What is Hex and is it the ultimate cryptocurrency product that can protect you from yourself?

Updated: Jan 14

In crypto far too many people enter the space with delusions of getting rich quickly, so much so that a popular degenerate meme phrase is 'Wen Lambo?' This attitude and the casual manner in which 'newbies' indiscriminately throw their money at baseless influencer shilled projects or think that they can easily multiply their stack through extremely risky leverage trading is quite sad. Most will simply get 'rekt' (another crypto slang for losing everything). Investing should be a long term commitment, it should be about time in the market and not timing the market. In this article I will discuss a pre-viral cryptocurrency product called Hex that in many respects solves a lot of these problems and why it could be the ultimate cryptocurrency product that can actually protect you from yourself.

The first CD on the blockchain

Hex is the first high yield savings account built on the Ethereum blockchain. Designed by Richard Heart, Hex was launched as a completed product which functions as a certificate of deposit serving up trustless yield derived from inflation. Traditional CD's offered by financial institutions are the second largest investment vehicle used and trusted by millions worldwide. Traditional CDs only pay an average APY (annual percentage yield) of less than 2%, while Hex pays an average APY of 38%.

When creating Hex Richard Heart improved the concept of the traditional CD by providing a significantly higher average interest rate and completely bypassing the middleman resulting in a truly decentralized cryptocurrency. By eliminating the banks and middleman the bulk amount of yield earned would normally be absorbed by the system instead it goes directly to you. With Hex you are your own bank.

Flawless operation

The Hex product has been running with 100% uptime for over two years now. The code that runs the Hex protocol cannot be changed or altered in any way making it truly censorship resistant and decentralized on the blockchain. There are no admin keys available to access the closed code, in other words Hex has no off switch.

The code has been successfully audited by three different parties, two security and one economics, all of which are publicly available. This means users in the Hex ecosystem can trust in the code as it flawlessly runs on a tested and proven framework.

By running Hex on chain all transactions that occur are available for anyone to review. You can inspect individual addresses to see what Hex is bought and sold, as well as when stakes are open or set to expire. This transparency gives all Hex users an equal advantage to know what is going on in the community.

Hex is essentially a hybrid proof of work and proof of stake system; it monetizes the time value of money in a new way by rewarding those who use the product as designed, aka stakers, rather than rewarding miners and middle men as you see with many other proof of work cryptos.

Environmentally friendly

Stakers are paid inflation and minted Hex, while Ethereum miners receive small amounts of ETH to perform their Hex transaction. This is not only better from a climate and carbon standpoint but also limits the attack surface that plagues many proof of work projects like Bitcoin.

According to Business Insider, Bitcoin mining consumes around 91 terawatt hours of electricity annually, that's more annual electricity used in all of Finland which is a country of 5.5 million people, that's almost half a percent of all electricity consumption worldwide and a ten fold increase from just five years ago.

Most people don't realise Bitcoin has experienced 3 attacks and two code rollbacks since it launched in 2009. After two years with 100% uptime Hex has had zero bugs and has never been hacked.

Game theory is also implemented into the Hex asset to promote or prevent specific behaviours. It incentivizes those who stake longer and larger and penalizes those who change their mind or break their time commitment ending their stake before it matures.

Holder protection

It is human nature to overreact when conditions get uncertain, which often leads to poor financial decisions brought on by emotional triggers or lack of patience. Most crypto is highly volatile; in order to experience significant highs, it is inevitable there will be significant lows or dips. By incentivising locking up your investment and penalizing an early termination of the investment Hex minimises sell pressure providing the holder protection from themselves.

Think of this like the marshmallow experiment that was conducted back in 1972 (Read my article about this) where the kids who waited the longest, i.e. they delayed gratification, were rewarded with more marshmallows. Instead of simply holding Hex in a wallet, where it is subject to economic inflation, you can stake your Hex and earn yield.

When Hex is staked, you are burning the coins and converting them into shares. The coins you staked are no longer part of the circulating supply so they cannot be bought or sold. The shares assigned in exchange for the burned Hex are internal units of account on the Hex smart contract, they are not tokenized even though they are immutably registered on the blockchain they are aquired by simply staking Hex.

Hex shares act comparable to shares of a company, they assure dividends in proportion to shares, except that in the case of Hex shares it is not a company that distributes dividends but a smart contract that distributes yield trustlessly.

Hex virtually lends value from stakers to non-stakers as staking reduces supply causing positive price pressure on unstaked coins. Hex stakers mint shares by time locking Hex with bonuses of up to 20% per year increasing the holders interest for up to three times for longer stakes and 1.1 times for larger stakes.

Belief in the product

Hex rewards the stakers that fulfill their commitments. There are currently over 60 billion Hex staked across approximately 350,000 individual stakes. 25,000 of these stakes are for 15 years or 5555 days, known as the 5555 club. The average length of stake, which pays the highest APY (approximately 40%) is now over 6 years. For the the Hex holders to lock up their funds for such a length of time is testament to the belief that people have in this product; I really can't think of any other financial product even in the legacy finance world where people are comfortable to literally tie up their money for so long.

To date Hex has gone up a million percent in price and it continues to reach all-time highs.

The Hex community led by Richard Heart is unlike any community in the crypto space. Richard prides himself on being available and looking out for his community members. His transparency with all of his projects and his presence in the community truly separates him from all other founders.

Richard has represented Hex in multiple interviews, livestreams and daily interactions with the community and across multiple social media platforms. Not only has Richard Hart contributed to the financial freedom of thousands of community members worldwide but he also raised $27 million for the Sens Foundation supporting life changing medical research, the largest donation in cryptocurrency history.

The loyal members of the Hex community are known as 'Hexicans' and are profound in their dedication to each other and the growth of the Hex project. These members have made significant contributions to this project in the form of informational onboarding websites, technical applications, livestreams, merchandise, music and much more.

In summary, with Hex you have a cryptocurrency product that can simply never be changed or turned off; it is an extremely high appreciating asset; anyone has the opportunity to be their own bank; the product is supported by a steadfast founder and community and by virtue of its features you have a product that rewards you for taking financial control of your future and if used correctly it really will protect you from yourself!

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I'm Paul

I am on a mission to help people start a journey to financial freedom. The key to long term success is education and understanding the incredible opportunity that exists right now.

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