Introduction and General Review
Cryptocurrency and blockchain technology play crucial roles in diverse applications and processes in various industries and sectors. There are numerous crypto coins, however, some of them have distinct and special features that distinguish them from the others, and one of such special cryptocurrencies is the HEX token. HEX, which is owned by Richard Heart, is an ERC20 token HEX built on the blockchain network of Ethereum. The original design of HEX is made with an objective that it will serve as a store of value and operate as an alternative to the Certificate of Deposit as the blockchain equivalent of the financial output utilized in traditional banking systems. HEX is also built to function on the evolving decentralized Finance (DeFi) network in cryptocurrencies within the Ethereum blockchain.
The sending and receiving of HEX tokens, as well as the interaction of smart contracts, are also developed on the Ethereum network, though the agreement codes and the staking mechanism is found in the smart contract of HEX. The HEX smart contract functions in such a way that it penalizes early stake termination and rewards stakers with large amounts of HEX staked for a long time and the HEX platform usually allows clients to stake their coins for an exchange of the new HEX coin. It also has features that reward and support the increase in the value of the token and disincentive factors that contribute to the reduction of the value of the token.
Recently, on December 2, 2019, HEX tokens were distributed to Bitcoin holders through the Bitcoin UTXO snapshot, at block height 606227. The rate of distribution was set at 10,000 HEX per BTC, however, the HEX tokens are only available to be claimed by the Bitcoin holders during the launch year. HEX was also gotten during this period through an exchange for ETH by relating with the HEX smart contract. After the end of the launch year, all the HEX tokens that the bitcoin holders had not claimed were shared with other active HEX users.
Main Features of HEX Token
The peculiar features of HEX token include the following:
• High-Interest Blockchain CD: The HEX token offers an increased rate of interest than the savings accounts of banks through the use of blockchain Certificate of Deposits (CDs). This feature empowers HEX token to substitute ineffective fiat currencies, banks and various payment networks with a valid and secure peer-to-peer technology. The profits accrued with the feature is shared among the holders of HEX token.
• Low Transaction Fees: The fees charged for sending HEX token is relatively small as compared with other tokens. Also, inflation does not occur with HEX.
• Low Inflation: The inflation rate of HEX is low, even lower than that of Bitcoin, despite the rate being reduced in half within a decade.
• Trustless Interest: Unlike bitcoin that requires you to send your coins to a middleman when performing an exchange, you need not transfer your HEX tokens to anyone. HEX replaces the involvement of third parties with a peer-to-peer system whereby you simply store your tokens in the smart contract that originally minted the tokens and receive interests for the stored tokens.
Recent Updates on HEX Token
• Despite the fact, that the whole crypto industry has dropped today and almost all altcoins have lost around 25-40 % of their value, HEX token performed well and even gained in price.
• Science HEX token was launched, this crypto currency have already made x8.
• HEX token is still a very young crypto currency that is 101 days old.
• HEX token is currently ranked at 246 position on Coinmarketcap.
• HEX token can be traded on following exchanges: Bitcoin.com, Chainx.kr, TAGZ, Uniswap.
If you would like to follow all the major updates of this project, here are some useful links, you may require:
Website: https://hex.win
Twitter: https://twitter.com/HEXCrypto
Facebook: https://www.facebook.com/HEXcrypto
Reddit: https://www.reddit.com/r/HEXcrypto/
Github: https://github.com/bitcoinHEX
Telegram: https://t.me/HEXcrypto
