than FREE? Use a VPN or proxy and claim each BTC to a new ETH address, you’re as secure as you started.
Any wallet that can store ERC-20 tokens works. If you want to use custom functions (staking, claiming, good accounting) you need to use metamask or other custom solutions which are harder.
ETH has never had any inflation bugs, ever. It has a more diverse mining ecosystem (GPU instead of ASIC), ETH has a bug bounty program (Bitcoin’s last inflation bug was caught by a BitcoinCash developer!) The game theory in HEX is immutable in the blockchain and not subject to nodes voting on it. The 21M coin limit in Bitcoin is a theory. The game theory and parameters in HEX is immutably stored in the blockchain itself, immutably.
Yes, anything that supports ERC-20 will support HEX.
Yes, and it’s super easy too. Since it uses the popular ERC-20 standard, all tools that support ERC-20 tokens will support HEX.
The UTXO snapshot at the chosen block height is published. Mt.Gox, a couple others if we can find them coins are removed. Whale penalties are applied. The edits are published. The edited UTXO set has a top hash created and published to the smart contract. You can recreate every step of the process yourself to verify everything was done correctly.
You lose access to all your HEX. Do not lose your seed words. Repeat. DO NOT LOSE YOUR SEED WORDS.
Only signing a very complex and funny looking message can be dangerous. Signing a simple message is entirely safe.
An airdrop to a new, fixed, contract from holders of the old contract before the error can be done.
HEX will continue to function as long as you can make transactions on the Ethereum network, no matter how low the Ethereum price gets. If the network totally stopped working, HEX holders could be airdropped their tokens on a new contract on a working system that supports solidity contracts (of which there are several.)
They can accept payment of fees in HEX instead of ETH.
No cryptocurrency is yet. It could be the case that quantum computing never becomes a problem.
Safe enough to have launched several Billion dollar projects with no problems. The ERC-20 contract we use has been audited by security professionals.
Replace gold as a store of value (7.7 Trillion USD). Replace credit card companies and payment companies like PayPal (around $770 billion in Visa, MasterCard, and PayPal alone) Replace legacy certificates for deposit ($571 Billion in the USA alone on just those under $100,000) Replace middlemen with trustless interest.
Through progress in replacing Gold as a store of value, Mastercard, Visa and Paypal as payment networks, and CD’s as time deposits. The market has decided that crypto currencies are worth hundreds of billions of dollars over many years of price discovery.
No. The project is founded by respected members of the community. It is open source. The base ERC-20 contracts have been audited, the modified ERC-20 contracts will be audited. You run the code yourself. It is fairly launched, and free to claim for Bitcoin holders. You might need to pay pennies to the ETH network to pay to run your claim and attach it to the blockchain. Someone else might pay that fee for you as well.
Forking open source software and keeping a part of the name of what you forked is normal. Linux. Linux Mint. Ubuntu Linux. Arch Linux. It’s only a problem when you try to pretend the original is dead, or not the original ( a la BCH.)
No. Ponzis make promises they can’t keep and collapse. HEX can always pay what it owes.
No. There’s only a single tier refer program for the first 50 weeks and no refer program after.
No. There is no money paid to a common pool with the expectation of profit from the work of others.
Because the chain we chose has the best auditors available, the best bug bounty program, the best development ecosystem, the longest track record, the highest market cap, the most developers of any suitable system.
When you accept a dollar for payment, you hope that when you go to spend it, it’s accepted. It’s likely it will be. You might not understand why cryptocurrency prices go up so much year after year, it’s ok, the market doesn’t need you to understand. The market has decided crypto currencies are worth billions of dollars through years of price discovery.
Bidesk.com, etherdelta and forkdelta day 1. Popular cryptocurrencies are usually listed lots of places.
Yes. Each HEX operation is an Ethereum transaction and will require a gas fee to be paid. Though some functions, such as claiming allow anyone to pay your gas fee if they want.
No. You might need to pay a small fee to run your transaction on the network.