HEX creator Richard Heart has amassed a cult following through his YouTube videos and displays of wealth.
But what’s the story behind Richard Heart and what is his net worth?
Who is Richard Heart?
Richard Heart was born on October 9, 1979, in Pittsburgh, Pennsylvania.
He started working as a child when he launched an at-home automobile stereo company.
He then become a newspaper salesman before starting an air-conditioning company and shopping cart platform.
Richard soon recognized the value of Web 2.0 and the internet and founded a mortgage firm.
The business is then believed to have gone on to make $60 million per year.
Richard Heart discovered Bitcoin on a Reddit thread when BTC was trading at $1.
He predicted Bitcoin was going to rise to $20,000 and forecast BTC would reach $60,000 in 2019.
He liked the idea of decentralization, but was concerned Bitcoin was moving away from its original goal. Heart felt Bitcoin was created to eliminate middlemen, not include them and also wasn’t a fan of Bitcoin’s creator, Satoshi Nakamoto and even confronted Craig Wright, a computer scientist who claims to be the founder of Bitcoin, in person.
As a result, he created his own cryptocurrency called HEX – the first high-yield blockchain certificate of deposit – in 2019.
Later that year, he launched another cryptocurrency, PulseChain.
What is Richard Heart’s net worth?
Heart refuses to answer questions about his net worth and how much Ethereum he received from the proceeds of the Hex launch.
Heart is rumoured to be worth around $500million but if he does control Hex’s origin address and flush address as well as the sacrifice addresses for Heart’s PulseChain and PulseX, he could have once been a billionaire on paper.
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The origin address receives a copy of all token rewards minted by users after their time staked.
It receives half the penalties for early withdrawal while the other half goes into a payout pool.
It currently holds over $11 million worth of HEX.
Users agree to a strict schedule when staking HEX – if they don’t end their stake on time, the flush address receives some of their penalty fees.
The flush address once held around $6.5 million in Ethereum and has been drained of most of its receipts.
If Heart does control all assets in the Origin, Flush, and other Hex wallets, Heart could control over 88 per cent of Hex’s total supply.
Heart has previously tweeted that he owns $10million worth of luxury watches including a Rolex Skydweller Ice 326959tbr worth $1.4million, a Rolex Daytona Rainbow worth $750,000, a Richard Mille McLaren RM11-03 worth $700,000, a Jacob & Co. Astronomia Casino worth $600,000 a Audemars Piquet Royal Oak Chronograph worth $300,000 and a Patek 5980 worth $275,000.
Heart also bought the largest diamond in the world for $4.3million worth of cryptocurrency and renamed it the Hex.com diamond.
So what are HEX and PulseChain?
HEX
The idea for HEX stemmed from the poor return on investment offered by traditional banks.
Heart wanted to create a currency that would allow investors to earn high passive rewards.
HEX holders can stake the cryptocurrency by locking it up between one and 5,555 days. The official website says investors will earn an average annual percentage yield (APY) of 38 per cent.
HEX is also the first cryptocurrency to show charts of its future locked supply, meaning investors can plan ahead and know when big stakes will expire.
There have been claims circulating that HEX is a Ponzi scheme but the company has made clear this isn’t the case and highlighted clear differences, insisting it uses a different method to meet its promised rewards.
HEX said: “In HEX, the yield which is paid to stakers comes only from inflation and not other users. This is programmed into the immutable smart contract without any middlemen.”
Hex’s water paper says: “HEX is a project to recreate a common banking product called a Time Deposit. It is an ERC-20 token and fully automated in the form of a smart contract on the Ethereum blockchain.”
The document goes on to say: “HEX is like Bitcoin with a Proof-of-Work change. BTC and HEX are analogous. Bitcoin and HEX are peer-to-peer networks that store and transmit value. In Bitcoin, miners buy mining hardware and electricity from companies. In HEX, miners buy HEX from other HEX holders then use time to mine. HEX is Proof of Wait instead of Proof of Work.”
Despite having a market cap exceeding $8 billion, the coin isn’t widely traded with CoinMarketCap reporting less than $10 million worth of Hex transactions occur daily on average.
For comparison, Ethereum has a market cap of $200 billion but around $27 billion worth of ETH is traded daily.
PulseChain
PulseChain is a blockchain like Ethereum but according to the PulseChain team, is more energy-efficient, faster, and cheaper than the market leader.
Ethereum’s ETH token also has no maximum supply cap, which creates the risk of inflation for investors.
PulseChain’s token PLS is designed as a deflationary asset, plus validators will only earn fees and 25 per cent of these will be burnt to reduce circulating supply.
PulseChain has made clear it wants to decrease the burden on the Ethereum network and has no intention to directly compete with it.
The main reason behind PulseChain was to allow HEX holders to make transactions while avoiding Ethereum gas fees.
Heart is also creating an on-chain exchange, PulseX, that will operate on the PulseChain blockchain.
PulseX will use its own token, PLX.
