Is there a HEX wallet?
HEX is an ERC20-compliant token on the Ethereum Blockchain. Any wallet that supports Ethereum can store HEX. The recommended wallet is the MetaMask browser extension
If you store more than $10,000
consider getting a hardware wallet like a Trezor. You can connect your Trezor
to MetaMask and use HEX as usual.
Is HEX a Ponzi, pyramid scheme, MLM, scam, ICO or security?
Can HEX be used as a day-to-day currency?
Even though HEX was designed to be a Store of Value and not a Medium of Exchange it works fine as a day-to-day currency because it follows the ERC20 standard. With tools like zksync.io HEX already supports up to 2000 TPS. Raiden, plasma, state channels... are also supported just like for any other ERC20.
How can I explain HEX to my mother?
Hi mom, you're looking good today! Is that a new shirt?
So you wanted to know about this HEX thing, right? You probably have already heard of Bitcoin. HEX is like Bitcoin but better. It works like a spreadsheet that tracks who owns how much HEX. It requires your own password to spend HEX. You can lock up HEX for a fixed period of time to receive rewards, just like a Certificate of Deposit ("CD") at your bank. This yield averages 38% per year at the moment. Far more than what traditional banks offer. The rewards are paid from a 3.69% inflation, no one owes anybody anything.
HEX is now around 2 years old and has already done its first 10,000x in price. It even outperformed Bitcoin during its first 2 years.
How can I explain HEX to a five-year-old?
So you know those dollar bills, right? You can buy cool things like ice cream with them. Let's say that one cup of ice cream costs $1. Some very powerful people decided that they want to print a lot more dollar bills. They call it "inflation" and you can not do anything to stop it. So now there are twice as many and a single bill is worth only half as much. Now you need $2 to buy your ice cream.
To make sure you can buy enough ice cream in the future you should invest your dollar. HEX is one possible way to invest. If you would have bought HEX with your $1 after it came out 2 years ago those HEX would be worth $10,000 by now... you could buy a whole truck full of ice cream with that.
HEX is a cryptocurrency. Buying crypto is a little bit complex like setting up an email account. Most people who sell crypto only are allowed to sell it to adults. So if you are under 18 years old ask your parents to buy HEX for you.
I bought HEX and am really rich by now, who should I tell first?
Don't tell anybody you might regret telling later. Once you told somebody you are rich you can not take it back.
Tell your wife (calmly, see "How do I explain HEX to my mother?"). If she also wants to get into HEX help her. If she doesn't care talk about something else.
Only tell people that you are really close to and who are happy for you instead of jealous. Think carefully about how somebody that is fairly close to you will react if you tell them. Almost everybody gets jealous when you tell them that you are rich even though they act like they are happy for you.
Telling people you are rich can kill your relationship with them
Don't spend it all at once. Google
"sudden wealth syndrome". Always try to keep at least 90% of your net worth invested in whatever assets you like. This not only applies to HEX. A lot of lottery winners blow their whole winnings away within a year and are broke again after. Learn how to keep your wealth, be responsible.
What is HEX’s long term goal?
Replace gold as a store of value (8 trillion USD Market Cap). Replace credit card companies and payment companies like PayPal (around $770 billion in Visa, MasterCard and PayPal alone). Replace legacy Certificates of Deposit ($571 Billion in the USA alone on just those under $100,000, trillions of USD of value globally).
Replace middlemen with trustless yield.
Can I have multiple Stakes?
Yes. Many Stakers build a "Staking ladder" by spreading out the end of their Stakes over time so they always have some HEX coming out. There are many different strategies to build such a ladder. Feel free to ask the community
if you're not sure.
There is no perfect way to Stake because the ideal distribution of Stakes over time is very personal. 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, up to 200% bonus). If you just want to try out Staking, a single 30 day long Stake might be a good option.
You can have multiple Stakes on a single address. There also is no maximum possible number of Stakes per address.
Isn't Staking for 1 year 5 times just as good as 5 years 1 time?
No. If you Stake 5 years once, you get 100% bonus shares (20% / extra year), which means getting paid about 2x as much. If you Stake 1 year 5 times, you only get ~20% bonus shares.
Longer Stakes always pay better than multiple short Stakes.
Can I modify my Stake?
A new Stake is locked in at midnight UTC. Before it's locked in (shown as "pending") you can still cancel it. Once your Stake is locked in you can not change it anymore. You can end it earlier with the "Emergency End Stake" (EES) function but it's recommended to only do that in absolute emergencies because it will cost you a penalty!
You cannot add more HEX to an existing Stake. You cannot increase the length of an existing Stake. You can restake your HEX in a new Stake after one has ended.
Can I transfer my Stake to another address?
No. This prevents Staked HEX from being sold, which would drive down the price. Stakers get rewarded for not being able to sell.
If you want to transfer your account from MetaMask
to a hardware wallet enter your 12 seed words into the hardware wallet while setting it up. After that format your hard drive and physically destroy your computer.
This method is still not as safe as generating a new account on the hardware wallet. This is because your seed words are stored on your computer when seting up MetaMask with a new account. So consider buying a Trezor
before starting a new long and/or big Stake.
The only way to transfer Stakes is with a multi-sig wallet like Gnosis Safe. Staker.app utilizes this. This is only for advanced users who really know what they are doing.
How long can I Stake?
Minimum 1 day, maximum 5555 days (about 15 years). Longer Stakes always pay better.
How much APY do Stakers earn?
Depends on how many HEX are Staked. The Stakers pool gets paid rewards, you get paid shares of the Stakers pool. The rewards are paid from a 3.69% yearly inflation, based on all HEX in existence. If 100% of HEX were Staked, everyone would share the 3.69% yield. Currently only around 10% are Staked, the average payout to Stakers from Inflation is 36.9%. If only 1% of all HEX were Staked, Stakes would average 369% APY.
On top of that Stakers earn early & late end Stake penalties. Nobody knows how many HEX will be Staked in the future, currently it's around 10% and the APY for Stakers averages 38%.
When do I get paid the rewards?
At the end of a Stake you get principal + yield in HEX.
What is Good Accounting (GA)?
You can do 3 things after one of your Stakes matured:
#1 Do nothing (not recommended). You have a grace period of 2 weeks. After that you lose 1% each week. After 2 years nothing of your Stake is left. HEX rewards honesty: if you don't end your Stake you slowly get penalized for not doing what you said you were going to do.
#2 End your Stake (recommended). Open go.hex.com/stake
, click on the black button & choose "End Stake". You get your principal + rewards. This can only be done by the Staker who owns the Stake.
#3 Good Accounting (GA). This is an alternative to #2. It makes sure your Stake does not melt away like in #1. You "secure" your HEX and make sure you don't get penalized. To actually receive your HEX you still have to end the Stake later. Carrying over your yield to the next year might give you a tax advantage in some jurisdictions.
You can also GA matured Stakes of any other user. Maybe you are unable to end one of your Stakes for some reason. Ask a friend to GA it so you don't get penalized.
But isn't inflation bad?
All inflation in HEX is paid to Stakers as rewards. Currently the APY for Staking is around 38% because only a small fraction of HEX is Staked. This is a good and not a bad thing for the HEX price:
1. HEX has basically less than 0% inflation for Stakers because they get paid the inflation. Currently the average APY for Stakers is around 38% which far exceeds inflation because only a small fraction of HEX is Staked.
2. HEX has lower inflation than Bitcoin had in it's first 10 years where it went from $0.01 to $20,000.
3. The inflation in HEX is only credited to those that can't sell it (Stakers). Stakes are on average over 5 years long and the rewards are only paid at the end of Stakes. This way the inflation gets delayed.
4. Also the HEX inflation is always lower than 3.69%, because it's not paid on un-minted rewards, nor Stakes that have good accounting run on them instead of end-Stake.
5. The HEX inflation that could ever see the market is even lower still because the staking mechanism keeps so much supply from being sold.
Can I Stake other things in HEX that aren't HEX?
Should I wait for the price to go lower to get in?
Probably not. The price tends to run away and by deciding to wait you essentially bet on the price to go lower which historically was a bad decision. What if the HEX price doubles tomorrow? It already doubled 13 times so far which took on average around 50 days.
This is not financial advice, and you should do your own research. The price of HEX could go lower at any time.
Why is there no whitepaper?
It's more important to put work into a good website than a good whitepaper.
Still there is a technical explanation here
which is considered HEX’s whitepaper.
Why is there no roadmap?
Because HEX was launched as an already completed product.
There is no further feature development required for the HEX smart contract to function. Don't expect any work from other users.
Sometimes new stuff that is built around HEX appears like Staker.app
(community project) or the move from hex.win to the new domain hex.com.
I want to contribute!
the founder of HEX is currently looking for developers to hire
. Mainly developers who know Golang/Solidity. Salary starts at $175,000 per year. HEX is already a finished product but Richard wants to build other projects on top / around it.
If interested DM Richard
your CV on Telegram. Don't spam.
In case you're not a developer maybe do some design work in t.me/HEXdesign
. Also feel free to run ad campaigns for HEX. Check the HEX branding guidelines