What Is HEX: Crypto Scam or Great Investment?
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HEX is a cryptocurrency project that markets itself as a crypto investment bank. Its founder and CEO, Richard Heart, claims that the crypto coin, HEX, is a far superior store of value than Bitcoin and guarantees Hodlers rewards for holding the coin. This ambitious statement by its founder has also turned it into a subject of controversy, with many skeptics decrying it as a Ponzi scheme.
Yet, HEX indeed has incredibly enticing rewards, so any investor would definitely be curious to find out if it is a legitimate investment or a scam. Read on as we dissect the facts for you.
What Is HEX?
Created in 2019 by Richard Heart, HEX is the first high-interest blockchain certificate of deposit, essentially the crypto version of a bank fixed deposit. HEX users can stake HEX tokens for a share of the new HEX coin issuance which comes from its annual inflation. During its launch in 2019, HEX airdropped free HEX coins to Bitcoin holders who could then claim HEX through the MetaMask wallet.
HEX uses the Ethereum blockchain as a transaction layer for sending and receiving HEX tokens and interacting with the HEX smart contract, with its consensus code and staking mechanism contained within the HEX smart contract itself. HEX claims that this blockchain architecture allows it to be a more efficient and user-friendly version of Bitcoin.