HEX is an ERC20 coin that was released on the Ethereum network. As the blockchain counterpart of the Certificate of Deposit used in traditional financial markets, HEX is supposed to be a store of value to replace it. HEX is also built to take advantage of the Ethereum network's expanding DeFi (Decentralised Finance) ecosystem in cryptocurrencies.
The transaction layer of HEX (sending and receiving HEX tokens, as well as interacting with the HEX smart contract) is handled by the Ethereum network, while the consensus code and staking mechanism are handled by the HEX smart contract.
HEX allows users to stake their HEX coins in exchange for a share of new HEX coin issuance, or inflation, and includes measures that stimulate price appreciation and disincentivize price damage. Stakers who cease their stake early are penalized by the HEX smart contract, while those who stake higher amounts of HEX for longer durations are rewarded.
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