The ever-vocal cryptocurrency advocate and American entrepreneur John McAfee recently launched a decentralized exchange (DEX) which runs on the Ethereum (ETH) blockchain.
McAfee DEX in beta
The aptly named McAfee DEX has launched in beta as of today, October 7, as per the new platform’s website and McAfee’s personal Twitter profile. Revealed via a tweet on October 5, McAfee stated that “it takes time for enough users to join to make it real, but if you play, and be patient”, the exchange could ultimately function as “the door that frees us from Government’s cornerstone of control: Fiat currencies. It can’t be shut down.”
McAfee argues in an embedded video, that the crypto industry currently faces the notion of whether its aspirations are merely limited to the expansion of the possibilities for pure speculation ie “all about money” or are in fact about a certain ideal, this being freedom, of course.
McAfee is affectionately known for his denouncement of government’s control over fiat currencies and the losses it poses to individual liberty before he turned to the crypto arena.
“Centralized exchanges are our weak point.”
The American entrepreneur, is, of course, referring to China’s move to shut down local exchanges back in September 2017.
“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.”
DEX beta details
As per the details released to the public so far, the McAfee DEX will reportedly feature no Know Your Customer (KYC) checks, block no jurisdictions and charge a single platform fee of 0.25% for takers.
Furthermore, any ETH-based token (ERC-20 standard) can be added without any fees incurred to the beta version, with more unnamed tokens to be supported in the near-future.
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.”
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.
A survey published back in January 2019, compiled from the data of over 400 international crypto exchanges, indicates that only 19% of the global exchange ecosystem belongs to decentralized platforms. Notably, their trading volumes also only account to less than 1% of those on centralized exchanges.
Back in April, Binance launched its DEX on its native mainnet, while other major exchanges with plans to launch DEX’s include Bithumb and OKEx.