According to reports, John McAfee has launched its decentralized exchange (DEX) running on the Ethereum blockchain.
As of October 5th, McAfee unveiled the new platform saying it takes time to get enough users to join up and make a difference. But, if you are patient, the exchange can serve as a door to frees us from the Government's control of fiat currencies and therefore cannot be shut down.
McAfee pointed out, the cryptocurrency community is facing whether their aspirations are limited to merely expanding their possibilities for the sake of speculation or is it about freedom. It's all about money!
He is strongly against governments taking control over fiat currencies which will lead to a loss of individual liberty. He went on to say, centralized exchanges are our weakest points and look to China's move to shutter domestic exchanges.
He believes distributed exchange cannot be shut down by anyone. Decentralized means no one controls it, distributed means it is everywhere and therefore impossible to stop. Privacy coins are another part of the equation, privacy coins with decentralized, distributed exchanges will lead to more profits.
According to the information that has been released, McAfee DEX will not include Know Your Customer checks, block no jurisdiction, and charge a single platform fee of 0.25%. It will not charge maker fees and will be, reportedly, open-sourced.
There Are No Miracles:
McAfee pointed out the low number of traders currently using decentralized exchanges makes them useless. For DEX, he urges users to play around with it but doesn't expect miracles at first. Just play with it until it becomes real.
According to other reports, non-custodial decentralized crypto exchanges will allow computer networks to act as a server for others, using contracts to automate matching deals and allow users' funds to remain under their control.
A survey involving crypto exchanges revealed that decentralized programs accounted for only 19% of the global exchange ecosystem Their trading volumes come to less than 1% of these on centralized exchanges.
In April, Binance launched its own DEX and other major exchanges are looking into their own DEX including Bithumb and OKEx.