John McAfee was hitting the headlines since a few days because of the rumors of the launch of his own cryptocurrency. But all those rumors are confirmed now, as he, on his Twitter handle, announced the upcoming launch of a currency backed by cryptocurrency. The currency will be called “McAfee Redemption Unit” and is scheduled to be launched on 25th June.
According to McAfee, the currency will be printed on currency paper and will contain holographs on both sides along with two serialized features of fiat.
Though he did not reveal any specifics about the working of the crypto-backed currency, McAfee, in an interview with Crypto-News.in, said: “A coin identifier or list of coin identifiers is distributed with the note as a separate, collectible document – a paper wallet. It is expected that this paper wallet will be then stored in a different location from the note. None of the coins are initially “activated” however.”
“Coins become activated if and when a note holder chooses to “convert” his or her Fiat note through a process of reverting the note(s), through the mail or other means, to the MRU Foundation – the organization responsible for archiving and caring for the physical notes. There may be a processing fee for conversion,” he added.
Beginning of self-promotion
John McAfee, who also created the infamous yet popular antivirus called McAfee, is a massive influencer in the crypto world. He is actively promoting many coins mostly via his Twitter handle and has also set up the McAfee Crypto Team to market ICOs and coins.
Due to his massive influence in the community, he charges more than $100,000 for a single tweet, which is not much considering the Blockchain firm’s goal to raise millions.
However, he is not a saint of the crypto community. McAfee faced many allegations of shilling shit coins. He even endorsed Verge, a token which was hacked twice in the last couple of months.
Banks or cryptos?
McAfee in a recent video discussed the ongoing war between banks and cryptos and tried to aware his followers about the steps they could take to force banks to provide platforms to buy Cryptocurrencies with fiat.
Anyway, irrespective of his reputation, the entire crypto community is now eyeing to the launch of the "McAfee Redemption Unit" as it may challenge some of the major cryptos.
