McAfee Set to Launch His Own Crypto-Backed Currency

John McAfee was hitting the headlines since a few days because of the rumors of the launch of his own cryptocurrency. But all those rumors are confirmed now, as he, on his Twitter handle, announced the upcoming launch of a currency backed by cryptocurrency. The currency will be called “McAfee Redemption Unit” and is scheduled to be launched on 25th June.

According to McAfee, the currency will be printed on currency paper and will contain holographs on both sides along with two serialized features of fiat.

No hoax. The "McAfee Redemption Unit" is real and coming in 26 days. The graphic is low res - don't want to give much away yet. Printed on currency paper, holographs on both sides, serialized, linked to the blockchain, redeemable, convertible, collectiblehttps://t.co/ySUwkDuW7s pic.twitter.com/75xTje39X8

— John McAfee (@officialmcafee) May 29, 2018

Though he did not reveal any specifics about the working of the crypto-backed currency, McAfee, in an interview with Crypto-News.in, said: “A coin identifier or list of coin identifiers is distributed with the note as a separate, collectible document – a paper wallet. It is expected that this paper wallet will be then stored in a different location from the note. None of the coins are initially “activated” however.”

“Coins become activated if and when a note holder chooses to “convert” his or her Fiat note through a process of reverting the note(s), through the mail or other means, to the MRU Foundation – the organization responsible for archiving and caring for the physical notes. There may be a processing fee for conversion,” he added.

Beginning of self-promotion

John McAfee, who also created the infamous yet popular antivirus called McAfee, is a massive influencer in the crypto world. He is actively promoting many coins mostly via his Twitter handle and has also set up the McAfee Crypto Team to market ICOs and coins.

Due to his massive influence in the community, he charges more than $100,000 for a single tweet, which is not much considering the Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term firm’s goal to raise millions.

However, he is not a saint of the crypto community. McAfee faced many allegations of shilling shit coins. He even endorsed Verge, a token which was hacked twice in the last couple of months.

Banks or cryptos?

McAfee in a recent video discussed the ongoing war between banks and cryptos and tried to aware his followers about the steps they could take to force banks to provide platforms to buy Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term with fiat.

Anyway, irrespective of his reputation, the entire crypto community is now eyeing to the launch of the "McAfee Redemption Unit" as it may challenge some of the major cryptos.

The looming war on the horizon. pic.twitter.com/j86e2xEXP8

— John McAfee (@officialmcafee) May 28, 2018