John McAfee Announces World’s First Cryptocurrency-backed Fiat Redemption Note
Antivirus software pioneer-turned cryptocurrency evangelist John McAfee announced further details about his cryptocurrency project today.
That cryptocurrency project will release the McAfee Redemption Unit (MRU), the world’s first cryptocurrency-backed fiat redemption note.
In promotional images of the note, we see bills adorned with photos of John McAfee surrounded by beautiful women.
Seriously. Those are the images on the bills where we would ordinarily see a king, queen, or president.
In any case, the note claims to be the first fiat currency collections item that is 100% guaranteed as forgery-proof. Each note is connected to the blockchain by a token or by a series of tokens.
The notes can be redeemed for real-world services – but only during a short, indeterminate time after release.
“When the redemption period is terminated by the unplanned death of the prime asset of the redemption process, then the only value of the promissory notes will be as collectors items.”
The back of each note features instructions on how to redeem the note.
This is where things get silly.
Each McAfee Redemption Unit can be redeemed for one private meeting with John McAfee himself.
Yes, that’s the “real world service” promised by each MRU. You can’t spend the MRU on anything but a meeting with John McAfee.
The denomination of the note actually determines the time allocated for the meeting. If you have a note with “1” on it, for example, then you’re entitled to a 1 minute meeting with John McAfee. A note with “50” on it will get you a 50 minute meeting.
Here’s how you can redeem your McAfee Redemption Unit:
“To redeem a note or collection of notes, the note holder must show up, in person, at an address in Mexico to redeem their notes (meeting times with Mr. McAfee). The redemption center will be open only between the hours of one and three.”
The back of each note explains the specific step-by-step redemption process. Here’s how it works:
- Show up between one and three, only.
- Turn in your note and you receive a date, time, and address where you will meet Mr. McAfee. The meeting place may be in any part of the world. The note will be archived.
- Only one set of notes may ever be redeemed by one individual. Maximum time allotted will be 100 minutes per person.
How Do McAfee Redemption Units Use the Blockchain?
Each McAfee Redemption Unit (MRU) is connected to the blockchain. Each note is tied to one or more cryptocurrency coins called McAfee Redemption Units, or MRUs.
There’s a paper list of identifiers – a paper wallet – that will be stored in a separate location from the note.
None of the coins are initially activated. A coin only becomes activated if and when the note holder chooses to convert his or her fiat note. You’ll need to contact the “MRU Foundation” to begin the conversion process. You may also need to pay a processing fee.
What Happens if John McAfee Dies?
The McAfee Redemption Unit website has a section dedicated to explaining what happens if John McAfee, the “prime redemptory”, dies:
“Upon the death of Mr. McAfee, the redemption function will become null and void. Note holders may continue, however, to terminate their notes and exchange them for MRUs at the note holder’s discretion.”
The Total Supply of McAfee Redemption Units
The total supply section gets a little confusing. Here’s how John McAfee explains it:
“There are 341,000 notes of different denominations that have been printed, on currency paper, with a total of 6,050,000 redemption units. No additional units will ever be printed and the printing plates have been destroyed.”
In other words, there’s a total of 341,000 MRU tokens available, although the tokens can collectively be broken down into over 6 million redemption units (with each redemption unit being worth 1 minute of McAfee’s time).
There are 200,000 1-unit notes, for example, and 25,000 20-unit notes. The largest denomination is a 500-unit note, of which 6,000 have been printed.
Final Thoughts On the John McAfee MRU Project
Yes, it’s true John McAfee is launching his own cryptocurrency. No, it doesn’t appear to be a real project with legitimate goals.