A Look at Richard Heart’s Controversial New Crypto

HEX is a new financial tool and cryptocurrency launching on the Ethereum network via a Bitcoin UTXO snapshot on December 2. 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?

Richard Heart, the outspoken man behind HEX, sat down with Cointelegraph to talk about the upcoming launch and counter a few of the criticisms surrounding the project. 

Heart explained that HEX is the world’s first high-interest blockchain certificate of deposit (CD), letting users stake their tokens in return for interest. Users can enjoy interest payments ranging from 3.69% if 99% of the total supply is staked, up to an improbable and enormous payout of 369% if only one percent of the total supply is staked — paid out in HEX tokens. It’s worth noting that the monetary value of such a payout depends entirely on the market value of HEX at the time of maturity.

“It’s the world’s first blockchain CD that attacks the largest market in the banking ecosystem outside of savings accounts,” Heart said.

Move over, big banks?

HEX is essentially a crypto version of the traditional fixed deposit. The client-side looks like the popular banking instrument: a user locks up funds, then receives their invested principal plus interest when the term matures. 

“Banks use your money as a sort of collateral that’s just an excuse for them to borrow money from the government at extremely low rates,” Heart said.

HEX fixes this…

Meanwhile, Bitcoin has some serious limitations, Heart explained. “What does Bitcoin do? It lets you enter a number on your screen which changes the number on someone else’s screen. It makes sure nobody does that twice by burning millions of dollars in electricity.” 

Of course, the cost to secure a single such transaction is far from millions of dollars, but Heart has a soft spot for hyperbole.

Heart said Bitcoin prices…

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