One of the famous computer programmers, an unconventional advocate in the field of cryptocurrency, John McAfee, announced that he is developing a new privacy coin. The privacy coin is called ‘Ghost’ and McAfee revealed it in his tweet on April 11. He also let out the twitter account and websites associated with it.
Working of GHOST
Ghost will work on a Proof-of-Stake algorithm and via atomic swaps present on the McAfeeDex decentralized exchange, users will be able to trade it against leading cryptocurrencies.
He said that with the launch of this privacy coin they will have full control of their finances.
He further added that the whitepaper and other details associated with Ghost will be posted one month later on May 15th.
The website of Ghost reveals that the proof of stake privacy coin will help protect user’s privacy by making users “nothing but a ‘ghost’ when transacting online.” The website also revealed that the Ghost transactions will make use of a state-of-the-art escrow pool and will be verified using zero-knowledge proofs. Among the other benefits, it will also have faster transaction time which will be less than under 60 seconds and lesser fees which will be around a penny or less. In order to secure the privacy coin’s network and earn a share of the transaction fees, the company is now looking for master nodes.
Ghost, McAfee and his crypto stunt
McAfee claims that he is wanted in the US for tax evasion. He added that he has been an advocate in the field of cryptocurrency for quite long and is well known for his controversial stories.
Back in 2018, McAfee openly began to accept sums of $105,000 in exchange for tweets that would promote cryptocurrencies. He added that at that time he has received the fees for doing so for about six months.
In a study conducted by Vice, his promotional tweets actually drove short-term price gains of between 50% and 350%.
McAfee was seen involved in an argument with South China Zombie Research Centre (SCZRC), the developers behind Zombie Coin in August 2019. The Zombie coin is said to be a tricky initial coin that offered $4.5 million to McAfee to draft its whitepaper and promote its ICO.
After McAfee was paid by the SCZRC, he turned against it and called it ‘Shitcoin’ which led to the promotion of the latter threatening the former with a $100 million lawsuit.
McAfee who always makes sure to follow the ongoing trend, no doubt came out with the privacy coin especially after Litecoin announced its collaboration with BEAM of the MimbleWimble privacy and fungibility feature in December 2019. It was being developed with testnet and was targeted to launch towards the end of summer 2020.
ERC-20 aka “Epstein Did Not Kill Himself” was the last crypto-asset launched by McAfee and while on one hand, it appears to be trading exclusively on his decentralized exchange, on the other, it has liquidity next to zero with the current order spread ranging from 3 satoshis on the buy-side and 12 satoshis on the sell-side.
The asset which was launched under the ticket WHACKED has said to observe only two transactions in the last 24-hours.
More about Ghost
In order to bloom the network, the Ghost team has allowed the ability for users to claim GHOST tokens at launch for free by holding McAfee’s DEX token ESH. While considering the number of ESH tokens users hold on May 25th, the team will give away GHOST tokens in proportion to this amount. Out of the total GHOST supply, 25% will be allocated to ESH token holders. Switch tokens (ESH) represent a revenue share of 50% of ALL fees collected by Switch and the SwitchDex network, which includes McAfeeDex and every month Haldi or 50% of revenue is airdropped (in ether) to ESH holders and the token is currently traded on IDEX, McAfeeDex, and Mercatox.
While most of the people in the market still think it’s another joke, various questions come up here. Whether they need for the launch of a new privacy coin is seen? Are the existing privacy coins already fulfilling the need? Is the Ghost technology going to be different?