White Paper ‐ HDEX Global Hydrogen Marketplace - HDEXGroup/Whitepaper GitHub Wiki

Our Vision

Higher Purpose: To lead the global hydrogen economy by harmonizing financial systems with sustainable energy solutions.

Core Values

  • Integrity: We uphold the highest standards, protecting the hydrogen financial system and building trust.

  • Transparency: We connect the corporate and investor communities, minimizing friction and complexity and creating seamless routes to capital.

  • Customer-Focus: We prioritize customer needs, delivering tailored solutions and exceptional service for lasting partnerships.

  • Respect: We cultivate respect, valuing diversity, and treating all stakeholders with dignity.

  • Teamwork: We thrive on collaboration, recognizing the collective strength of shared goals and mutual support.

  • Excellence: We strive for the highest performance, innovation, and efficiency standards.

Core Tasks

HDEX are hydrogen market-makers, creating the world’s first democratised and decentralised hydrogen marketplace, with a standardised global trading, investment and matchmaking platform on a secure blockchain. We are accelerating hydrogen adoption with an end-to-end hydrogen ecosystem for all stakeholders.


Explore the transformative potential of HDEX, a leader in reshaping the global hydrogen economy. Grounded in values, HDEX envisions a future where sustainable energy solutions are seamlessly integrated with financial systems. The HDEX ecosystem introduces a practical two-token system featuring the Hydrodollar (HD) and the transactional HDEX Token (HDEX). This platform prioritizes user experience, making hydrogen trading accessible and straightforward. The underlying technology empowers stakeholders to influence the HDEX ecosystem's direction. HDEX's roadmap outlines strategic steps, including market research, business plan development, technology implementation, and regulatory compliance. The value proposition is solid: improved market efficiency, standardization, global connectivity, risk mitigation, investor confidence, and regulatory compliance. Join HDEX on a journey towards a more sustainable and connected future in hydrogen trading.

Market Analysis

The global hydrogen market is witnessing significant growth, primarily driven by its increasing use in petroleum industries for refining crude oil and removing impurities, such as sulfur, from fuels. Demand from various end-use industries like metals, glass, semiconductors, and chemicals contributes to market expansion. Additionally, a growing awareness of reducing carbon footprints is boosting market growth. The adoption of hydrogen as a fuel in the automotive sector, supported by government initiatives for clean energy and the promotion of fuel cell electric vehicles (FCEVs), presents new opportunities for market growth. According to a study by Value Market Research, the global hydrogen market was valued at USD 140.1 million in 2017 and is projected to reach USD 214.5 million by 2024, with a CAGR of 6.0% in terms of volume. Compressed hydrogen is the preferred type, with applications in the automotive sector, hydrogen pipeline transport, tube trailer transport, and moveable hydrogen storage in vehicles. The refinery sector is the largest application area for hydrogen, with a significant role in upgrading heavy crude oils into refined fuels. Asia-Pacific dominates the market, with sustained growth anticipated until 2024. The region's prominence is attributed to the rising demand for hydrogen-based fuel vehicles and the establishment of auto fueling stations, contributing to overall market expansion.

The Challenges

The current hydrogen trading system faces several challenges. The hydrogen industry faces challenges due to the absence of a standardised global marketplace that can harmonize capital, technology, initiatives, opportunities, and market data. This lack of standardisation especially affects; Quality standards, Certification processes, Pricing mechanisms, and Regulatory frameworks in the hydrogen trade.

Consequently market participants encounter difficulties in ensuring consistent product quality, securing reliable certification, and navigating disparate pricing structures and regulatory requirements.

Value Proposition

HDEX provides an efficient marketplace for buying and selling hydrogen. Establishing the world's first hydrogen marketplace is crucial to creating a mature and well-functioning hydrogen market, fostering collaboration between industry stakeholders, and contributing to the global transition to a sustainable and low-carbon energy future. Addressing the challenges in the hydrogen industry requires a standardised global marketplace to connect hydrogen stakeholders. HDEX facilitates the harmonisation of trade, capital, technology, initiatives, opportunities, and market data. HDEX is creating a cohesive and efficient global hydrogen marketplace that provides standardisation and enhances quality, reliability, and economic viability, by establishing consistent standards and practices. HDEX aims to drive the growth and adoption of hydrogen as the primary energy source, ensuring a sustainable and prosperous future.The HDEX is poised to disrupt traditional energy paradigms in the following ways:

Sustainable Development

HDEX stands at the forefront of sustainable development, championing the United Nation's Sustainable Development Goals (SDGs) with unwavering commitment and innovative strategies. Our pioneering role in the hydrogen economy is more than an investment; its a testament to our dedication to a greener future. Through the HDEX ecosystem, we are not just participants but key drivers in a transformative global movement. The HDEX initiative supports the following SDG's:

  • Empowering Gender Equality (SDG 5): At HDEX, we believe that a sustainable future is an inclusive one. Our initiatives in the hydrogen sector are designed to break barriers and open doors, creating a diverse workforce where women thrive in leadership roles, fostering an environment of equality and empowerment.

  • Energizing Affordable and Clean Energy (SDG 7): Our focus on hydrogen as a clean energy source is a beacon of hope for a sustainable energy transition. We are making strides in rendering renewable energy solutions more affordable, bringing the dream of clean energy within reach for communities worldwide.

  • Innovating Industry, Infrastructure, and Innovation (SDG 9): Establishing the world’s first hydrogen exchange is not just an innovation; it’s a revolution. We are laying the groundwork for resilient infrastructure and sustainable industrialization, catalyzing change across the hydrogen economy.​

  • Cultivating Sustainable Cities and Communities (SDG 11): We are reimagining urban transportation in collaboration with partners like eFrancisco Motors and LuftCar. Our eVTOL projects are set to diminish urban pollution and usher in a new era of sustainability for cities, enhancing the quality of life for all.

  • Promoting Responsible Consumption and Production (SDG 12): Our role in the hydrogen economy extends to advocating for responsible energy use. We are at the forefront of encouraging sustainable consumption and production patterns, which significantly reduce energy's environmental footprint.

  • Championing Climate Action (SDG 13): Our relentless pursuit to advance the hydrogen market is a critical front in the battle against climate change. By curbing carbon emissions, we stand united with global efforts to mitigate environmental impacts, safeguarding our planet for future generations.

  • Fostering Partnerships for the Goals (SDG 17): HDEX exemplifies the essence of collaboration, engaging with diverse stakeholders to propel the hydrogen economy forward. Our partnerships are the cornerstone of our strategy, embodying our shared dedication to achieving the SDGs and driving sustainable progress.

At HDEX, we are not just supporting the SDGs; we are living them. Our values, culture, actions and initiatives are interwoven with the fabric of global development and environmental stewardship, showcasing our unwavering resolve to foster a world where sustainability is not a vision but a reality.

Market Efficiency

The marketplace facilitates transparent and efficient price discovery, enabling fair market competition and reducing information asymmetry. The marketplace can establish standardized contracts, certification processes, and quality standards for hydrogen, streamlining transactions and ensuring consistency in product specifications.

Global Reach

The marketplace encourages international trade by connecting buyers and sellers globally, fostering a more interconnected and resilient hydrogen market.

Risk Mitigation

Through standardized contracts and risk management tools, the marketplace helps mitigate risks associated with price volatility, supply chain disruptions, and regulatory uncertainties.

Investor Confidence

The existence of a formalized marketplace may attract institutional investors, increasing overall confidence in the hydrogen market and stimulating investment in hydrogen-related projects.

Regulatory Compliance

The marketplace can work with regulators to establish and adhere to industry standards, ensuring environmental and safety regulations compliance.

Two Token System

Ecosystem Flow

The HDEX Marketplace App/dApp

HDEX is a global hydrogen marketplace and exchange transforming global trade and investment in hydrogen and hydrogen-based assets. HDEX connects hydrogen businesses with extensive networks, providing essential access to capital, opportunities, and partnerships that foster growth and innovation. HDEX market-making platform features;

  • Exchange Platform: A state-of-the-art trading platform that facilitates seamless transactions of hydrogen and related assets. Transparent Market Pricing: Real-time pricing information to ensure fair and transparent trading.

  • Advanced Matching Engine: An efficient and reliable engine that matches buyers and sellers with precision. Smart Contracts: Streamlined trading processes through automated, secure, and transparent smart contracts.

  • Hydrogen Hub: A dedicated space offering the latest insights, trends, and developments in the hydrogen industry.

  • HydroGenius: An intelligence platform delivering cutting-edge information, analysis, and data to keep stakeholders informed and ahead of the curve.

A wallet App/dApp for trading a hydrogen-backed token would be a user-friendly interface for managing, storing, and trading tokens representing ownership of hydrogen assets or related financial instruments.

  • Token Wallets and Marketplace: Users can create and manage wallets to hold their tokens securely. The App/dApp allows users to convert tokens into other tokens or fiat currencies, facilitating seamless conversion and withdrawal.

  • Hydrogen Trading Interface: The App/dApp offers an intuitive interface where users can buy, sell, or trade hydrogen. The types of transactions include:

  • Spot transactions: Where the buyer and seller agree to exchange a commodity for immediate delivery and payment. The commodity's price is determined by the current market conditions and is called the spot price.

  • Forward transactions: Where the buyer and seller agree to exchange a commodity for delivery and payment at a specified future date. The commodity's price is fixed at the time of the agreement and is called the forward price.

  • Futures transactions: Where the buyer and seller agree to exchange a standardized quantity and quality of a commodity for delivery and payment at a specified future date and location. The commodity's price is determined by the supply and demand in the futures market and is called the futures price.

  • Options transactions: Where the buyer and seller agree to exchange the right, but not the obligation, to buy or sell a commodity at a specified price and date. The option's buyer pays the seller a premium for this right. The underlying commodity price, the strike price, the expiration date, and other factors determine the option's price.

  • Token Staking: Where users lock their tokens in a smart contract to support the platform's operations and governance. In return, stakers receive rewards, such as additional tokens or a share of transaction fees, for actively participating in the ecosystem.

  • Loans: When users lend or borrow digital assets directly through smart contracts without a centralized authority. This lending system provides users flexibility, transparency, and access to liquidity for various financial activities within the HDEX Ecosystem.

  • Real-time Market Data: Users can access real-time market data, including hydrogen prices, trading volume, historical price charts, and order book depth. This information helps users make informed trading decisions.

  • Community Meeting Space: The HDEX Decentralized Autonomous Organization (DAO) will transparently conduct all business within the App/dApp to maximize user participation and involvement.

Security Features

The wallet app employs robust security measures to ensure the safety of users' assets. This includes two-factor authentication (2FA), biometric login (such as fingerprint or face recognition), and encryption of private keys. Compliance and Regulation: The App/dApp will comply with the necessary financial regulations and KYC/AML requirements, especially if it's handling the trading of financial instruments.

Smart Contract Enabled Logistics

The HDEX smart contract-enabled logistics system will include the following features:

  • Automated Order Processing: Smart contracts will automatically execute and enforce terms related to purchase orders and sales agreements. This includes order creation, validation, and confirmation, reducing the need for manual intervention.

  • Transparent Tracking and Tracing: Utilizing blockchain technology, smart contracts will enable transparent and tamper-proof tracking of goods throughout the entire supply chain. Each step in the logistics process can be recorded on the blockchain.

  • Real-time Monitoring of Shipments: IoT (Internet of Things) devices, such as sensors and GPS trackers, can be integrated with smart contracts to provide real-time data on the status and location of shipments.

  • Automated Compliance: By incorporating relevant rules and regulations into the contract code, verifying and authorizing shipments can be streamlined, reducing delays and errors.

  • Conditional Payments and Escrow: Escrow services can also be implemented through smart contracts to ensure trust between parties.

  • Dispute Resolution: The transparent and immutable nature of blockchain will provide a clear audit trail for dispute resolution.


Decentralized Autonomous Organization (DAO) Governance for the HDEX Ecosystem

The HDEX DAO is an integral governance mechanism of the HDEX Ecosystem, enabling stakeholders to vote on proposals concerning allocating funds from the HDEX Treasury.

Community Proposals and Voting:

  • Overview: In our pursuit of establishing a fair and decentralized governance structure, we recognize the importance of preventing undue concentration of voting power and DAO manipulation. To achieve unbiased democratic government, we will implement capped voting protocols. This is a fundamental mechanism designed to promote inclusivity and fairness. HDEX DAO's voting system operates on a decentralized governance model, allowing token holders to participate in decision-making for the protocol. People who own the HDEX token are the DAO's members. The more tokens they own, the more voting power they have. Anyone with HDEX tokens can submit a proposal. Proposals are suggestions for changes or actions within the DAO, like modifying smart contract parameters, introducing new features, or allocating funds.

  • Voting System: Each HDEX token owner possesses the ability to recommend proposals to amend the DAO. Each proposal will clearly outline relevance, alignment with goals, and potential positive impact. The DAO will also develop and publish standardized criteria for assessments, ensuring transparency and accessibility. The proposals will undergo a vetting process to ensure adherence and are subject to feasibility and legal review prior to submission to the community. Once a proposal garners support from more than 10% of the total outstanding HDEX token , it will undergo formal voting. The DAO will notify all members ensuring clear Communication concerning ongoing and upcoming votes. The DAO will employ a tiered Voting System where smaller token holders enjoy 1:1 voting power while larger holders face diminishing returns by implementing a cubed voting to ensure diminishing voting power growth as token holdings increase. After a period of 14 days voting will be closed and a minimum quorum of 20% of the total outstanding HDEX tokens is required for a valid quorum. The DAO will regularly conduct third-party audits to ensure strict compliance with capped voting rules. Prior to implementation, the DAO will conduct an audit by an independent expert review for a final feasibility and legal assessment.

Roadmap and Implementation

The HDEX ecosystem will be implemented with the following milestones:

  • Market Research: Conduct a thorough market analysis to understand the demand for HDEX.

  • Business Plan Development: Create a comprehensive business plan that outlines goals, target market, revenue model, and operational strategies.

  • Capital Raise: Generate capital for technology development and operations.

  • Technology Development: Develop and implement the HDEX technology infrastructure.

  • Partnership Outreach: Establish partnerships with key stakeholders, including hydrogen producers, consumers, and technology providers.

  • Regulatory Compliance: Navigate and comply with regulatory requirements related to the trading as a hydrogen marketplace.

  • Security and Risk Management: Implement robust security measures to protect the platform and user data.

  • User Onboarding and Education: Conduct outreach to customers and stakeholders and facilitate easy adoption.

  • Launch and Marketing: Launch the HDEX and initiate marketing campaigns to attract users and liquidity.



The HDEX Treasury serves as a crucial support structure for the HDEX Ecosystem by collecting funds intended to promote the growth and development of the network. The distribution of these monies may be proposed, approved, or vetoed by these DAO members. The DAO will implement a transparent process for proposing and approving treasury allocations.

Potential Applications of the Treasury

Categories for fund allocation, aligning proposals with the overall vision of the DAO will include the following:

  • Ecosystem Enhancement: Community members can propose fund allocations to engineer new HDEX Ecosystem features.

  • Hydrogen Certification: The hydrogen marketplace is currently unregulated, with differing production, quality, and safety standards. One of the initial goals of the HDEX DAO is to set standards to ensure predictability, sustainability, and reliability.

  • Value-Driven Initiatives: In cases where a charity or non-profit resonates with the ethos and objectives of the HDEX Ecosystem, community members can champion the allocation of treasury funds to support these organizations.

  • Community Empowerment: The HDEX Treasury's framework empowers community members with direct involvement in fund management and allocation. This not only fosters transparency and teamwork but also catalyzes innovation. Moreover, by supporting socio-environmental causes aligned with the community's principles, the treasury reinforces the HDEX Ecosystem's commitment to broader global values.



  • Hydrodollar (HD): within the HDEX ecosystem, HD serves as the main currency. The value of the HD is backed with underlying collateral asset of 1 Kg of hydrogen and stabilized with Contracts for Difference (CfD). The design of the pegging mechanism allows for fluctuation, ensuring that the HD is linked to the same amount of hydrogen as a uniform standard of measure over time.

  • HDEX Token (HDEX): Complementary to the ecosystem's token the HD, HDEX also introduces a governance token, the HDEX token. The HDEX Token pays the fees for HD transactions in the HDEX ecosystem. The smart contracts contain an automated exchange mechanism that ensures transaction fees denoted in the HDEX token are automatically withdrawn from the corresponding HDEX token account and exchanged into the necessary amount of HDEX token.

  • Contract for Difference (CfDs). CfDs are a widely used financial instrument worldwide in commodity and foreign exchange markets. They are also essential to stabilizing the HD’s value and, thus, vital to the entire HDEX ecosystem. CfDs stabilize the value of the underlying commodities and, therefore, the value of the HD via the reference currency in the HDEX ecosystem. CfDs will be entirely designed as smart contracts. An independent audit will be conducted to ensure CfDs are verified and validated.

  • Allocation and Funding: The community DAO will decide the community tokens allocation in the future for staking and user rewards, as required. Team and investor token will be vested for 24 months and then released 10% each month thereafter (see table below):

External Token Audit and Certification

External token certification will involve an independent and thorough assessment of a token's code, security features, and overall trustworthiness to ensure that it meets specific standards of quality, safety, and reliability. This certification process assures token users, investors, and the broader blockchain community that the token has been evaluated rigorously. Token Code Review: An external organization will examine the token's codebase in detail. They analyze the smart contract code and any associated code that powers the token's functionality. The review focuses on identifying vulnerabilities, bugs, or security issues that could pose a risk to users or investors.

Security Auditing

An external organization will conduct a comprehensive security audit of the token. This audit assesses the token's resistance to common vulnerabilities and attacks, such as reentrancy, overflow, underflow, and other potential exploits. The goal is to identify and rectify vulnerabilities to protect token holders.

Regulatory Compliance

An external organization will evaluate the token's compliance with relevant regulatory frameworks, such as KYC/AML (Know Your Customer/Anti-Money Laundering) requirements, depending on the token's use case and jurisdiction.

Project Background Check

An external organization will perform due diligence on the project behind the token. This includes examining the team's credentials, prior experience, and the token's purpose within the broader project.

Ongoing Monitoring

An external organization will provide monitoring and auditing services to ensure the token meets security and regulatory standards over time. This can help maintain and enhance trust in the token as it evolves.


This white paper is intended to be a technical overview. It is not intended to be comprehensive nor to be the final design. Noncritical aspects are not covered. This paper only contains information for discussion purposes and does not represent investment advice. Further, it does not constitute an offer to sell shares or securities or a solicitation to buy them. None of the information within is intended to influence any investment decision, nor should it be the basis of an investment decision. Investment advice for investment in any security, tax, or legal advice should only be given by an investment advisor. Please note that this white paper does not constitute an offer to sell or soliciting an offer to buy for any person for whom it may be unlawful to participate in a token sale. Those for whom it is illegal to participate should not participate. Consult with your lawyer or accountant to determine whether it is lawful for you to participate in this token sale.

Contact Information

For more information, contact Clayton Kingman at [email protected] or Aaron Bazin at [email protected].

About HDEX

At HDEX, we are committed to advancing the possibilities within the evolving hydrogen market, offering a reliable platform for seamless trade and contributing to the sustainable future of energy. HDEX is a global company based in the United Kingdom. For more information contact us at [email protected] or visit https://www.hdexgroup.com/