The growth of Hex digital currency from the past to now

The growth of Hex digital currency has also brought fluctuations from the past until now, but in 2021, we saw a strange upward trend from it, even when the fall of Bitcoin had reached its lowest level this year. At the beginning of 2021, the price of Hex cryptocurrency increased by about 3400%. Before that, the price of Hex digital currency was $0.12, which started to grow after 2021 and reached $0.4 on October 4. Of course, the price of Hex varies like other cryptocurrencies, and it is not possible to tell the price of this popular token instantly; But at the time of writing this article, the price of Hex digital currency is $0.27.

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The Hex network has been able to attract many investors around the world by claiming to provide a certificate of deposit (CD) based on the blockchain network and guaranteeing high profits for holding Hex assets; But the main question here is whether the growth of Hex digital currency will continue in the same way? In the continuation of this article, we intend to introduce you to the general concept of hex digital currency and its future review.

hex grid

Hex digital currency was released in 2019 by Richard Schulz who is a serial entrepreneur, author, YouTuber and inventor of the Plusechain network. One of the issues that fueled the growth of the Hex digital currency was that the Hex network claimed to be the first Digital Currency Certificate of Deposit, or CD for short.

What is digital currency certificate of deposit (CD)?

CD (CD) is actually a model of earning and investment methods that if the users agree to it, their assets are locked for a certain period of time. But what is the difference with bank deposit accounts? A Hex CD works similar to a bank deposit account, except that in a CD, the amount of interest to users will be higher. The Hex cryptocurrency network has announced that it uses a proof of expectation system and users do not need to use miners to earn money from Hex.

But how do active users in the Hex network benefit? Users can lock some of their Hex tokens in the Hex network; Then wait for this to expire. When the holding period expires, Hex smart contracts will be programmed to generate new coins to pay back users.

Hex is actually a second layer (L2) program based on the Ethereum network, which is known as a solution to off-chain scaling problems in order to help increase the power on the main chain. It is also better to know that this popular ecosystem is driven by smart contracts.

Related article: What is Cardano digital currency?

Hex token

After the asset lock period is over, Hex Coins will be created to pay investors. The idea is designed in such a way that when the price of Hex increases, the total amount of Hex coins to be paid to users will decrease; But if the price of Hex decreases in any way, the Hex network will experience inflation, because it needs more tokens to pay profit to users.

In fact, the overall structure of Hex is such that in any case, users will receive their profit. Since the growth of Hex digital currency has increased significantly this year, many users around the world are interested in investing in the Hex network, which will directly affect the growth of Hex digital currency.

Read more: Complete digital currency training

Advantages and disadvantages of digital currency Hex

As mentioned, in early 2021 we saw an increase in the growth of Hex digital currency. In the rest of this article, we will introduce you to the advantages, disadvantages and reasons for the growth of Hex digital currency.

Advantages and reasons for the growth of Hex digital currency

High speed and very low transaction fees of Hex digital currency.

Cooperation with the powerful Ethereum network and using the proof-of-waiting system.

Hex ciphers are immutable but open source.

The Hex token has been subject to security audits in the past.

The Hex development team has stated that the Hex network is trusted and does not have any bugs or problems.

To store Hex tokens, you can use powerful wallets such as Trezor and Ledger.

Support for many reputable Hex exchanges including UniSwap, Bitmart and Poloniex.

Disadvantages of Hex digital currency

The biggest issue that was criticized by many users was the hex use of the Origin Address feature.

Hex contracts still use an Ethereum address as the source address.

Fraud allegations.

Technical Analysis of Hex Token

After cryptocurrency Hex’s rally since early August, Hex Tokens have created a potential bullish flag. Usually this pattern is known as a positive pattern; Because there is no small stop in the rally and it allows users who want to buy to enter. The lower trading volume of Hex also strengthens this analysis. To learn more, you can read the article on the differences between technical and fundamental analysis.

Fundamental Analysis of Hex Token

To check and evaluate the Hex token, it is better to pay attention to the following points:

Fraud allegations

The Hex network was associated with scam news at the very beginning, and many people refused to invest in this cryptocurrency for this reason; But the main question here is what was the reason for these accusations? One of the most important reasons for such accusations was the creator and founder of Hex digital currency, Richard Schulz. In 2002, he was accused of engaging in illegal activities, including violating US spam. But in December 2019, Hex network smart contracts were security evaluated by CoinFabrik.

According to them, no suspicious items were found, and the Hex development team fixed some of the issues discovered by CoinFabrik, such as replay signatures with updated parameters and extra gas for calculation. However, many users still refuse to invest in the Hex network; Because the news of the scam had negative effects on the price trend of the hex token at the very beginning.

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Exchange support

Currently, more than 20 reputable exchanges around the world support Hex Token. Of course, it is better to know that none of these exchanges have listed Hex tokens yet.

Suggested article: Is UniSwap reliable? Uniswap review

Project validity

According to the mentioned cases such as fraud charges, if the Hex network loses its credibility, the price of the Hex token will face a sharp price reduction. The reason for this is that the Hex network has to create a large number of coins to pay users who have locked their assets, this greatly increases the supply of the token, and finally, the reason for the large difference between supply and demand, the Hex token with a drop There is a heavy price to pay.

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Frequent questions

Will Hex’s Uptrend Continue?

As we mentioned in previous articles, digital currency market is unstable and very risky. Undoubtedly, the advantages of Hex digital currency have a significant impact on its price increase, but if the mentioned problems, including fraud allegations, continue, we may see a drop in the price of this emerging cryptocurrency.

What wallet should we use to store Hex Token?

Currently, Hex digital currency is based on Ethereum ERC-20 network; So it is the best software wallet to store Metamask. You can also use Trezor and Ledger wallets to store Hex.

How to buy Hex digital currency?

As mentioned, currently more than 20 reputable exchanges support Hex Token. UniSwap exchange is one of the best and most popular authentic exchanges for buying and selling Hex tokens. To learn about UniSwap exchange, what is UniSwap article? read the