John McAfee launches "no restrictions" crypto exchange
With the growing adoption of cryptocurrency since its initialization in 2009, many projects have come forward to drive adoption through niche marketing. John McAfee is no new name to the cryptocurrency scene. His latest business venture may be on-brand but that doesn't make it any less questionable.
Bitcoin was the first cryptocurrency to be created back in 2009, being followed by Litecoin and Ethereum. Cryptocurrency began to revolutionize the world as more projects could decentralize their businesses with Ethereum, ensuring safety, speed, and transparency through smart contract applications. Ethereum created innovation within innovation by enabling every business the opportunity to optimize their products or services with cryptocurrency. Crypto in itself was a revolutionary milestone in the financial world but Ethereum went further in innovation and inclusivity.
Its forward-thinking approach may be the reason why John McAfee has chosen to start the BETA version of his decentralized exchange (DEX) on the Ethereum blockchain. John McAfee is infamous in the cryptocurrency community as well as the rest of the world. His company McAfee Associates is the creator of the first commercial antivirus software McAfee. Before McAfee Associates, John McAfee worked as a programmer for NASA and held a variety of other highly regarded computer science positions. Through his rises and falls, he has always maintained computer and advocation interests, and through his interest in cybersecurity, he found cryptocurrency. John McAfee can relate to cryptocurrency in many senses, and he has been a real adoption driver through his funding and tokenization of cryptocurrency projects. His latest stint is far more confusing than his "how to uninstall the John McAfee antivirus", but here is what we know.
The McAfee DEX cryptocurrency exchange
John McAfee is known for being a bit rogue, as explained by the documentary based on his life, running from murder charges with gun holding gang members. Although his exchange doesn't exactly scream criminal, it has taken away a lot of the necessary security measures to ensure user safety.
The John McAfee exchange boasts a "no restrictions" open-sourced platform free of Know Your Customer (KYC) checks. The main feature being pushed forward is the decentralized approach, as it lies close to the core of cryptocurrency. It is a tad suspicious that John McAfee is promoting his exchange as decentralized with no other true information on the specifics available, as the word BETA gives off, a lot could go wrong. KYC may not be seen as a highly favored feature by some but it does offer an additional layer of security as two-factor authentication can often require a picture of you, your ID and coded writing to confirm larger sums of money being moved. Aside from being open-sourced and decentralized, this is what else John McAfee had to say about his cryptocurrency exchange:
"Play with it. It takes time for enough users to join to make it real, but if you play, and be patient, you will see it's the door that frees us from Government's cornerstone of control: Fiat currencies. It can't be shut down."
"A distributed exchange can’t be shut down by anyone. Decentralized meaning that nobody controls it, distributed meaning that it is everywhere and therefore impossible to stop. We’ve had privacy coins, that’s the other part of this equation, because privacy coins with decentralized, distributed exchanges is the goose that lays the golden egg for us. We don’t use it though."
Cryptocurrency will continue to grow
As stated above, there is not very much information known about the exchange aside from the fact that the BETA version has already been released. You are required to send a certain amount of ETH to a specific wallet, your account will then be created from there within 24 hours. It should also be noted that John McAfee intends to allow any cryptocurrency token to list, this could lead to a highly saturated and manipulated market. We would personally recommend that anyone considering creating an account waits for the bug fixes and future reassurance as not much else is known. It is just one exchange among many other exchanges that want to drive cryptocurrency adoption with honest and secure intentions.
Cryptocurrency is a technology like no other, having revolutionized the financial sector and continuing into every other market possible, allowing everyone to benefit from the speed, security and transparency of blockchain technology.
Check out our licensed digital wallet and cryptocurrency exchange Bitvalex and find ease of entry into the markets.