Bitcoin: “There is No Second Best” — There’s Even Better
Part 1: Bitcoin’s Bugs vs. a Bug-Free Future
This 3-part series delves into the novel innovations of DeFi’s best-kept secret, HEX.COM, compared to Bitcoin. Cryptocurrency was invented to remove middlemen. HEX is the first 100% decentralized high-yield cryptocurrency product with 100% uptime, flawless operation, and zero counterparty risk. Not financial advice. Past performance is no guarantee of future results.
CONTENTS
Bitcoin: How Secure Is It (Really)?
The Triple-Audited Code with 100% Uptime
Stability and Uptime
Fulfilling Crypto’s Promise: Zero Middlemen
A New Standard in Cryptocurrency
Stay Tuned: HEX Mining vs. Bitcoin Mining
Ready to Mine Your Own HEX Rewards?
Bitcoin: How Secure Is It (Really)?
We’ve been told Bitcoin is immutable code, the pinnacle of financial security. No matter how often this myth is repeated, the facts tell quite a different story. Bitcoin’s code has been compromised not once but twice, by inflation bugs — the most catastrophic flaw a cryptocurrency can have because it enables unlimited token creation.
- Bitcoin’s first bug, CVE-2010–5139, led to the creation of 184 billion Bitcoin. This required Bitcoin core developers to stop forward transactions and roll back the blockchain to purge the successful hack from block 74638.
- A second inflation bug, CVE-2018–17144, was discovered in 2018 by a Bitcoin Cash developer who chose to responsibly report it.
Calling Bitcoin immutable and then having core developers change it to fix things is like boasting about an indestructible toy, only to secretly glue its broken pieces back together every time it falls apart — hardly the unbreakable marvel it’s claimed to be.
Surprisingly, despite these vulnerabilities, Bitcoin has never undergone a comprehensive security audit. But there is a cryptocurrency that has — one that’s truly secure and genuinely immutable. What does real security and true immutability look like? Flawless operation from day one with 100% uptime: HEX.COM.
Early Bitcoin miner and HEX founder, Richard Heart, elucidates and demystifies the topic with remarkable clarity in under 2-minutes:
Bitcoin was built without a formal software blueprint, instead relying on Satoshi Nakamoto’s whitepaper. What resulted is a codebase that some experts bluntly refer to as ‘spaghetti code,’ raising questions about its long-term reliability. The Bitcoin Core’s tightly interwoven wallet, networking, and consensus functions reflect more a plate of messy spaghetti than they do Lego architecture. Why Bitcoin’s spaghetti code is a problem: The lack of separation complicates the code, making it extremely difficult to isolate and fix issues, or add new features, without causing unintended side effects. This complexity not only hinders modularity but also raises concerns about security in a system where clarity should be paramount.
The rollback of Bitcoin’s blockchain in 2010 and various network congestion issues have shown that Bitcoin is not immune to operational disruptions. In contrast, HEX boasts 100% uptime highlighting its robustness and reliability. This is particularly significant for a financial product where stability is paramount.
Bitcoin has never undergone a security audit, and likely never will. Calling Bitcoin immutable and then having core developers change it to fix things is like boasting about an indestructible toy only to secretly glue its broken pieces back together every time it falls apart — hardly the unbreakable marvel it’s claimed to be.
The Triple-Audited Code with 100% Uptime
“HEX might be the first coin to ever have two independent security audits.”
— Richard Heart, HEX Founder and Early Bitcoin Miner
HEX underwent two independent security audits by some of the very best contract auditing firms in the world — Chainsecurity and CoinFabrik. HEX even has a third audit by a mathematician on its economics. These audits facilitated HEX launching fully immutable as a complete and finished product.
100% uptime is an exceptionally rare and highly sought-after distinction HEX has earned.
By having audited code that is locked and isolated with no admin keys, HEX is immune to the inflation bugs and other exploits that have plagued Bitcoin and other cryptocurrencies. And because HEX is more secure than Bitcoin it means Bitcoin is more likely to be hacked than HEX. The code running HEX is public. Anyone can read and verify it. Anyone can read the audits:
• HEX.com/dev
• HEX.com/howitworks#audits
Stability and Uptime
100% uptime is an exceptionally rare and highly sought-after distinction HEX has earned. Today, nearly 5 years since its launch, HEX continues to earn this distinction every day. Whereas Bitcoin’s network uptime is often presented as an accolade, it has not been without disruptions and vulnerabilities. The rollback of Bitcoin’s blockchain in 2010 and various network congestion issues demonstrate that Bitcoin is not immune to operational disruptions. On the other hand, HEX boasts 100% uptime highlighting its robustness and reliability. This is particularly significant for a financial product where stability is paramount.
Fulfilling Crypto’s Promise: Zero Middlemen
Cryptocurrency was invented to remove middlemen and reduce counterparty risk. The Bitcoin community have reintroduced middlemen by relying entirely on centralized exchanges, centralized mining pools, centralized hardware companies, third party staking services, custodial wallets and Layer 2’s. Each of these introduces attack surfaces that can get between users and their Bitcoin.
Cryptocurrency was invented to remove middlemen. HEX fulfills this maxim by allowing users to easily mint their own rewards with zero counterparty risk.
How does HEX accomplish this? HEX users interact directly with the smart contract, minting their rewards autonomously. Its design eliminates the need for trust in third parties. Users retain full control over their HEX tokens, fulfilling the original promise of cryptocurrency.
CryptoCrow and Richard Heart unveil the darkside of counterparty risk:
Utilizing onchain liquidity ensures there is no counterparty risk. The fully decentralized nature of HEX is further reinforced by the absence of any administrative keys or oracles — common points of centralization and vulnerability in other DeFi projects.
A New Standard in Cryptocurrency
As we’ve seen, HEX offers several advantages over Bitcoin in terms of security, decentralization, and reliability. The triple-audited, immutable code of HEX, its true decentralization without middlemen, and its perfect record of 100% uptime make it a superior choice for users seeking a secure and reliable cryptocurrency.
Stay Tuned: HEX Mining vs. Bitcoin Mining
In Part 2 we’ll explore user costs and rewards of mining Bitcoin by computational power, mining HEX by staking, and the relative ease or difficulty of participating in each of these systems.
Ready to Mine Your Own HEX Rewards?
HEXscout for iPhone and Android makes it easier than ever to join over 130,000 users already staking their HEX and mining rewards:
Not financial advice. Past performance is no guarantee of future results.
