Former antivirus software tycoon and American entrepreneur John McAfee has launched a decentralized exchange (DEX) running on the Ethereum (ETH) blockchain. According to the website, McAfeeDEX will not collect any customer information, no jurisdictions will be blocked, and there will be no limits.
“Centralised Exchanges are Crypto’s Weak Point”
In June John McAfee launched McAfee Magic, a digital currency access point that combines manual and bot trading across eight exchanges on one interface. McAfee Magic connects people to over 500 digital currencies and has gathered more than 11,000 users so far.
In his video posted on October 5, McAfee pointed out the low number of traders currently making use of decentralized exchanges, considering that this almost makes them “useless” McAfee, however, speaking about his DEX, urged users to:
“Play with it, don’t expect miracles at first. Play with it until it becomes real.”
the exchange can serve as “the door that frees us from Government’s cornerstone of control: Fiat currencies. It can’t be shut down.”
Non-custodial cryptocurrency exchanges give users the ability to trade peer-to-peer, via smart contracts to automate deal matching and asset liquidation, thus allow the user’s funds to remain under their full control.
McAfee has always considered centralized exchanges a weak point in the industry. He also stated that the creation of a decentralized developed infrastructure is a rather complex and long process that will require a lot of time, but it’s worth it.
“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” – McAfee said.
McAfee DEX beta
McAfee DEX reportedly will entail no Know Your Customer checks, block no jurisdictions and charge a single platform fee of 0.25% for takers. It will not charge maker fees and will also reportedly be open sourced.
Any ETH-based token (ERC-20 standard) can be added without a fee to the beta version, with more unspecified tokens to be supported in the future.
The site says every country can participate and McAfee added he had some new things to be announced sharing four unique pictures.
“It will bypass, once and for all, the nightmare of first image, totally redefine the second, bring on the hope of the third, and, hopefully, give us all the spirit of the fourth.”
The Future of Distributed DEX
For a small fee of $395, you could have your own version of McAfeedex up and running, he said:
Details on how to be a portal coming soon. Until we get the installation process automated it will take us about 2 days of hand holding to help you install it. We can only do two or three a week for now. Cost – $395. Be patient.
— John McAfee (@officialmcafee) October 7, 2019