Hex cryptocurrency is a tool used as a form of peer-to-peer staking system in which users can earn a proportional return on their stakes in the platform. On the Hex network, all transactions executed are verified by the group of validation appointed on the network and do not require any form of intermediary for its operation, thus allowing the platform to easily embody the basic protocols of DeFi systems.
Since the heavy crypto sell-off in 2021, existing DeFi platforms have seen significant growth in investments, resulting in enormous inflation in the market and skyrocketing price projections. However, more platforms have emerged since then, and users in the cryptocurrency ecosystem have expressed concern about the fraudulent nature of these platforms. The Hex platform can successfully set itself apart from all the hundreds of pyramid schemes on the platform by attaching its creation to a particular use case. The staking protocol upheld on the platform provides an avenue where users on the network have a trackable source of income from the platform through its replacement of certificate of deposits and its use as a store of value.
Who are the Founders of HEX (HEX)?
The Hex platform was created to make improvements on several aspects of the blockchain industry that have been ignored or require more advanced improvements. The system was established by Richard Schueler, also known as Richard Heart.
Heart has been in the tech field for quite some time, even since he was very young. His first project was creating an at-home car stereo business. From that point on, he became a serial entrepreneur, recruiting talents all over the world to aid him in bringing his vision for the cryptocurrency sector to life. Over the years, he has gained major recognition from his YouTube channel which is dedicated to him providing his expert opinions on financial matters to help prevent people from falling for scams, especially in the cryptocurrency sector. Besides being recognized as a tech entrepreneur, he is also credited as a published author of several self-help books.
His flair for helping people to avoid scams is what led to the development of the Hex system where users can earn without the fear of being scammed.
What is HEX (HEX) used for?
The HEX platform uses the Ethereum Blockchain to execute transactions within its ecosystem for the process of sending and receiving HEX, as well as other forms of interaction with smart contracts. All of these protocols are executed with the consensus code and staking mechanisms are kept within the HEX smart contract platform. The network also allows users to stake their tokens for the opportunity to earn a share of the new release of HEX coins in special cases, such as significant inflation. In addition to the earning possibility on the platform, the system also contains a series of features designed to stimulate protocols that encourage appreciation in its prices and disincentivize practices that can harm the price of the token in the open market. Essentially the HEX system has a set of penalties for network participants who terminate their pledges to the system ahead of time and in the same way, it rewards participants who stake significantly large amounts too.
The token also features several other protocols that can provide a space where the users can earn tokens from their interaction with the network. This is facilitated because the token holds value and can be exchanged with other pairs of cryptocurrencies, such as the USDC.
What Is the Unique Point of HEX (HEX)?
As a brainchild of a blockchain enthusiast, the HEX token has several major features that most platforms have failed to incorporate throughout the development stage of their protocols. For starters, the HEX token is significantly faster and cheaper to transact on in several ways over even the first generation of cryptocurrency, Bitcoin, and also has some security advantages by its use of the Ethereum blockchain. Additionally, Bitcoin devalues the price of its token through inflation to the miners, who require its resources to pay for their equipment and resources usage. This leads to a reduction in the price of its token. Hex on the contrary is made up of an immutable code that is also open source. Externally, the platform has been repeatedly audited and the results have been the same, stating that it has no bugs and is significantly reliable.
Unlike several non-Ethereum based tokens, the HEX platform allows for the use of hardware wallets such as Ledger and Trazor for the safeguarding of the tokens of its users. It also compensates the small market player through its penalizing of the Bitcoin wales in the network and providing additional warming streams ick as referrals.
How many HEX (HEX) coins are in circulation?
Similar to many other Ethereum-based cryptocurrencies, the HEX coin does not have a fixed maximum supply, allowing for indefinite minting of new coins. However, the present circulating supply of the token has been pegged at 173,411,074,413 HEX coins.
When the HEX token was created, it served as a free airdrop for individuals who held Bitcoin at the time. This wasn’t an initial coin offering, neither did the bitcoin holders have to pay any due to claim the HEX tokens. The distribution was based on 10,000 HEX per 1 BTC. After the tokens had been claimed, 90% of the total amount t claimed was locked for one year.
Is the HEX (HEX) Network secured?
The HEX platform was designed under the ERC-20 specifications of the Ethereum blockchain and as a result of that, it falls under the same security protocol as Ethereum.
The network is comprised of nodes that have been tasked with the primary function of securing the platform from all types of malicious activities, and it does so through the use of a dedicated proof of stake consensus mechanism. The system follows a strategy where each of the network’s nodes is required to validate several transactions on the network before they can be added to the blockchain.
Furthermore, to maintain network participants’ trust, the HEX system has undergone many audits by Chainsecurity and CoinFabrik for both its security and economy, with all results indicating that the platform is even safer than Bitcoin.
How do I buy HEX (HEX)?
The HEX platform was created mainly to protect newbies and existing users of the cryptocurrency world from scams and also provides them with an earning mechanism. The result of this combination of features is a platform where the users can feel the safety provided by its Proof-of-stake mechanism while also earning based on their stakes. Because of its publicity and the advantage of its creator being a famous YouTuber, the platform has been getting a major influx of new users. Its tokens can be bought through the step-by-step instructions below.
- Open an account with the crypto trading platform and deposit a specific amount of fiat money into the account.
- Purchase your HEX tokens.
Which Cryptocurrency Wallet Supports HEX (HEX)?
The PTPWallet platform supports many cryptocurrencies simultaneously such as HEX (HEX). Because of its vast use case, it has grown to become one of the most used platforms as it serves as an exchange and an engine to discover other cryptocurrencies. Additionally, users can easily use PTPWallet as their HEX wallet because it offers a simple and interactive interface making it easy for people to navigate its system.