HEX price is $0.00417435
| Market Rank | ? |
|---|---|
| Market Cap | ? |
| Volume 24h | $ 0.9M |
| Circ. Supply | ? |
| Total Supply | 602.3B |
| Max Supply | ? |
As of now, the price of HEX is $ 0.00417435, which represents a increased of +4.14% over the past 24 hours.
HEX is a blockchain-based version of the traditional financial instrument known as a certificate of deposit (CD). Designed to function on the Ethereum network as an ERC20 token, HEX aims to replicate the concept of time deposits in the world of cryptocurrency. This means that HEX users can lock up their tokens for a chosen length of time and, in return, earn interest on their holdings.
HEX was launched on December 2, 2019, by Richard Heart and his team. Heart, a prominent figure in the cryptocurrency space known for his outspoken views and online presence, aimed to bring a new investment mechanism to the blockchain that combines aspects of traditional finance with the benefits of decentralization.
HEX works by incentivizing long-term investment. Users who choose to lock up (or "stake") their HEX tokens are rewarded with interest payments. The longer the HEX is staked, the higher the interest accrued. When HEX tokens are staked, they are removed from the circulating supply, which, in theory, could lead to an increase in the value of the remaining tokens due to scarcity.
The unique proposition of HEX lies in its adaptation of a certificate of deposit to the blockchain. By staking your HEX, you engage in a smart contract on the Ethereum network that effectively "time-locks" your tokens, thus removing them from circulation and potentially reducing supply pressure. This mechanism is intended to reward those who are committed to holding onto their investment for longer periods, similar to the higher interest rates given for traditional bank CDs with longer terms.
As an ERC20 token, HEX is secured by the underlying Ethereum blockchain. Ethereum operates on a proof-of-work (PoW) consensus mechanism, which involves miners contributing computational power to maintain the network and create new blocks. However, Ethereum is transitioning to a proof-of-stake (PoS) consensus through its ETH 2.0 upgrade, which is expected to reduce energy consumption and increase security. HEX, being an ERC20 token, benefits from the security protocols of Ethereum.
The current circulating supply of HEX is HEX tokens. It's important to note that as users stake their tokens, the circulating supply might fluctuate since staked tokens are temporarily taken out of circulation. The precise figure for total supply is somewhat complex to establish due to the unique design of the staking mechanism and the interest dynamics.
HEX's role as a blockchain-based CD can be compared to a savings account that rewards savers with interest over time. By replicating the CD model on the blockchain, HEX provides a decentralized option for users who wish to earn interest on their crypto holdings without dealing with traditional financial institutions.
HEX is distributed to users who choose to stake their tokens through the smart contract. The longer and larger the stakes, the more interest users can earn. There was also an initial claim phase where holders of Bitcoin could claim HEX tokens, and a unique feature called "Adoption Amplifier" that allowed users to transform Ethereum into HEX during the launch phase.
HEX can be purchased on various YoBit, TradeOgre. Interested buyers should ensure they are using reputable exchanges and should always exercise caution and conduct their own research before any transaction.
To keep your HEX tokens safe, consider using hardware wallets, which are considered one of the most secure methods to store cryptocurrencies. Alternatively, mobile and desktop wallets can also be used, provided they support ERC20 tokens. Always remember to keep your private keys secure and never share them with anyone.
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