John McAfee Plans Launch of His Own “McAfee Freedom Coin” to be Accepted Universally in Q3
John McAfee the famous security software tycoon turned fugitive presidential candidate is a big-time crypto advocate.
He has been living in an exile for a while and running his presidential campaign through social media. McAfee shares libertarian views and believes government imposed taxes are equivalent to theft, and that is why he is such a big crypto bull.
Recently he launched a crypto debit card and only weeks after that he has now announced a new cryptocurrency in the form of Freedom coin. The coin is set to debut this fall and McAfee has already set a website for the same where the whitepaper will arrive soon. However, it is interesting to note that the new Freedom coin won't anywhere similar to the ent mechanism of cryptocurrency.
The website for the upcoming Freedom coin states that the McAfee cryptocurrency won't be subjected to any relative price setting mechanism like other fiat currencies or digital assets. McAfee Writes,
“The McAfee Freedom Coin is designed to confront the problem of exchange head-on… It is not based on any commodity nor is it connected to the value or behavior of any external item or entity. The value of the coin will always be zero in relation to any other currency yet it’s natural market value is free, completely, to grow”
What is the Aim Behind the New Freedom Coin?
As per the website information on the new Freedom coin, McAfee says he wants to create a digital currency which cannot be manipulated due to external economic factors, the greed of the whales.
The aim is to create a truly digital currency whose value is only based on its purchasing power. McAfee writes,
“The reason such has not occurred is that all goods and services cannot yet be purchased with cryptocurrency, so the currency holder must exchange with a currency that is accepted for what they want.”
In order to fulfill the aim of creating freedom coin which eliminates the exchange related manipulation, McAfee tweeted that the coin won't be launched through an ICO. neither it will be listed on any of the exchange nor there will be any bounty or airdrop program for the same. However, interestingly McAfee deleted the tweet after some time.
It is understandable that McAfee does not want to go for the ICO launch given his tryst against the SEC, so McAfee fears that going through a conventional process like ICO would create quite a chaos around the launch and SEC might even deem it illegal.
McAfee went on to add that although the underlying technology is the same as with most of the cryptocurrencies:
“the uniqueness comes from a new approach to understanding the evolution of cryptocurrency and the mechanisms that have kept the Holy Grail of cryptocurrency – economic freedom – out of our reach.”
The world is eagerly waiting for the white paper to understand what McAfee is actually trying to build and how successful he is in converting the novel idea into a full-fledged product.