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HEX: What is it? Know the Goals and Associated Concerns 

3 Mins read

HEX: What is it? Know the Goals and Associated Concerns 

HEX was launched in 2019 by Richard Heart. It uses the Ethereum network for the transaction layer while the consensus code and staking mechanism are contained in the HEX smart contract. Aggressive marketing campaigns were held to increase its user base.

Users stake the HEX token untouched for a specified period of time and in between, if they stake the token they will be charged with severe penalties. However, if the specified time is completed then the holders will be rewarded with HEX.

HEX provides rewards to the token holders instead of miners or validators. The users stake their HEX by agreeing not to trade or sell their tokens for a specific amount of time. They can select from 5,555 days for the duration of their stake. The longer the stakes, the higher the price will be.

Its value is designed to increase by 3.69%. This price is combined with the penalty payment that HEX collects. The penalty is charged for selling or trading the HEX during the locked period.

Features of HEX

It facilitates mining new coins with 38% APY: Certificates of deposits (CD) are more than a trillion dollars. They pay more interest than gold, silver, or the money deposited in a savings account. It just needs the money to be deposited for a fixed amount of time. 

Thus, it replaces banks and payment networks with secure and safer peer-to-peer technology. On the other hand, banks pay low interest rates and the continuous print of currency makes the user’s currency less valuable.

HEX provides high security: It facilitates 2 independent security audits from Chainsecurity.com and Coinfabrik.com and 1 economics audit. HEX solves one of the most dangerous bugs that affect Bitcoin and others. This is because the HEX consensus code can not be modified. HEX’s code is public.

HEX needs no third party: HEX needs no middleman and is free and secure. It is executed peer-to-peer on the blockchain so no loss occurs through scams, thefts, and hacks.  

HEX has 100% Uptime: HEX has 100% uptime. Since the time of its launch, it has never been down. The code of HEX is developed by experts who have fixed the bugs in Ethereum’s codebase. Its codebase has already passed the two security audits. The platform operates perfectly without any bugs or failures.

HEX has no negative externalities: In Bitcoin, the miners are paid for proof of waste which means that they are paid for the process of mining which harms the environment. But, no such harm is caused on this platform. Here the holders are paid for storing or holding the token for a fixed time. If they do not hold the tokens for the specified period of time, then penalties are imposed.

Advantages of HEX

HEX runs on PulseChain: It is the only single smart contract on PulseChain. It is compatible with many wallets and exchanges like other cryptocurrencies. Every time the user sends Hex, a fee is given to the PulseChain network. There are no fees charged for holding the token.

The mining algorithm is ASIC-resistant. It is more diverse and censorship-resistant than Bitcoin’s SHA256 ASIC mining. So, it can be minted through a common GPU. The user doesn’t need to buy special hardware. Instead the GPU can be bought from different sources.

HEX is secure and independent: It is amongst the most popular coins traded on decentralized exchanges. This avoids risks as they are traded on these exchanges. This happens on chains and so, it adds security and transparency. 

Along with this, it also provides the future market supply chart which gives insights to the users. It focuses on transparent trading and encourages users to hold the currency instead of trading.

HEX provides unique analytical tools: It provides a chart of its future locked supply. The user can see when big stakes are set to expire in the future and then plan accordingly. This makes it easy to discover the price and the volatility by studying the chart about the future.

HEX is cheap comparatively: HEX has hundreds and billions of units which makes a single unit cheap whereas Bitcoin has 21,000,000 units which makes a single unit expensive. Same as Bitcoin, HEX is also divisible up to 8 decimals which is called Heart.

Current Market Analysis of HEX

The current market analysis of HEX on CoinMarketCap shows that the current market cap is $953,288,613. It has a volume of $557,411. The token has a circulating supply of 173,411,074,413 HEX and the total supply is 633,542,650,973 HEX. The fully diluted market cap is $3,492,413,688.  

Its current ranking on CoinMarketCap is #209. The top cryptocurrency exchanges for trading HEX are currently Bitget, Bitrue, MEXC, and Uniswap V3 (Ethereum).

Source

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Harry is a crypto enthusiast and experienced trader with a track record of success. With a deep understanding of blockchain technology, he has analyzed market trends and identified profitable opportunities, resulting in impressive returns. Harry 's expertise lies in developing effective trading strategies that leverage the potential of cryptocurrencies. Through his articles, guides, and educational resources, he shares his insights and knowledge, helping individuals make informed trading decisions. With a keen eye for market patterns, Harry has navigated the volatile crypto landscape with confidence. Stay tuned for valuable perspectives and expert advice from Harry as he contributes to the Ailtra platform.
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