What is HEX?
HEX was created with the intention of becoming a pioneering certificate of deposit (CD) in the world of cryptocurrency. The native token of the platform goes by the same name – HEX.
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In traditional banking, a CD offers an interest rate slightly higher than that of average savings account to its customers when they agree to leave their invested funds untouched for a certain period. A HEX CD operates similarly to standard banking, as people who choose to keep their HEX for a certain time frame (from one day up to multiple years) will receive a return on the investment.
HEX follows a Proof-of-Wait protocol, which doesn't need the involvement of miners. As an alternative, investors generate new coins by keeping HEX over the predetermined holding time. At the conclusion of this period, the HEX smart contract is designed to produce fresh coins to reward holders who then become "miners" in this particular environment.
Use Cases of HEX Tokens
The main use case of HEX coins is staking. Those who choose to stake HEX tokens have the potential to earn an APY (annual percentage yield) of up to 40%. In order to receive these rewards, however, they must commit their HEX for a duration between one and 5555 days (that's roughly 15 years). The longer you lock in your stakes, the greater your reward will be.
If you decide to stake for 15 years, the Hex Stake Ladder allows you to break up the staking periods so that you can withdraw your matured stakes frequently. When you put back the original interest after taking out your stakes, it is possible to consistently increase your passive income. Besides, stakers can not only gain from the issuance of HEX coins, but also receive shares when they begin a stake.
However, besides staking, the HEX token also provides an incentive-based referral program that allows users to receive a commission for bringing in new investors to the HEX platform.
If you plan to invest in HEX crypto assets, make sure to do a thorough HEX price analysis beforehand. Use the HEX price chart above.
Who Founded HEX?
The HEX crypto project was founded by Richard Schueler, better known as Richard Heart. He is a serial entrepreneur, author, YouTube personality, philanthropist, and the founder of the PulseChain network.
The HEX token was introduced in 2019 as an ERC-20 standard token built on the Ethereum blockchain. As part of the release, users were able to obtain HEX tokens and exchange them for ETH tokens through the Adoption Amplifier (AA). Besides that, by using a snapshot of the Bitcoin UTXO set that happened on December 2019 at block height 606227, a portion of HEX tokens were distributed to BTC owners. At the end of the launch, any unclaimed HEX tokens were divided among those in the Staker Class. This distribution system rewarded participants based on how much they contributed.