The crypto space is a welcome place for innovation and new alternatives. Day in and day out; products, services, and projects are born with new offerings that captivate the attention of investors all around the world. And whilst regular cryptocurrencies and “stablecoins” dominate the scene, there is also place for other types of assets.
American entrepreneur, IT security expert, crypto enthusiast and presidential candidate John McAfee made the news this week because of his intentions to launch what he is calling the “Freedom Coin.” By design, the asset will have “zero cash-in value, yet is accepted universally.”
A unique Paradigm, Not Connected to other Assets’ Behavior
According to McAfee, the coin should be released later this year, most precisely, in the fall. The online security expert says that the Freedom Coin “is designed to confront the problem of exchange head on, using a unique paradigm” and a new structural concept. For that reason, the token is neither based on any commodity nor connected to the value or behavior of any other asset, as most cryptocurrencies are.
McAfee observes that “the value of the coin will always be zero in relation to any other currency yet its natural market value is free, completely, to grow.” It is definitely a fresh concept in an industry dominated by ever-changing tokens that see their price go up and down depending on several circumstances and developments.
Those conditions, circumstances, and developments may vary, and can greatly affect the fate of a specific token or project. The idea behind the Freedom Coin, as its name so accurately indicates, is to eliminate the “fear, greed, manipulation and the vagaries of external economic conditions.”
Waiting for the Whitepaper
As of today, the project still does not have a whitepaper, and the crypto industry is awaiting it to have more details, both technical and environmental, about the project and its concept. The document will be released at a later date that has not been specified.
The McAfee Freedom Coin is purportedly available to perform transactions directly between user wallets. However, it is not going to be present on crypto exchanges and similar platforms, in an attempt to detach it and its value from other assets.
McAfee published a message regarding the project: “No it is not mined. No, we are not doing an ICO. No, we are not looking for investors. No, we will not be listed on an exchange. No, we will give no more information before release of white paper. Yes, this is real… Also, there will be no airdrops”.
A Truly One-of-a-kind Project
He stated that whilst there are numerous original crypto projects circulating in the industry, the Freedom Coin is unique and has a one-of-a-kind modus operandi, eliminating the currency exchange market from its ecosystem and relying on private sales or peer-to-peer platforms.
According to a reply from McAfee in his official Twitter account, “private sales are unrestricted. It is organized exchanges that will not be able to play. A private sale does not make a market. Buy gold, diamonds, bonds, stocks – even dollars – we don’t care. But an exchange market for anything whatsoever cannot be done.”
McAfee recently announced his intentions of developing a privacy-focused “Visa/Mastercard Crypto Debit Card,” which is already undergoing tests.
By Andres Chavez