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HEX: everything there is to know about this cryptocurrency
HEX: everything there is to know about this cryptocurrency
Crypto

HEX: everything there is to know about this cryptocurrency

By Alfredo de Candia - 20 May 2020

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HEX is a cryptocurrency whose opinions are very conflicting and often project detractors turn the word HEX into hoax, what is the truth?

The project was created by Richard Heart and is designed to become a store of value.

How does HEX work and what does it offer as a cryptocurrency?

To do this, HEX uses a traditional financial instrument, the certificates of deposit (CD): HEX is the first blockchain in this respect whose ROI (Return of Investment) is inversely proportional to the tokens staked.

If 1% of the tokens are staked then the ROI exceeds 369%, while if the staked tokens are around 20% then the ROI is 18.45%. Obviously, the more the tokens are staked the more interest is generated, for example, there is a 20% bonus for those who lock tokens for more than 1 year.

This interest is paid thanks to the HEX tokens that are created. The annual inflation rate is 3.69%, and this is where the first difference with bitcoin can already be seen: an inflationary asset versus a deflationary one.

Why is this cryptocurrency becoming famous?

A strategy that has been adopted for marketing has been to create a mechanism whereby all bitcoin holders are granted an airdrop (it is necessary to apply through a dedicated procedure) starting from the snapshot on December 2nd, 2019, giving 10 thousand HEX for each BTC. This airdrop is valid for 50 weeks.

The token is listed on minor exchanges and DEXs, currently traded at about $0.003.

Is HEX a scam?

The token has suffered a lot of criticism because such a system is not sustainable and invites the user to buy and invest to get a significant return in the future, which is not guaranteed.

In addition, the volumes shown are not dictated by the interest of the project, but by the fact that those who have applied and will apply to receive the airdrop, sell it to collect a profit, rather than expecting a future income or that the price will increase.

Alfredo de Candia
Alfredo de Candia

Android developer for over 8 years with a dozen of developed apps, Alfredo at age 21 has climbed Mount Fuji following the saying: "He who climbs Mount Fuji once in his life is a wise man, who climbs him twice is a Crazy". Among his app we find a Japanese database, a spam and virus database, the most complete database on Anime and Manga series birthdays and a shitcoin database. Sunday Miner, Alfredo has a passion for crypto and is a fan of EOS.

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