[{"category":{"name":"BitScreener Exclusive","exported_url":"bitscreener-exclusive"},"id":"3bc5e6c5-6fba-42bb-9840-8261ce994d48","updated_at":"2022-06-27T12:10:00+00:00","account":{"firstName":"Akash","lastName":"Kashyap"},"description":"HEX is best known as a whole brand new and exciting digital currency project with the desire to create the most interesting money vault ever before. Let’s take a deep dive into HEX (HEX)!","sapo":"HEX is best known as a whole brand new and exciting digital currency project with the desire to create the most interesting money vault ever before. Let’s take a deep dive into HEX (HEX)!","title":"HEX (HEX): The First Blockchain Certificate of Deposit","content":"

Introduction to HEX

HEX can be considered a store of value to replace the Certificate of Deposit (CD) as the blockchain counterpart of that financial product used in traditional financial markets. The platform is also built to take advantage of the Ethereum network's burgeoning DeFi ecosystem.

In HEX, you're the bank.

HEX uses peer-to-peer technology to substitute inefficient currencies, banks, and payment networks.
HEX has outperformed Bank CDs because it's nothing like a Bank CD.
HEX monetizes the time value of money in a completely unique way.

HEX allows users to stake their HEX coins in exchange for a share of fresh HEX currency issuance, or inflation, and includes measures that stimulate price appreciation and disincentivize price damage. The HEX smart contract penalizes stakers for ending their stake early and rewards them for staking larger amounts of HEX for longer periods.

About HEX (HEX)

HEX (HEX) is the native token of HEX platform, being an ERC-20 token functioning on Ethereum’s network and is compatible with smart contracts.

HEX makes the most of a PoW consensus algorithm which is hybridized to include the features of a PoS consensus algorithm as well. Investors then stake a small number of their funds to assist in transaction verification, which means that the larger amount they stake, the more transactions can be verified.

In addition, investors can acquire interest on their staked currency, enabling them to earn a passive income without any expensive equipment needed for mining. The more HEXs are staked, the higher returns can be created.

At first, BTC holders could be among early adopters of HEX through a crypto airdrop. Currently, the most popular way for users to obtain HEX is currently through Uniswap, a decentralized exchange that utilizes smart contracts to facilitate automated transactions between numerous cryptocurrencies.

How HEX works

HEX holders can stake the tokens locked in a smart contract to obtain interest.

3.69% of the total supply is annually rewarded to the staking pool. So stakers will obtain a higher APY (Annual Percentage Yield) if they have less than 100% of tokens locked.
Holders need to manually unstake when the staking period finishes or they will suffer a penalty. Besides, anyone can pay the gas fee and operate the process of unstaking.
In order to unstake early, the users are charged a penalty fee which depends on how close to the date they choose to unstake.

HEX is intended to launch PulseChain - an Ethereum state fork cryptocurrency smart contract blockchain platform, and there are no admin keys as HEX is a finished protocol on Ethereum.

Who is behind HEX?

HEX was launched by Richard Heart on 2 December 2019. Richard Heart is a public figure in the cryptocurrency market with his high aspirations for the company.

The young CEO has stated that he desires to improve upon Bitcoin and enhance the financial industry by creating the best-performing asset in crypto history.

HEXs were at first airdropped for free with over 300,000 Bitcoin users minting their HEX by means of the Hex Contract and the network has performed well since its inception.

Features of HEX (HEX)

The HEX platform possesses the following prominent features:

The first CD blockchain: Certificate of Deposit is a multi-trillion dollar platform used by hundreds of millions of people worldwide and HEX is described as a premium CD on the blockchain.
Incredible performance: The price of HEX token has increased by 9481 times since its launch, outpacing both Bitcoin and Ethereum.
Decentralization: HEX is a completed and immutable smart contract without intermediaries and it has been independently audited by 3 renowned units in the industry.
Fixed inflation: HEX’s inflation is capped at 3.69%. HEX is the first cryptocurrency to chart a future locked supply. You can know when the stake expires and plan to get your HEX at the time of low supply.
High APY: The average APY for stakers will be paid daily. This will raise their ROI (the percentage of profit earned from an investment or an asset class) as the price of HEX increases against USD. Stakers also acquire penalties from others unstaking earlier or later than their committed time.

Potential risks of HEX

Containing the PoS business model, HEX is associated with some potential risks as follows:

Price fluctuations: Under the influence of the volatility of the cryptocurrency market, HEX-staked funds can undergo huge price drops, minimizing or even totally negating interest-based profit.
Minimum lock periods: Several exchanges including HEX require their users to wait for a quite long time to un-stake their funds, hindering liquidity.
Other liquidity issues: In general, when investors stake their funds in a PoS system such as HEX, they cannot utilize those funds for any other purpose, causing some experts to criticize these kinds of PoS system networks.

Is HEX a good investment?

Despite the controversy so far, HEX appears to be a high-performing token in the forthcoming future. Richard Heart, the founder of HEX is so confident in the theory and application of this network. In fact, HEX has been a cryptocurrency performing very well, at least better than almost all assets since the beginning of the pandemic.

Besides, HEX offers a constant profit for Bitcoin holders and for anyone who desires to convert their ETH into HEX, which contributes to boosting the price of this token.

Explore all the trending topics and hottest news in the crypto market with our Blogchain.

Meanwhile, practice trading, play virtual money, and earn real tokens with CryptoSim - Virtual Trading Game.

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HEX (HEX): The First Blockchain Certificate of Deposit

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