About Hexxcoin (HEXX Token)
HexxCoin first came into existence in 2015 as a fork of Crave. However, the project was short-lived. The coin was revived two years later as a fork of Zcoin and this too was short-lived.
In 2018, the coin was taken over by a new team that expanded the HexxCoin to limits it never reached in the earlier phases of its existence. Despite its rough start, the coin promises to revolutionize the world of privacy coins.
The coin utilizes lyra2z330 as its proof-of-work algorithm and seeks to solve the current problems that most cryptocurrencies have such as lack of anonymity and the impossibility of mitigating analysis of existing transaction history. In order to provide a solution to these problems, HexxCoin will use the ZeroCoin protocol that ensures anonymity to coin users.
The coin users can convert non-anonymous coins into anonymous coins that can be transferred to other users who are on the HexxCoin network. The transactions can be done on the core wallet where they will be untraceable by any third parties.
How Hexxcoin (HEXX Token) works
HexxCoin has a higher block time when compared to bitcoin, which is averagely 2.5 minutes between blocks that results in faster transactions and a higher network capacity. The coin has a block reward of two HexxCoin per block, which might decrease depending on the agreement of the HexxCoin community.
HexxCoin is GPU and ASIC resistant meaning it can only be mined using a CPU with difficulty retargets occurring during every block making the network stable as sudden fluctuations on the network’s hashing speed are prevented.
Holders of the HexxCoin can setup Xnodes, which will allow them to earn an income in form of Hexx rewards. An Xnode can be set up using HexxCoins. All the nodes generate HexxCoins rewards daily which is dependent on the number of Xnodes in a particular network. The generated rewards are distributed equally among the Xnodes.
In the future, the block rewards for the community fees will be eliminated and instead award for stacking meaning that HexxCoin will have mining, Xnodes and stacking simultaneously.
HexxCoin will be used to improve bitcoin through providing it with ZeroCoin anonymity by forking with it and creating a unique coin known as BitcoinZeroX (BZX). BitcoinZeroX (BZX) will be awarded to the holders of bitcoin and HexxCoin on a one to one ratio. The new coin is superior to bitcoin as it is more anonymous due to its ZeroCoin protocol basis. The coin will also have its own masternodes.
Benefits of the HexxCoin HEXX
HexxCoin has faster block times, which means that there are shorter confirmation times for payments and lower transaction fees compared to other cryptocurrencies due to the higher network capacity.
In exchange for Hexx rewards, holders of HexxCoin can setup Xnodes, which results in the network becoming more transparent, secure and faster.
As the coin can only be mined using a CPU, it will be impossible for professional miners who possess high powered GPU and ASIC to dominate the mining of the coin therefore providing a fair opportunity to everyone.
The HexxCoin network is very stable as there cannot be sudden fluctuations on the network’s hashing speed as difficulty retargets occur on every block.