What Is Hex Coin
& Can It Make You Rich?
Recently, a new cryptocurrency launched on December 2, 2019. The crypto dubbed HEX is the brainchild of Richard Heart - high-profile crypto, Twitter, and YouTube personality. In this article, you are going to learn what HEX coin is, and what its future holds for its investors.
The HEX coin network is based on the Ethereum platform. According to Cointelegraph, it’s a smart contract on the Ethereum platform marketed as a blockchain-based certificate of deposit.
What Are Certificates of Deposits(CDs)?
These are risk-free financial products offered by banks to persons depositing money for a specified period. They have a slightly higher interest rate than standard savings accounts. The higher rates are because depositors don't withdraw funds for a period ranging from a month to five years.
HEX coin is attempting to create a blockchain version of the CDs. This means that HEX will pay interest to investors who lock up their coins. Those who lock their coins for more extended periods get higher interest rates paid via HEX tokens. HEX claims that interest payments range from 3.69% to 369% depending on how much of the total HEX token supply is being staked. Each participant who brings in a new participant is also entitled to a large referral bonus.
Advantages of HEX coin
- HEX crypto is an Ethereum token; thus the transactions are safe and cheap
- As opposed to Bitcoin, HEX code is immutable – no one can modify the smart contract programmed into the token
- Since the HEX coin is an externally audited token, the code used is reliable with no bugs at all
- HEX doesn’t meet any of the prerequisites that make it a financial product as explained in the US SEC; thus, it cannot be prohibited
- Any inflation in HEX crypto becomes interest that goes to its stakers or investors as opposed to bitcoin inflation which goes to the miners
- HEX coin has Low inflation rates approximately 3.69%, while Bitcoin and Ethereum both have 4.16%, and 13.50% respectively
- A small part of the inflation is channelled to the origin wallet and is used for promoting HEX via advertising and marketing
So can Hex Coin Make You Rich?
It is clear that the Hex coin has been designed to provide great return on investment, possibly over 10,000 times the original amount invested. However, it is important to keep in mind that HEX is not a security. There aren't actually any physical coins; they're just numbers in a distributed database. If you send your Ethereum coins you won’t get them back - your Ethereum is a donation. What you get are some HEX tokens.
HEX digital asset was created by Richard Heart, who aims to redistribute the wealth of Bitcoin. HEX is based on the Ethereum ecosystem and is a smart contract that works like a certificate of deposit.
This means that you can make a profit by locking up your Hex coins for a while. The longer you lock you your coins, the higher your profit. With HEX, there is little inflation and transactions are secure.