What is a HEX token, and how does it work?

Photo - What is a HEX token, and how does it work?
There are many mixed opinions about HEX. Some believe the numbers don’t lie. Some see a clear example of the usual Ponzi scheme. But since its creation, the token is still afloat and has attracted much interest.
HEX is an ERC-20 standard coin based on Ethereum and open source. The token was launched in December 2019 by Richard Heart, known initially as a writer (more poignant details of his biography later emerged). Since its release, the token has been repeatedly criticized. The reason for the hatred lies not only in the structure but also in the vast amount of publicity in the early stages of the project. The very figure of the token’s creator has caused much controversy since its appearance in the crypto world. Some consider him a typical fraud and do not trust his “innovative” approaches. Heart believes that his life experience and numerous attempts at business realization are the basis for the success of his new project.

You can buy a HEX token for any convenient crypto or fiat currency. In most cases, the purchase is made with ETH.

Why do many people consider HEX a pyramid scheme?

The HEX token is a little different from other coins. The project’s official website says, “This is the first high-yield deposit on the blockchain.” According to the project’s website, the coin’s price has risen almost 10,000 times since 2019. In addition to earning money from ordinary sales, coin holders can get a significant income from “freezing” their assets. By entering into a smart contract for 1 to 5555 days, you can receive up to 25% profit per year. You can find the exact profit amount due to the fixed rate and the chart. If you entered into a contract in the early stages of the project, your percentage is much higher. Do not forget about the system of fines. For example, if the contract is terminated in advance, you can lose the expected profit and part of the coins in the staking. What’s most interesting, the project calls such an investment process a “wonderful innovation”.

Tempting numbers, big slogans on the site, bonus schemes “bring a friend for a percentage” in the early stages of the project – all of this resembles a typical pyramid scheme. But the creator of the project assures that the “tops” do not earn at the expense of the “bottoms” and the system of staking in the project is better and safer than in any bank. Before the launch, the token passed several independent audits, unlike even bitcoin.

What do you need to consider before buying the coin?

It’s important to understand what happens to ETH at the time of exchange to HEX. Your tokens are not burned but continue to exist. They become the property of the project and cannot be returned. Richard Heart has avoided giving a straight answer and does not admit that the money belongs to him.

There is some “starting address” to which half of all fines and copies of all bonus payments go. This is public information that can be found on the website, but it is pretty cleverly hidden. 

Many people are concerned about the “dark past” of the project’s founder – Richard Heart. You can find much information online that Heart was previously known under a different name and was convicted of violating anti-spam laws in 2002. In 2005, authorities in Panama convicted Richard James Schuler (aka Heart) of extortion. And in 2008, he advertised anti-aging drugs.

Despite all its “promised stability”, the HEX coin has experienced several price declines (the first of which happened as early as the second week of sales). Although the Bitcoin.com team has repeatedly defended the token, most experts do not recommend investing in this project.