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John McAfee announces own decentralized exchange McAfeeDex

  • The British-American software entrepreneur John McAfee has announced the launch of its own decentralized cryptocurrency exchange. 
  • The launch of a first beta version of McAfeeDex will take place on Monday, October 07. 

John McAfee is one of the most dazzling characters in the crypto space. While some people consider him crazy and untrustworthy, not only because of his spectacular Bitcoin price predictions, many people also celebrate him as a crypto pioneer. Nevertheless, the software entrepreneur and Bitcoin bull should definitely gain credit for one thing. His tweets and “Bitcoin Moon” predictions of 1 million US dollars attract attention and strengthen the public perception of Bitcoin and cryptocurrencies as well.

As McAfee announced in a series of new tweets, he now has a new plan to push the crypto market forward. McAfee announced yesterday that he will launch McAfeeDex, a decentralized cryptocurrency exchange that will run on the Ethereum blockchain.

According to the tweet, the exchange will be completely decentralized. The exchange will not require any names, documents, email addresses, bank details or transaction data to be publicly transmitted. Moreover, according to the tweet, McAfee does not want to monitor or record anything. In addition, there will be no restrictions and no listing fees. Furthermore, the platform will charge 0% maker fees and 0.25% taker fees.

McAfeeDex to launch on Monday

According to the official homepage of McAfeeDex, the beta version of the exchange will launch on Monday, October 7. At the launch of the platform, the decentralized exchange will initially only support Ethereum-based coins, before further non-Ethereum-based coins will be added to the exchange’s offering in “a few weeks”.

McAfee joins the list of decentralized exchanges (DEX) hoping for the big breakthrough. In contrast to centralized exchanges such as Binance, Coinbase or CEX.IO, decentralized exchanges have numerous advantages. For example, they are much more anonymous than their central counterparts, as no personal data is usually required. In addition, the private keys remain with the user and are not managed by the exchange.

The third big advantage is potentially that the fees at a DEX are lower. However, this is the first criticism the crypto community has levelled towards the McAfeeDex. With 0.25% taker fees, the exchange is well above the usual 0.1%.

Despite the advantages of a decentralized exchange, no DEX has managed to establish itself so strongly as to become a serious competitor for centralized exchanges. In this respect, it will be exciting to observe whether the McAfeeDex will succeed in doing so. Otherwise, McAfee’s decentralized exchange will first have to compete with its direct competitors, the Binance DEX, IDEX and the Waves DEX.

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About Author

Jake Simmons

Jake Simmons has been a crypto enthusiast since 2016, and since hearing about Bitcoin and blockchain technology, he's been involved with the subject every day. Beyond cryptocurrencies, Jake studied computer science and worked for 2 years for a startup in the blockchain sector. At CNF he is responsible for technical issues. His goal is to make the world aware of cryptocurrencies in a simple and understandable way.

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