HEX claims to be the high interest CD stands for (certificate of deposit or time deposit), but is it really? Before answering above question, let us discuss basic questions about HEX, where it is from and how it works. Hex is launched at the end of the last year 2019 by Mr. Richard Heart with not so good past. As Mr. Richard was Notorious as “Spam king”. He also has multiple names like Richard Schueler, not only this he was also sued by organization name as PeaceFire for not obeying anti-spam laws in the court of Washington state. In the span of around half a year, ROI of this HEX coin is remarkable around 2681%. Basically, HEX is an Ethereum network-based cryptocurrency of type ERC200 token. The architecture of HEX is like to utilized Decentralized Ecosystem of cryptocurrency under Ether network. Following is some analysis done over facts and figures provided by official website and CoinMarketCap.
In the month of May 2020, approx. value of 1 HEX is around $0.0055 USD with market capitalization of around $850 million USD ranking at #203(subject to change). Around 98% of total supply of HEX is currently circulating in the market which seems to be in very few cryptocurrencies. If we look at the all time high and all time low for HEX coin in the span of 6 months, then you can see huge difference. All time low of HEX was $0.000015 USD in its initial days after launch in the month of December at other side all time high is $0.0061 USD of this current month May 2020. So, all time high it is almost 400 times than that of all time low in very short time of half year.
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HEX has unique strategy like paying HEX holders instead of HEX miners. Hex also claims that there won’t be any inflation bug like Bitcoin. It also shared interest generated with stake holders as per official website. HEX suggested multiple ways to earn a good amount profit, and few of them are like stake bigger and longer, invite people to buy HEX and get 20% reward for every HEX claimed or received by your referral user.
HEX contracts penalized their stakeholders if they decide to sell your HEX coin early. While at the other side you will get rewards if you stake HEX coin for a longer duration by HEX smart contracts. We have listed down few strange or unique things about HEX coin as follows:-
Few strange things about HEX coin
- No White Paper and ICO
It is quite doubtful when there is a cryptocurrency without any white paper or any road-map. If you have a look at TOP 100 cryptocurrencies on CoinMarketCap you will hardly find any crypto without whitepaper or Initial Coin Offering(ICO).
- Traditional business model(rarely used in Crypto world)
This HEX business model is very much unique in crypto world as no other cryptocurrency uses this bank time deposit model. Economy circle based on demand and supply chain, but as this bank time deposit model fails HEX to have any kind of demand. So, this breaks growth cycle of ecosystem. That is the reason why other cryptocurrencies do not use this kind of traditional bank base model.
HEX has decided to distribute unclaimed HEX coins among the HEX coin holders at the event of their 1st anniversary in Dec 2020. What we would suggest is, in Crypto world if you are in doubt then you should change your decision to “NO”. In world of cryptocurrency there will be lot of spammers or scammers, you must do a lot of research before making any kind of investment related decisions. If you are not sure, you should consult with a professional financial expert.