Tech-tycoon John McAfee is spinning heads after announcing the launch of his own crypto-backed fiat currency aptly called McAfee Coin, which is due for release in 26 days.
The cryptocurrency world often hangs tenaciously on any bullish or controversial statements made by the so-called ‘Crypto Dad’. His endless displays of eccentricity and unconventional attitudes in both personal and business practice has caused him to receive a devout following. Some would even go as far as to call him “an anti-hero of sorts to the worlds cybersecurity, economic, political landscapes”.
This latest serving from McAfee takes all those presumptions that much further, a crypto-backed fiat currency seems almost implausible if not impossible, but according to a Tweet, this is no hoax.
To go along with prior tweet: pic.twitter.com/7s7mpGFvnD
— John McAfee (@officialmcafee) May 29, 2018
In an exclusive with Crypto-News India, McAfee went on to explain his crypto-backed fiat currency, some of its features and inner workings.
Firstly, the McAfee Promissory Note will be the first note that is connected to the blockchain by a token or number of tokens; he also claims it to be the first “fiat currency collectors item that is 100% guaranteed as forgery proof”.
The notes can be redeemed for real-world services, and the notes themselves come in seven denominations, with some of the most prominent figures in the crypto industry featured on them.
An interesting feature of the notes is that they are redeemable for a face-to-face meeting with Crypto Dad himself; a 10 denomination note will grant you ten minutes with McAfee, a 20 for twenty minutes and so on. The instructions for meeting are as follows:
- Show up between one and three, only.
- Turn in your note and you receive a date, time, and address where you will meet Mr McAfee.
- The meeting place may be in any part of the world. The note will be archived.
- Only one set of notes may ever be redeemed by one individual. Maximum time allotted will be 100 minutes per person.
McAfee notes are to be tied to McAfee Redemption Units (MRUs), a digital currency; McAfee explains that each McAfee promissory note is denomination and serial number unique, and each note is tied to one or more cryptocurrency coins called “McAfee Redemption Units.”
These coins are “activated” once the owner of a note converts their McAfee fiat through “mail or other means”, to the MRU Foundation, which is responsible for the physical notes.
The full details of the latest McAfee project can be read here; it is also worth noting that McAfee has released a Declaration of Currency Independence, a profound statement that calls for the accelerated mass-adoption of cryptocurrencies. The website reads:
“We are not declaring Independence from State Controlled Currency — We are declaring Controlled Currencies through fiat have been rendered Obsolete.”
It is almost impossible to predict what McAfee will do next or whether or not his latest ambitious venture will hold ground after its launch. Either way, watch this space.
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