HEX Project – Interview with Richard Heart, Founder of HEX

Mar 30, 2020 18:53 UTC

| Updated:

Mar 30, 2020 at 18:53 UTC

By Clark

HEX is a new financial tool and cryptocurrency launching on the Ethereum network via a Bitcoin UTXO snapshot on December 2, 2019. Critics are questioning HEX’s legitimacy, calling it a colossal cash grab and privacy compromise. Devout fans can’t wait to claim their tokens and start staking. So who’s right and who’s wrong?

In this interview edition, Coinpress Media will ask Richard Heart, the creator of HEX to talk about the project itself and counter a few of the criticisms surrounding the project. OK, Let’s go to the interview.

Hello Mr. Richard, Thanks for taking this interview with me, First of all, can you explain to me what is HEX?

“HEX is a smart contract on the Ethereum platform marketed as a blockchain-based certificate of deposit. HEX is the first certificate of deposit on the blockchain. HEX pays Trustless Interest with no counterparty risk. Given programmable money, the first program should be interest. Pays holders instead of miners. Staking HEX is like getting free mining hardware and electricity.”

What are the advantages of HEX?

“First, Hex has a lower inflation rate than Bitcoin, even after the rate was cut in half twice in its 10 years. The inflation is also delayed, because it’s only paid on ended stakes, and stakes can last 10 years. The inability to trade staked coins increases the value of unstaked coins, and the chance that some will early end stake and pay penalties to loyal stakers.

Second, Trustless Interest. Let’s say you want to make more bitcoin on your bitcoin. What are your options? You could lend your coins out and take the risk they’re not returned, or you could try selling your coins for mining hardware and hope to get more coins back later. Lots of people have lost money trying either.

Third, Counterparty risk in Bitcoin investments, To earn interest on their Bitcoin, most users send them to a centralized third party, such as an exchange. There, coins can be borrowed to “short” the market. Sellers borrow the coins to sell, in the hopes that they can rebuy them cheaper before they have to return them, thus profiting from price decreases. These centralized parties are security holes that are often hacked, destroy privacy, or introduce fees if you want to get your funds out. Billions of dollars in coins sent to exchanges or lenders have been stolen. Not your keys, not your coins.

Forth, HEX pays interest to stakers instead of miners. Some users try mining to make more cryptocurrency. Instead of sending your money to a foreign mega-corp to buy mining equipment which shows up late, used, or never at all, you can skip the depreciating asset and electricity bills and just stake your coins. HEX is the first cryptocurrency with a chart of future sellable supply (expiring stakes over time). This secures buyers’ confidence in the future value of their investment.

Fifth, HEX has Speculative Stickiness. Normal cryptocurrencies have Price, hash rate. HEX has HEX price, Share price, Directly affects staker profit per share: % of supply staking, Average stake length, Average stake size, stake expiration chart over time, early & late end stake penalties. And many more.”

What do you think is the biggest challenge for the HEX project?

“Reaching all the people have never used cryptocurrency before.”

Where does the HEX market demand come from apart of staking?

“Going up 10x versus Bitcoin, and up while most things have gone down has shown how powerful HEX’s Price Positive Game Theory (PPGT) is.”

With those interesting interests that mentioned on the site, is HEX a PONZI?

“No, it’s not. Ponzi’s involve imaginary profits from imaginary business and lying to people about it. They collapse when they can’t pay what they owe. HEX is just software, and you mint your own rewards. When you stake HEX you owe yourself interest which you pay yourself by running the software. There’s no counterparty to rob you, it’s peer-to-peer, only you can mint your rewards.”

Many news criticized and even accused HEX as a scam, it makes some of us afraid to invest it. What do you think of it? Any defensive statement?

“People in cryptocurrency call every coin they didn’t buy a scam, and every coin they did buy the best thing ever. HEX has 3 audits, 100% uptime since launch, and is trustless, immutable and peer to peer. It’s truly amazing.”

This pump and dump of HEX price, How do you respond in this?

“Bitcoin has dropped 85% 3 times. It just dropped 50% in a day. Ethereum dropped 95%. Yes, they’re both up massively from only a few years ago. It’s harder to dump when so much of the supply is locked up and unsellable. The average weighted stake length is about 1200 days.”

Ok next. Do you have any plan to list HEX on big Centralized Exchange like KuCoin, Huobi, Binance, etc or you think it’s enough with exchanges you have now?

“We are on tons of exchanges, they’re all inferior to HEXdex.win, onchain, no counterparty risk, 24,000 ETH bid support. The cryptocurrency was invented to get rid of middlemen, not create new ones.”

Do you have a plan to create your own Blockchain in the future or stay using the ethereum network forever?

“It’s better to stay on the same chain that the rest of decentralized finance is because of all of its plugs in together. Starting your own chain isolates you from all the innovation happening.”

That’s all for this interview edition, again I want to say thank you to Mr. Richard for taking this interview with me. Good luck with HEX!

More about HEX: https://hex.win/

Clark

Head of the technology.