What is HEX?
“Some things benefit from shocks; they thrive and grow when exposed to volatility, randomness, disorder, and stressors and love adventure, risk, and uncertainty.” – Nicholas Nassim Taleb
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HEX is a cryptocurrency token, which was launched on the Ethereum network in 2019 by the entrepreneur, thought leader and self-help author, Richard Heart.
The system claims to be the first blockchain certificate of deposit, which rewards investors who lock up or stake their holdings for a period of time. The staking period can be anywhere from 1 to 5555 days.
Yield that accrues to the stakers comes from the token’s inflation schedule and from penalties that stakers incur as a result of ending a stake prematurely. As of the time of writing, HEX stackers average around 40% annual yield, meaning that their bags increase in size by 40% more HEX each year, and that’s not including the price rises in USD terms.
Mr Richard Heart, the founder of HEX and Pulse is quoted in the The Sun newspaper as saying that that he launched HEX because he “wanted to fix what was wrong with Bitcoin and finance in general”. He added: “Building the best performing asset in the history of mankind was also a specific target.” These are lofty goals, and in this article we delve into the mechanisms underlying this unique asset.
How much is HEX worth?
(as of Dec 18, 2021)
The value of Hex has increased substantially in recent months. As at the time of writing this article on October 23, HEX is worth approximately $0.3, up from $0.02 on May 1, according to data by Nomics. This means a 15x increase in just over 5 months.
In comparison, it was worth an even lower $0.01575 on April 26, 2021 and $0.004 on October 14, 2020. HEX has been regularly tested with temporary dips in price but has always come out on top. HEX’s USD value has been going up steadily since its inception. It might be an example of what Nassim Taleb calls an “anti-fragile” asset, excuse it seems to grow stronger the more volatility and stresses it experiences. Many people look at an asset’s volatility and get put off. But those who think more deeply can see that volatility is necessary and helpful for anything that yields great results.
Mr Heart also informed The Sun newspaper that: “85% price dips are common. Bitcoin’s done a few of them over the years, and Hex has as well, yet no one that ever held Bitcoin for more than 3.5 years lost money.
“Hex hasn’t gone six months without making a new all time high price.”, notes the founder in 2021.
A community effort
Arguably the most important aspect of a currency is a community’s belief in the value of the asset. The more people believe in its value, the more it persists. The more people use it as a means of reaching financial ends, the more its value grows. Conversely, where belief or liquidity dries up in a bear market, the value can decrease.
HEX has organically become a decentralized token that brings people together no matter their hobbies, jobs, talents, social statuses. All people have a common need for security and comfort, which money can bring. Multi-million dollar stakes of 15 years, which can be considered long term investments, are not uncommon among HEX holders and therefore great effort is made to keep the community together and financially educated. The HEX and PulseChain community is really quite remarkable and needs to be seen to be believe. Anyone who spends a few hours in the PulseChain voice chat on Telegram will realise what I mean. There is a certain cohesion and bonding that is unlike any other community I’ve encountered in the crypto space. Many people say that they learn more about crypto, finances and cyber security by spending a week or so in the chat than they ever learned in before! People in the community seem to want to help others more than I’ve ever seen in crypto. And many are very savvy investors and security specialists who’ve made it in HEX and want to give back. I can’t overstate how unique this is and I think it has a lot to do with founders, Richard Heart, who spends endless hours helping people to understand how not to get hacked, how to identify the good and the bad in blockchain, and how to better their own lives in non-crypto related ways.
There is a saying among the so-called Hexicans “Better hold than sell.” If you are interested in joining the very active HEX telegram chat with over 36k users, here’s the link. Also, the PulseChain chat appears to be more active these days because of the mass influx of interested investors flooding to this new and exciting blockchain. Many in PulseChain chat are already Hexicans and so they can answer any questions you might have.
Recently the gas fees on the Ethereum blockchain, where HEX is currently hosted, have become far too high for anyone with less than several thousand dollars to invest. Thus a new blockchain called PulseChain is being built to address this and other issues on Ethereum.
We look forward with excitement to the launch.
www.howtopulse.com is not affiliated with HEX, PulseChain or PulseX in any form. This article was not sponsored in any way.