John McAfee has announced that he will launch his McAfee Freedom Coin this autumn. A website already exists and a white paper is apparently going to be published in the near future. However, McAfee has already proclaimed that the coin is not subject to relative price setting mechanisms of other fiat currencies or digital assets.
He said, “The McAfee Freedom Coin is designed to confront the problem of exchange head-on… 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 it’s natural market value is free, completely, to grow.”
His vision is to detach the crypto market from “fear, greed, manipulation and the vagaries of external economic conditions.” He is doing this by eliminating the exchange value of the Freedom coin. Basically, McAfee hopes to create the first digit currency valued for its purchasing power alone.
In his announcement he wrote: “The reason such has not occurred is that all goods and services cannot yet be purchased with cryptocurrency, so the currency holder must exchange with a currency that is accepted for what they want.”
The Freedom Coin will not be launched through an ICO, nor will it be mined or airdropped. And it will not be listed on crypto exchanges.
While the underlying technologies are not new, McAfee says, “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.”
As with most things that McAfee does, there have been some colorful responses to his project, most of them available to read on Twitter. And if you want to follow John McAfee and find out his thoughts, all you have to do is follow @officialmcafee on Twitter.