HEX (PulseChain)

Purpose and Design

HEX markets itself as a blockchain certificate of deposit (CD) that claims to offer users rewards for locking up their tokens for specified periods. The project was launched in December 2019 by Richard Heart.

Utility Analysis

The primary utility of HEX is its staking mechanism, where users lock their tokens to earn more HEX tokens. The project operates on the Ethereum blockchain and has expanded to PulseChain.

Business Model and Implementation

The system works through a staking mechanism where users lock their HEX tokens for periods ranging from 1 to 5555 days. Rewards are generated through token inflation and distributed to stakers. The longer users stake, the higher potential rewards they can receive.

Development and Ecosystem

The project maintains active development, primarily focused on the staking mechanism and its expansion to PulseChain. The code is open-source and has been audited.

Token Distribution

The token distribution model includes an origin address that received 45% of all HEX tokens during the initial launch phase. This address is commonly believed to be controlled by the founder.