Designed and launched by Richard Heart on December 2, 2019, HEX describes itself as a blockchain certificate of deposit. HEX is an ERC20 token released on the Ethereum network. HEX is designed to be a store of value to replace the Certificate of Deposit as a blockchain counterpart for that financial product used in traditional financial markets. HEX is also designed to take advantage of the emerging cryptocurrency decentralized finance (DeFi) ecosystem within the Ethereum network. HEX uses the Ethereum network for the transaction layer (sending and receiving HEX tokens, as well as interaction with the HEX smart contract), while the consent code and the participation mechanism are contained in the HEX smart contract. HEX allows a user to stake their HEX coin(s) for a portion of new HEX coin issuance, or inflation, and contains features designed to incentivize behavior that encourages price appreciation and discourage behavior that encourages price appreciation. price damage. The HEX smart contract penalizes participants for canceling their bet early and rewards them for staking larger amounts of HEX over longer periods. HEX is distributed to Bitcoin holders via a Bitcoin UTXO pool snapshot that occurred on December 2, 2019 at block 606227. HEX distribution to Bitcoin holders is 10,000 HEX for 1 BTC. Bitcoin holders can only apply for HEX during the first year of launch. During this period, HEX is also earned in exchange for ETH through interaction with the HEX smart contract. At the end of the first year of launch, all HEX coins that have not been claimed by Bitcoin holders are distributed to all other HEX users who have active stakes. HEX's maximum possible annual inflation is projected to be 3.69% after the first year of launch.