Cryptocurrency advocate John McAfee is launching his own decentralized exchange. He named it McAfeeDex, or McAfee Decentralized Exchange. A beta version launches this Monday and supports only the Ethereum blockchain. Additional blockchains will be added into the full release, including Tron, EOS and NEO.
The exchange runs on the Ethereum blockchain and uses smart contracts. The entire exchange is open-source, and anybody is allowed to setup a portal for McAfeeDex. On top of that anybody can trade whatever they want. It basically is a crypto version of Craigslist.
McAfee Dex portals are exact copies of our website running on different hosts and managed by different people or organizations. Portal managers collect 0.05% of all buy transactions entering through that host. All hosts have access to all buy/sell orders. Small installation fee.John McAfee, Monday 7th of October 2019, on Twitter.
McAfee asks a one time fee of 395 dollars for setting up an exchange portal, which John McAfee describes as a ‘doorway onto the exchange’. After that portal owners get 0.5% of all transaction fees that go through their portal. Users don’t need to provide personal information, and projects don’t need to pay listing fees. There also aren’t any maker fees, while there are 0.25% taker fees.
Craigslist of crypto exchanges
Last week CoinExchange announced it would close its doors. This exchange was – for a long time – one of the first exchanges any small crypto project would launch its coins on. Often followed by CryptoBridge, which now requires KYC verification. CoinExchange is closing now. As a result McAfeeDex might turn out to be the new Craigslist for all kinds of shitcoins.
Project owners can add any token instantly to the exchange. In addition is completely free to do this as well. Additionally the exchange doesn’t require any data from users, allowing anybody to trade there. This is likely to bring a large amount of scammers to the exchange.
On the Tron network people can launch their own token just by paying a bit of TRX. Anybody with a few thousand TRX can do this. Imagine any of these projects launching on McAfeeDex. On top of that, it’s even not that complicated to setup a token on the Ethereum blockchain. McAfeeDex might just open the floodgates to an insane amount of scams as soon as it launches today.
Also published on Medium.