What Is Hex Crypto
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What Is Hex Crypto
Trying to learn about Hex crytocurrency or crypto in general? You're smart to do so... Sith so many people coming into the crypto world, it's easy to sense that where there's smoke there's fire. Billionaire are flocking to invest and even teach cryptocurrency, for example, Jay-Z and Twitter's Jack Dorsey have decided to fund The Bitcoin Academy in New York. If they're smart they will teach about HEX, which is seen by many as the better Bitcoin. So, let's break down the science about what HEX really is...

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.

KEY TAKEAWAYS
  • 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 Security

Answer: 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?

It was the first blockchain with a certificate of deposit. When it was a new crypto, not many people expected the price of this coin to raise too much. But its price has increased drastically. HEX tokens are one of the best choices for investing in cryptocurrency.

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

Is HEX Legitimate?

One criticism of Hex is that, unlike many other cryptocurrencies, it has no obvious use case.11 Hex's developers claim that the token is designed as a store of value and that the monetization of the proof-of-wait concept is the cryptocurrency's use case.

Data From the HEX Crypto White paper

The white paper states: “HEX is a project to recreate a common banking product called a Time Deposit. It is an ERC-20 token and fully automated in the form of a smart contract on the Ethereum blockchain.” The document goes on to say: “HEX is like bitcoin with a proof-of-work change. BTC and HEX are analogous. Bitcoin and HEX are peer-to-peer networks that store and transmit value. In Bitcoin, miners buy mining hardware and electricity from companies. In HEX, miners buy HEX from other HEX holders then use time to mine. HEX is Proof of Wait instead of Proof of Work.”

HEX Price History

HEX went live on 2 December 2019 and was trading at $0.0002 on 17 December. It took till May 2020 before it saw its first price surge. This came as the total value locked (TVL) into the staking protocol climbed from below $50m in early April to $340m on 15 May, according to DeFi Llama. On the same day, HEX closed at $0.006. The cryptocurrency rallied again in November after a staking app that supported HEX went live. The staking token reached $0.0014 on 1 November. The staking token saw the start of its biggest rally in May 2021, when it climbed above the $0.01 mark to a daily high of $0.06965 on 14 May. This followed the platform becoming much more popular and the TVL soaring in value – by 14 May, its TVL come close to $4bn. HEX peaked again, closing on 15 July 2021 at $0.1715. Heart started to launch his own blockchain, titled PulseChain that month. This is an Ethereum hard fork that was initially created to allow HEX holders to avoid the high gas fees. Along with HEX, Heart created another cryptocurrency titled PulseX, which investors could preorder in July. The price of HEX then went on to skyrocket in September, racing to a daily high of $0.4893 on 10 September and a daily high of $0.4927 eight days later. Confusion was sparked by the effect this surge had on its market cap. Some sources, such as Kalkine Media, said HEX became the third biggest cryptocurrency by market cap. However, Benzinga found this challenging to verify. If HEX did reach the top three, it was only temporary. CoinMarketCap said it was ranked number 20 on the week of 20 September. HEX lost these gains by the end of October and was trading around $0.2325. However, there was more uncertainty as, according to CoinMarketCap, HEX reached its all-time high of $0.5561 on 16 November. Traders Of Crypto said: “The rise proved to be very short-lived, and probably a reporting anomaly, as HEX returned to position 201 based on its market capitalisation.” The staking token did climb slightly in December. The second version of the PulseChain testnet went live on 11 December. HEX climbed from $0.1606 on the launch day to $0.3441 on 29 December 2021.

How To Buy HEX Crypto

When buying HEX you 1st need to deposit FIAT money into into a centralized exchange like coinbase and then begin moving it over to a decentralized wallet.

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