“This is a beta version of McAfeedex.com coming today. The beta only supports coins on the Ethereum blockchain. Additional blockchains will be added to the full release. For now, any ERC20 token or any coin based on Ethereum’s blockchain may be listed by anyone for free,” John McAfee tweeted on Oct 7.
If you have been following the happenings in the crypto space, then McAfee is not a stranger. For instance, he has been promoting crypto-related products like wallets. Now, McAfee is fronting McAfeedex, a decentralized cryptocurrency exchange.
But why a decentralized exchange? According to a video posted on Twitter, McAfee sees a world where the reliance on a government-issued currency deteriorates in importance. Additionally, the Bitcoin supporter envisions a situation where crypto users don’t have to exchange their digital wealth for paper money.
For McAfee, “we already have the ability to acquire half of what we need with crypto.”
So, what’s in it for crypto enthusiasts with John McAfee’s decentralized exchange?
Below, we take a look at what the DEX has to offer.
The exchange adds to a growing list of decentralized exchanges. The DEX is relatively easy to use, and its security looks good. However, since the exchange is in the Beta stage, McAfee is optimistic that the final product will be better.
McAfee’s decentralized exchange makes use of the Ethereum blockchain, where the Switchdex smart contract powers it. The exchange can be accessed through mcafeedex.com. On accessing the platform, the top right corner of the page has the option to create a new account.
When creating a new account, you are provided with an Ethereum address coupled with the address’s private key.
After logging in, your ETH address will be displayed on the upper right corner. Also, you can choose to be whitelisted by depositing ETH worth $US80. With this option, you’re exempted from paying fees on the platform for life. If not whitelisted, transaction fees stand at 0.25 percent.
The decentralized exchange does not need a name, email, documents, or banking information to register. Also, transaction details are kept private.
Security-wise, McAfee’s DEX allows its users to import their account in case they unintentionally log out. However, to import an account, the provided ETH address and private key must be available.
Also, it’s possible to log in from two accounts at the same time with the possibility of switching between them.
Transact from a hardware wallet
The DEX supports the Ledger Nano S hardware wallet to do transactions securely. This option is accessible from the Ethereum app on the wallet. On the app, access “settings” where a user should activate the “browser” then the “contract” option. Then, refresh McAfeeDex.
If the process is done on the right order, the hardware wallet will automatically appear on the user’s account dropdown menu.
The advantage of using the hardware wallet is that activities on the exchange such as trading, withdrawing, or placing an order, are approved on the Ledger Nano S.
Listing coins and trading
Listing coins on the DEX is free and anyone can add their coins on the platform. For trading, the exchange has DAI, WBTC, TUSD, and ETH trading pairs. However, the exchange is yet to record notable trading volumes, especially on the BTC/ETH trading pair.
Buying and selling
When it comes to buying and selling, the exchange has some notable differences from other decentralized exchanges. For example, when accessing the lowest sale price, the exchange doesn’t insert the price. Instead, it allows the user to enter their lowest sale price/ buying price.
The withdrawal from the exchange is straightforward. All you need is to select the token name and the amount to withdraw.
So how does McAfee plan to deal with regulators in the United States?
In a tweet, McAfee said:
“The SEC will come down hard on me for my Wild Wild West exchange in the Crypto World, but there is nothing to shut down. Our technology is the smart contracts forever residing on the blockchain … It’s open-source. So f**k them! …American Government regulators have turned us into a virtual Third Reich. Is it my job to be a policeman for the Government? To monitor and report on what people passing through my DEX are doing? If they want me to that, they can offer me the job, for money, and I can turn it down.”