John McAfee Reveals He's Working on New Privacy Coin 'Ghost'

Francisco Memoria

Eccentric cybersecurity entrepreneur John McAfee has revealed he is working on a new privacy-centric cryptocurrency called Ghost.

The cryptocurrency, according to McAfee, will have a proof-of-stake (PoS) consensus algorithm and will be supported on his decentralized cryptocurrency exchange McAfeeDex. McAfee further claimed the decentralized exchange will support atomic swaps between Ghost and major cryptocurrencies like bitcoin (BTC), bitcoin cash (BCH), and ether (ETH).

A website on the project appears to show Ghost transactions will be verified using zero-knowledge proofs, which allow users to verify transactions on a blockchain without knowing who’s behind them. It also claims Ghost’s transactions “are processed on chain in under 60 seconds with just a fraction of a penny paid in transaction fees.”

The website further reveals that the Ghost network will be supported by a network of masternodes, which will “earn a share of the transaction fees using the staking and masternode features for Ghost.” Notably, Ghost tokens will be allocated to “ESH token holders.” The ESH token, according to the references given on the website, appears to be highly illiquid.

McAfee’s Cryptocurrency Endeavors

John McAfee is a well-known personality in the cryptocurrency space, as he predicted BTC would hit $500,000 by the end of 2020 in July 2017. By November of that year, McAfee claimed the model he used to make the prediction saw BTC at $5,000 by the end of that year, while the cryptocurrency hit a near $20,000 all-time high in December 2017. As such, he adjusted the prediction to $1 million.

Earlier this year, however, McAfee dropped his $1 million price prediction claiming it was all a “ruse” to onboard new users, and that bitcoin is “ancient technology.” Earlier this month, the eccentric entrepreneur also claimed BTC is “worthless.”

The last cryptocurrency McAfee launched was an ERC-20 token dubbed “Epstein Did Not Kill Himself,” using the WHACKD ticker. IT appears to exclusively trade on McAfee’s decentralized exchange, and blockchain data shows it only had two transactions in the last 24 hours.

Featured image by Craig Adderley from Pexels.