Antivirus software pioneer John McAfee announced in a post on Twitter that he plans to release his own cryptocurrency in the fall. According to the longtime cryptocurrency advocate and 2020 presidential candidate, the coin will be called the McAfee Freedom Coin and is designed to achieve what he calls “the Holy Grail of cryptocurrency – economic freedom.”
The coin’s website notes that the plan is to bypass the current status quo in which each cryptocurrency’s value is measured relative to other digital currencies or fiat money, with the goal of establishing “a cryptocurrency that people value for its purchase power alone.”
McAfee suggests that cryptocurrency will be unable to achieve its goal of creating economic freedom until there’s a coin that is “disconnected from fiat currencies and from other crypto currencies alike - a coin with zero cash-in value, yet accepted universally.”
The website claims that McAfee’s cryptocurrency will be that coin:
The McAfee Freedom Coin is designed to confront the problem of exchange head on, using a unique paradigm and a new structural concept. It is not based on any commodity nor is it connected to the value or behavior of any external item or entity. 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.
The McAfee Freedom Coin is not, by any means, a technology breakthrough - the coin's makeup is trivial and there is nothing new in it. The uniqueness comes from a new approach to understanding the evolution of cryptocurrency and the mechanisms that have kept the Holy Grail of cryptocurrency - economic freedom - out of our reach.