Cryptocurrency will never cease to amaze us with its magical evolutionary speeds. Each dawn brings new inventions and innovations. It is this aspect of cryptocurrency that has enabled it to force its way into the hearts of various industries, some of which are crypto-phobic. One of the latest notable innovations was pioneered by the crypto guru and tech-savvy John McAfee. John has ventured into developing a BETA version of a decentralized exchange.
Why Should You Know John McAfee?
Well, McAfee is not a new name in the tech sector. If you use an antivirus on your computer, you might have encountered a ‘McAfee Antivirus’ while browsing the internet for various antivirus options. Yes, your guess is as right as mine; John McAfee is the founder of McAffe Associates who owns the McAfee Antivirus. In the cryptosphere, he is famous for his advocating of crypto adoption through tokenization, a road which has led him to his latest crypto adventure.
Now that we are familiar with the creator, let’s focus on what he is introducing into the cryptocurrency market, the John McAfee DEX Cryptocurrency Exchange Platform
John McAfee ‘Magic’ Exchange Platform
John McAfee Exchange Platform was launched in June 2019. The platform was dubbed ‘Magic’ for its wide range of capabilities that tackles cryptocurrency challenges head-on, according to a tweet by John McAfee.
Unfortunately, the exchange was hacked even before its launch a situation which was contained successfully without any losses
Magic features a wide array of capabilities, some of which are new in the industry.
The exchange is non-custodial allowing traders to trade from up to eight different exchange platforms. All they need to do is execute the trades, and the funds will be securely transferred from their foreign accounts. The supported exchanges are Binance, Kraken, Poloniex, HitBtc, Bittrex, Huobi, Exmo and Livecoin.
Secondly, the platform offers two forms of trading each on separate trading templates;
- A Spot trading portal where traders carry out their own trades based on their analysis. This is the standard trading style.
- On the other hand, the Shadow trading portal allows traders to replicate trades from pro traders (highly ranked by Magics community due to their success)
Additionally, the platform is secure. The failed hack attempt indicates that the security of the platform is robust and reliable. According to the report on the hack attempt, McAfeeMagic.com is hosted on the reputable Amazon Web service which is encrypted by DDoS anti-hack protection.
Finally, the Magic platform is yet to introduce the McAfee Freedom Coin. According to guide reports released by the company, the Magic Freedom Coin will not be based on any commodity, asset currency, or any other external entity hence the name ‘Freedom.’ This means the value of the coin compared to other assets will always be zero, but the cost can grow freely in its natural market.
There are several concerns about the platform from the crypto community. The platform has scrapped all identification procedures, including Know Your Customer (KYC), which despite being a pain in the neck, has additional security benefits.
John McAfee Exchange Platform offers a new ‘ freedom’ to investors in the cryptocurrency industry. However, it will take a long time before the platform gains enough trust from the public and gains momentum. In the meantime, we will keep a closer eye and keep you updated on any developments.
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