The latest cryptocurrency news bring us a new cryptocurrency named HEX, which is essentially a new financial tool and token that is launching on the Ethereum network via a Bitcoin UTXO snapshot on December 2. HEX is the new token created by Richard Heart and right now, the cryptocurrency’s legitimacy is being questioned by many critics.
In an interview with a popular crypto media outlet, Richard Heart talked about the upcoming launch and countered a few of the criticisms which were surrounding the project. He explained that HEX is the new token created as the world’s first high-interest blockchain certificate of deposit (CD). As such, HEX lets users stake their tokens in return for interest.
This means that HEX users can enjoy interest payments which range from 3.69% if 99% of the total supply is staked – all paid out in HEX tokens. It is also worth to note that the monetary value of such a payout depends mainly on the market value of HEX at the time of the maturity.
“It’s the world’s first blockchain CD that attacks the largest market in the banking ecosystem outside of savings accounts,” Heart confidently stated.
HEX is a new token but also described as a crypto version of the traditional fixed deposit. Being viral in the altcoin news and rumors, the cryptocurrency looks like the popular banking instrument – in which a user locks up funds, receives their invested principal plus interest when the term matures.
“Banks use your money as a sort of collateral that’s just an excuse for them to borrow money from the government at extremely low rates,” the creator explained.
Bitcoin, according to Heart, has some serious limitations. He said that the dominant cryptocurrency only “lets you enter a number on your screen which changes the number on someone else’s screen,” concluding that the cryptocurrency “makes sure that nobody does that twice by burning millions of dollars in electricity.”
Finally, Heart noted that Bitcoin prices can spiral downward due to miner competition and potentially cause difficulty to spike to all-time highs while the market price dwindles. HEX is a new token which lets users earn it by locking up coins.
“If you end your stake early or late, you’re penalized. Only users who don’t lock their coins suffer from inflation because they’re not letting the rest of the world know when they will sell them. It’s a truly unique system. It’s the first of its kind,” Heart concluded.
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