HEX, the digital currency was launched in 2019, has been deemed the fastest appreciating asset on the globe. This is no mean feat considering Bitcoin price went up 2,000,000 times from $0.01 to $20,000 in 7 years whereas Ethereum’s price went up 10,633 times from $0.15 to $1,595 within two and a half years. HEX’s price has gone up 92 times compared to Bitcoin, 79 times compared to Ethereum, and 115 times compared to the USD within 129 days.

The First High-Interest Blockchain CD

Designed and launched by Richard Heart in 2019 December, HEX is designed as a Certificate of Deposit on the Blockchain network. According to reports, it is the first high interest-earning Certificate of Deposit on the Blockchain network. It was further revealed that unlike banks, HEX replaces inefficient currencies and payment networks with verifiable, secure peer-to-peer technology, and this gives users absolute control over their investment.

Reportedly, staking with this hybrid proof of work and proof of stakes system pays out handsomely. The cryptocurrency conforms to the ERC20 standards ensuring maximum interoperability and security of assets. HEX is also said to be designed to leverage off the emerging Decentralized Finance ecosystem in cryptocurrencies within the Ethereum network and thus uses the Ethereum network for the transaction layer. The cryptocurrency’s staking mechanism is contained in the HEX smart contract making it easily extensible.

Cheaper, Better, and Safer

“HEX is faster, cheaper, safer, better for the environment, and more censorship-resistant than other cryptocurrencies,” remarked HEX founder, Richard Heart, during a cryptocurrency conference. Heart also confirmed that Bitcoin holders can mint HEX for free and that anyone can build on top of HEX thanks to HEX smart contract.

Following the 2019 launch, dozens of innovative projects around HEX have been released. Heart was quick to affirm this and went on to describe his cryptocurrency as the cryptocurrency of our time. “At HEX, we have done things that no cryptocurrency before it has even attempted,” he remarked.

One of the factors that are said to be a significant contributor to its growth is its ability to align incentives and eliminate the need for intermediaries. “The more the people participate, the better everyone does,” remarked Heart.

Users can also transform Ethereum directly into HEX. Small stakers are aided through penalization of Bitcoin “big fish”. Early claims attract bonuses, whereas late claims attract penalties. Bonuses are awarded to users who refer the cryptocurrency to others, and those referred also earn rewards.

HEX reports that Free Claiming is secure. The cryptocurrency generates signatures as a standard feature in Bitcoin, and it can be done offline. HEX’s hardware wallet support allows users to develop their BTC FreeClaim signature if they are using software that doesn’t support this feature. It is reported that this is so to ensure that private keys stay safe inside a user’s hardware device.

The Final Words

It remains to be seen whether HEX will stand the test of time. Preliminary results are promising, and some experts are deeming it the perfect cryptocurrency solution. It solves problems efficiently and better than other cryptocurrency options.

Disclaimer: Content Produced by hex.com