bhxthai-blog

[bhxthai-blog]

“BitcoinHEX” re-branding to “HEX”

Yesterday, March 7, 2019, Richard Heart announced the new branding “HEX” to replace “BictoinHEX” the project that focused on “Game Thoery” that aim to be the “Store of Value” in the future.

On the Youtube Live Stream yesterday, Richard explained the reason behind this branding and also share update of the project. The re-branding to “HEX” will follow with the new project Domain name as “HEX.win” or “HEX.dev”. Richard described many strong points about “HEX”, firstly because it’s short with only three syllables, easy to remember, easy to spell. The meaning of “HEX” also infers to something “Technical” as some may know that the Ethereum address is Hexadecimal and sound cool for the tech-savvy personalities. Also, the “Hexagon” is strong when you use to design logo to promote the brand. In my opinion, I love the new name, first, there’s no more “Bitcoin” attached to the brand which I think it is a good start when compare to many “Bitcoin-Fork” project in the market. Also, the shorter name with the Hex.win domain name would effectively help in promoting the project.

You can watch this interview Richard with Larry, Joe on March 7 here.

https://www.youtube.com/watch?v=D6DuUFNy6vA

NOTE: this is my understanding, some are summarized from several answer Richard has in the past, not specific to this latest one.

NOTE: It would be better for you to check the YouTube or BitcoinHEX directly if you find my conclusion is not quite clear or my English explanation is hard to understand.

I re-translate my though in “Thai Language YouTube conclusion” back to “English” in order to share this progress to more audience.

Progress

From the interview date, Richard estimated that the project will be required at least 5 weeks, or for the longer case, around 7–8 weeks to the snap shot date

Richard explained that the project is about to send the code to the audit company, the auditor would require around 3 weeks to submit their work. If there’s nothing to be fix, He will announce the “Snap Shot” date 2 weeks after that to give time for everyone for the preparation.

Change of some Game Theory

Virality Bonus

Staking bonuses for first 50 weeks, staker only.

The new Bonus is: Increases stakers pay by % of addresses that claim. If 100% then 100% bonus.

Before this change the bonus was set at 10%, the increase is to make it more attractive for anyone.

LongerPaysBetter Bonus

Stake bonuses for continuous staker only

The new term is: The longer you stake, the more you make. ~20% bonus shares every year you commit over 1 week. Works on any length over. So, 5 year gets 2x shares that 1 week would.

So, if you stake for many year, the bonus acquired will be max at 200%. The main reason is to reduce the effect of long staker that will dilute the interest in the pool.

How the project is audited

Richard answered that it’s quite rare to find any audit in Cryptocurrency project because the technology is at the edge and there’s so few auditors that have experienced and professional to audit this new blockchain, computer security, and Smart Contract that required in this project.

Since “HEX” developer are already experts in the field, so the project already has the check list of what to avoid. So, the task of Audit will be focused on something that never have been found before which make it even harder. Richard also explained about the simulation test he ran to test that when user input or interact with the system, both correctly, in-correctly, or maliciously, the code will be still working properly and he conclude that the results are acceptable.

How to claim

Few weeks ago, I remember that Richard mention about the change to allow “Ethereum holder” to claim “HEX”

In the interview, this question was asked again, but this time Richard confirmed that it will not execute due to his time limited.

He also explains about the claiming process which still be the same that you have to get some Bitcoin in your wallet that can “Sign” signature, wait for the snapshot date, go to BitcoinHEX.com website (or HEX.win or HEX.dev in the future) to use the “Claim tool” where you have to paste your “Ethereum Address” to get your “Message” then use that “Message” to “Sign” (in order to verify that you are the owner of Bitcoin on the snap shot) then take those signature to put back to the claim tool later and with for the coin to be send to your Ethereum address later on.

No Bitcoin, How to Get “HEX”

Richard mentioned about “Etherdelta” that seem to be easy at listing and also IDEX that already contacted him for the listing.

He said that after he submit the code to audit, he will cold-call the exchange and find someone who want to work with the project.

Emphasize that “HEX” will not be categorized as “Securities”

Since the project will give free token, Richard and all his Developer ask for nothing in return, there’s no voting structure, there’s no kind of shares that promises any kind of return, just the Smart Contract which cannot be changed and pay shared inflationary interest for anyone who decide to execute the contract by themselves. So, he emphasizes that “HEX” will ot be “Securities”

Why Ethereum

Apart from the “Smart Contract” that is required for the project, he conclude that Ethereum has better mining environment by the fact that it has high hashrates, majority are still GPU not ASICs and also the Ethereum community is more friendly with clear group of people who try to develop the project, setup bug bounty program (none for Bitcoin), and with Audit company who have experienced in audit the ERC-20 that “HEX” used

What Richard will get from the project?

For this question, Richard didn’t answer about what he will gets but explain about the “ORIGIN ADDRESS”

He didn’t tell who own the address but explained the mechanic that the address will get the copy of every “Bonuses” everyone gets.

“Bonuses Only” not the interest from staking or not the amout of “HEX” claimed when everyone will get for the first claim.

For example, everyone who claim the first week will get 20% speed bonus, or if someone use your referrral link you will get 20% bonus, this Origin Address will get the same amount of these bonuses from everyone. From his explanation, this Origin Address will not have any kind of obligation to do anything for the project or anyone, but since it will receive quite a number of bonuses from everyone, that will surely generate incentive for anyone who hold this Origin Address to try to take care of the project. (But no promises)

He compares this design with top rank coin in Coinmarketcap where owner or founder still got a lot of lock coin in their reserves and these owner/founder will surely take care of the project by bringing in good developer, good marketing etc.

He shared his view of tragedy of the commons that occurs to Bitcoin where the distribution of holder is so thin that one it’s too costly for each one to feel the ownership of the project and decided to take care or do marketing on behalf of the whole community.

For anyone who want to read this in Thai please visit Bhxthai.com

For the current project website: BitcoinHEX.com

[bhxthai-blog]

BitcoinHEX

Free token for anyone who hold Bitcoin

After watching many Youtube video related to blockchain and Cryptocurrency Project, BitcoinHEX with the aim to be “Store of Value” by using clever “Game Theory” develop by Richard Heart is the most interesting project in my point of view.

Firstly because the whole project will give you “Free Token” if you hold Bitcoin on the Snapshot date, but you will have some basic skill to follow the “claiming instruction”. Since it free, so I think it would be great to spread the news. Here is some content provided in the bitcoinHEX web site (with my referral code behind, I will get some %bonuses if you claim your free BitcoinHex)

www.bitcoinhex.com

Why BitcoinHEX

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.

BitcoinHEX 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 BitcoinHEX 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 BitcoinHEX 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. BitcoinHEX 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. BitcoinHEX 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.

BitcoinHEX includes all of the features of Bitcoin (send, receive, earn) and adds Trustless Interest through staking, where longer stakes pay better than shorter.

How to Claim?

Install MetaMask in browser.

Go to claim tool on wallet.BitcoinHEX.com (when it exists)

Open BTC wallet & Sign statement given to you by the claim tool

Paste signature to claim page.

Press submit. DONE!

Note: Your ETH address is your BHX address. *After snapshot. *After claim tool is launched.

If anyone would like to read the content in “Thai” language, please go to

bhxthai.com