HEX Scheme Goes Live Reaching 80,000 Transactions

The HEX scheme has finally gone live and marking the success of the YouTube personality Richard Heart. The coin has completed its snapshot and the tokens are now in circulation so let’s find out more about this platform in the latest altcoin news.

The platform describes itself as the blockchain certificate of deposit which is basically an interest-paying service offered by banks most of the time. The project is divisive: to its detractors, it is a scheme that will never gain value. It has even been advertised in questionable manners such as at the front page ad on the Pirate Bay. However, for the supports, the platform offers the opportunity to earn free rewards with no upfront costs.

The platform represents a contract that pays out interest to users to stake the tokens.
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The users who lockup bigger amounts of the altcoin stand to earn the greatest rewards and the earnings will be affected by overall staking activity but the average rewards will be higher if less of the total coin supply is staked. The circulation is in motion as well. The bitcoin holders who participated in coin’s snapshot are now claiming their tokens in fifty weeks. The participants can also claim tokens for free so it is possible to buy HEX tokens as well but it is considered a risky investment as with any other crypto.

HEX relies on inflation as a rewarding source and as per the HEX’s FAQ, you can read that it also promises that the coin will be deflationary in USD prices as the value of HEX goes up. However, since HEX has not yet reached the market value, this will be a long shot. The founder Richard Heart claimed that HEX is one of the most active Ethereum smart contracts making up to 52,000 transactions in a day. However, many transactions have no monetary value because of the snapshot given away for free.

Some of the users seem to be buying HEX tokens and it is being seen in very low volumes on Etherdelta. This is now enough to give HEX any market value and the price is set at $0.00. The HEX project has to become more prominent before it is listed on major platforms such as coinmarketcap.