What is Hex Coin?
Hex is the first Certificate of Deposit (CD) or fixed deposit on a blockchain.
According to Hex’s website, Hex coin offers an interest rate premium to investors who lock their tokens for a set period of time, similar to traditional fixed deposits. The users can lock any amount of HEX tokens in HEX CD for any period between 1 and 5,555 days.
The HEX platform was developed to remove investment dependencies on third parties and middlemen. HEX makes its investors independent by showcasing its future locked supply chart. This implies that an investor can foresee when the large stakes expire and plan investments accordingly. In addition, HEX operates on decentralized Blockchain leading to transparent transactions and an open user history.
Today, a commercial bank pays less than 2% Annual Percentage Yield (APY) for a one-year CD. The banks also charge high storage fees and levy various taxes on the sum. Moreover, considering inflation rates, the value of money gets deflated. On the other hand, HEX claims to pay an average APY of over 40%.
HEX has been built on the Ethereum network and follows ERC-20 guidelines – a set of rules which define trading and other aspects of an Ethereum-based cryptocurrency. All HEX deposits are locked by smart contracts. These smart contracts penalize stakers if they end their contracts early and reward them for staking larger amounts of the token for longer durations.
History of Hex Coin
Hex was launched in December 2019 by Richard Heart. Richard Heart is a public figure in the cryptocurrency market and is known for his ideas. Initial HEX tokens were airdropped for free. Over 300,000 Bitcoin users minted their Hex using the Hex Contract. Hex has performed well since its inception.
How are new Hex coins created?
The staking in Hex project works on the Ethereum network. Proof of Stake mechanism allow users to stake tokens in return for interest. Users can keep their Hex coin at stake for a specific period, and in return, earn interest associated with the period they choose. In this way, the user gains interest every single day.
