John McAfee and the Tron Foundation have announced that Tron and its tokens will be supported on the McAfee DEX. Starting from November 8th Tron and all TRC10 and TRC20 tokens can be traded on the exchange. McAfee announced this in a tweet over the weekend. He also clarified that NEO, EOS and Binance will come to the exchange in January.
One month after its launch the exchange only supports Ethereum and ERC20 tokens. Tron is the second blockchain to be added to the McAfee DEX. To integrate Tron would technically be quite easy. The reason behind this is because Justin Sun made TRC20 tokens compatible with ERC20.
Decentralized cross-chain trading
The most anticipated update for McAfee DEX should happen on May 1st 2020. The exchange will launch cross-chain trading between all these separate blockchains. As a result traders will be able to trade tokens on the Ethereum blockchain with tokens on any other blockchain seamlessly. Technical details about this feature are not yet known.
John McAfee announced the McAfee DEX early October. The exchange isn’t only decentralized, it’s also distributed. Any third party can setup a gateway to the exchange, which means that access to the McAfee DEX can’t be regulated by governments. On top of that the exchange doesn’t require users to deliver any personal information and nobody needs to deposit anything. In addition any coin can get listed for free.
Traders and investors need to connect their own personal wallet to the exchange. Smart contracts take care of all the trades. This means that users are always the boss over their own money.
Need for decentralization
Centralized authorities like governments, banks and major corporations don’t want to lose their power. As a result they will keep fighting for centralized authority. The rise of decentralized applications, including exchanges, is a logical result.
Governments and justice departments are possibly following consumers who trade on centralized exchanges. Cryptocurrency exchanges are sharing user information between each other, following an advice from the Financial Action Task Force (FATF). This way they want to ‘combat money laundering and other illicit activities’. These rules also apply to banks, and can result in certain individuals being blacklisted from using crypto exchanges. Decentralization is a way to combat this act for control.
Because every cryptocurrency project can list their coin for free on McAfee DEX, it’s likely to become a wild west. Many scam projects used to list their projects on exchanges like CoinExchange and CryptoBridge. However, last month CoinExchange announced it would close its doors. In addition CryptoBridge now requires KYC verification. As a result McAfeeDex might turn out to new hotspot for all kinds of shitcoins, but their might also be some very rewarding projects amidst all the scams.
Also published on Medium.