Review on HEX by Fanuel PORPORTY
HEX is a smart contract on the Ethereum platform marketed as a blockchain-based certificate of deposit.
In the traditional financial industry, Certificates of Deposit (CDs) are offered by retail banks and they typically offer a slightly higher interest rate than would be available in a standard savings or checking account. To achieve this higher rate, depositors must agree not to withdraw their funds - usually for one, three, or six months, and sometimes up to five years. The funds are government guaranteed and CDs are an easy way to earn a little extra interest - risk free - on unused funds that would otherwise be held in a current account.
The HEX project says it is attempting to create a decentralized blockchain-backed version of traditional CDs. Apparently HEX is designed to pay interest to participants who lock up their coins through stake. Those who stake their HEX for longer periods get higher rewards, paid out in HEX tokens. According to HEX, interest payments range from 3.69% to 369% depending on how much of the total HEX token supply is being staked. HEX includes large referral bonuses for participants who bring in newer participants. These participants are entitled to more bonuses as they introduce new people to the project.
Pros
- The appeal to HEX is that it offers staking.
Cons
- With HEX, the early bird gets the worm. The early claimers receive more BHX and bonuses. Richard Heart has designed this coin to have the best “pumpamentals” of any crypto. Meaning, it’s designed to pump, encourages holders, and punishes people who end their stake early.
- The founder is Richard Heart who has a questionable reputation and controversial name in the cryptocurrency space, leaving investors asking if HEX is a scam. Richard is the face of HEX and also the reason for public skepticism towards it.
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Comments (1)
August 24, 2020
You are right, my friend, I especially compare it to the bitconnect project, that project was offering 1% profit per day, and lost 80% value in 1 night and became a scam. Moreover, you directly entrust your bitcoin here and they have no income other than investment.
