Having achieved financial success in business in 2003, Richard Heart retired. In 2011, he became interested in cryptocurrencies. At that time he mined full blocks of Bitcoin, which included as many as 50 Bitcoins. As a serial businessman, he decided to create a new cryptocurrency as an alternative to banking products. Analyzing the financial markets, Richard noticed that Certificates of Deposit were the most popular product of banks. Their value in the USA and China reached $7.2 trillion at the time, making this market 50% larger than the cash market that Bitcoin was addressing. The conclusions of his analysis, combined with his business experience and acumen, inspired Richard to develop the world’s first Certificate of Deposit based on Blockchain technology.
The origins of HEX can be traced back to November 2018, when Richard Heart first publicly began talking about the BitcoinHEX project. The product was launched on 2 December 2019 under the name HEX, announcing a nearly year-long launch phase. The product could be purchased in the open market or ETH could be converted into HEX through a mechanism known as the Adoption Amplifier (AA for short). A temporary single-level referral program was also introduced to attract as many users as possible. Bitcoin holders were able to claim HEX tokens for free. Owners of more than 300,000 BTC worth tens of billions of dollars in more than 30,000 different wallets minted their own HEX using a smart contract. The system awarded 10,000 HEX for 1 BTC, with the amount decreasing each day.
All unclaimed HEX tokens on the last day of the launch phase called BigPayDay were distributed to stakers, i.e. investors who staked their money for even one day. This day marked the end of the opportunity to receive free HEX for Bitcoin holders, the AA program and the referral program. The distribution process was designed to ensure that the holders of the most HEX staked for the longest period receive the most HEX and that they can maintain the price in the future by not selling their tokens for a long period of time.
According to Richard Heart, the main advantage of HEX over Bitcoin is that the platform was developed 10 years later, allowing it to learn from its predecessor’s mistakes. The second differentiator that makes HEX superior to Bitcoin is the idea of creating an ambitious product to replace the most popular banking product, creating the world’s first cryptocurrency Certificate of Deposit.
HEX’s innovation, successes and tremendous growth over its first years in the market have earned it many critics, accusing HEX of being a scam or fraud. In 2020 HEX achieved 140 times higher growth than that of the prototype developed by Satoshi Nakamoto. After the first two years of smooth performance and a 10,000-fold increase in price, the first cryptocurrency experts are starting to like HEX, although many still do not admit it.