What Is Hex?
Hex is an Ethereum-based token that bills itself as the first blockchain certificate of deposit (CD). Similar to how traditional bank CDs offer an improved interest rate to customers who agree to leave a lump-sum deposit untouched for a set amount of time, HEX crypto holders can stake batches of HEX tokens for specified amounts of time, from 1 daya to 5555 days (or 15.2 years).
During this time, stakers may not access those willfully staked HEX tokens without severe financial penalties—but when the specified time period is complete, HEX holders can receive bountiful HEX rewards in the form of additionally yeilded HEX coins.
HEX crypto was launched in 2019 by eccentric founder Richard Heart who has raised over 27 million dollars for charity, made countless millionaires and who owns the world's largest diamond.
HEX has received unbacked criticism for being a supposed scam or a potential Ponzi scheme, despite having a market capitalization of over $30 billion as of Feb. 1, 2022 and continuing to succeed.
- Hex (HEX) is an Ethereum-based token that is marketed as the first blockchain certificate of deposit.
- Richard Heart launched Hex in 2019, utilizing an aggressive marketing campaign to build its userbase.
- Users stake HEX tokens, promising to leave them untouched for specified amounts of time & earn yield.
Is HEX a SecurityAnswer: No, HEX is not a security. Again, and for emphasis, HEX cryptocurrency is not a security. In fact, they aren’t actually even any coins; they are just numbers in a distributed database. No one is actually given anything. People can run the code if they want to or not. The code can’t do anything by itself, but it sits there.
How Is HEX Crypto Different from Bitcoin?
Hex claims that its inflation mechanism is favorable to that of Bitcoin. Hex's annual inflation is capped, and inflation is paid directly to Hex holders. Hex's proof-of-wait mechanism is less energy-intensive than Bitcoin's proof-of-work protocol. Hex is built on the Ethereum network, whereas Bitcoin is supported by its own blockchain.
Is HEX a Good Crypto?
Goals of HEX Crypto
Hex was established with a goal of "price appreciation that overperforms as much and as fast as possible." Hex's developers also have asserted these goals for HEX:
- Replace gold as a store of value
- Eliminate the need for credit card and payments companies
- Replace centralized authorities with a trustless system that pays interest directly to stakeholders