American businessperson and vocal cryptocurrency advocate John McAfee has just launched a decentralized exchange service (DEX) running on Ethereum (ETH) blockchain.
McAfee DEX has just set to run in a pre-release release status as of October 7th according to the platform’s new official website and also McAfee’s personal Twitter feed.
“Centralized and dedicated exchanges are our weakest point”
On October 5, McAfee’s tweet unveiled this new platform, declaring that “it takes so much time for sufficient users to unite to make it actual, but if you perform, and be tolerant,” the exchange can function as “the door that releases us from Government’s basis of control: The Fiat currencies. It just can’t be shut down.”
In an included video, McAfee argues that cryptocurrency community has faced the question that whether its ambitions are limited to simply expanding the opportunities for pure presage — “Its all about the money” — or are just about an ideal, real freedom.
After denouncing governments’ command over the fiat currencies and the casualties this presents to individual freedom, McAfee turned to the cryptocurrency space: “centralized exchanges are the biggest weak point of us,” he said, pointing to The China’s move to screen domestic exchanges late in September 2017.
“A distributed exchange can not be shut down by everybody. Decentralized meaning that nobody regulates it, distributed meaning that just it is everywhere and thus impossible to stop. We have had privacy coins, that is the other segment of this thing, because privacy coins with decentralized and distributed exchanges that is the goose which can lay the golden egg for our own use. We do not use it though.”
McAfee DEX pre-release: the details
According to the details that released so far, The McAfee DEX will reportedly entail no KYC (Know Your Customer) checks, block not any of jurisdictions and will charge just a single platform fee which is of 0.25% for the takers. It wont do charge the maker fees and also will reportedly become open sourced.
Any token based on ETH (ERC-20 standard) can also be added just without a fee to beta version, with incresingly more and more unspecified tokens just to be endorsed in the future.
“Don’t be expecting miracles”
In his October 5 video, McAfee has pointed to the low amount of traders that are currently using the decentralized exchanges, He considers that this makes them just “useless.” For his own DEX, McAfee urged users:
“Play with it, Please do not expect miracles at the very first. Just Play with it so it becomes real.”
As Cointelegraph has previously reported, non-custodial decentralized cryptocurrency exchanges enable the users to do trading in a peer-to-peer fashion, using smart contracts to do automate deal matching and also asset liquidation so that in order to allow the users’ funds to be remaining under their control.
As of The January 2019, a survey which included many of over 400 international cryptocurrency exchanges indicated that the decentralized platforms accounted for about 19% of the global exchanging ecosystem, and also their trading volumes can be calculated to just less than 1 percent of those who are on centralized exchanges.
This April, The major centralized exchange Binance (which we all know) launched its private DEX on his own native mainnet. Also Other major exchanges are looking for building their own DEX which includes Bithumb and OKEx.