John McAfee, the founder of software company McAfee Associates, also dubbed as a mad genius by others is launching a cryptocurrency by the name of “McAfee Freedom“. The new cryptocurrency will make its debut in fall, this year. But the thing which makes the freedom coin different from other altcoins is that it is not subject to relative price setting mechanisms of other fiat currencies or digital assets.
According to the webpage of the Freedom coin, it will be a coin with zero cash in value, yet accepted universally. I am sure everyone knows, that you need to exchange your cryptocurrency with some other fiat currency in order to cash it out, as the cryptocurrencies are not yet accepted by people, businesses, merchants etc. If John McAfee can get his Freedom coin to be accepted universally, then it will surely be an amazing feet.
But John McAfee is confusing us or if anyone gets what he is trying to say, then that person surely has an out of the box thinking. According to some reports the Freedom coin won’t be mined, it won’t be offered as an Initial Coin Offering [ICO] and will neither be listed on an exchange. I am sure you are wondering then how the hell is the Freedom coin going to work as a cryptocurrency? I am also wondering the same thing myself.
“The McAfee Freedom Coin is designed to confront the problem of exchange head-on, using a unique paradigm and a new structural concept. It is not based on any commodity nor is it connected to the value or behaviour 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.” This is written on the webpage of the Freedom coin, but the line that gets me is that the value of the coin will always be zero in relation to any other currency. If that is true, then how is trading going to happen with these coins?
John McAfee said that he won’t give any more information until the release of the white paper on ‘McAfee Freedom coins‘. So at this point in time, we can’t really do anything but wait for it. If the coin has all the feature which he described in his webpage, it will definitely disrupt the cryptocurrency market and will be worth waiting for.