So it’s true – McAfee Associates founder and crypto activist John McAfee wants to launch a fiat type of currency. On Tuesday, we reported that the crypto ‘oracle’ hinted that he might announce a fiat currency backed by cryptocurrency, but no-one was sure whether he was serious about it.
He said via his Twitter account that the pre-announcement was no hoax and that he would launch the so-called McAfee Promissory Note on June 25. The note is backed by blockchain-based McAfee Redemption Unit (MRU) token.
https://twitter.com/officialmcafee/status/1001444693618589696
He even presented a picture with all the notes, stressing that the image quality was not decent at the moment.
McAfee claims that his new currency is backed by blockchain, redeemable, convertible, and has holographs on both sizes.
You can redeem your notes – as it turns out, each note can be redeemed for a private, face-to-face meeting with McAfee himself. The redeeming procedure is explained in short on the back side of each note:
“Please appear at the redemption office between the hours of 1PM and 3PM at: Rinconada de Los Caracoles 109 Departamento 01 Conchas Chinas Puerto Vallarta, Mexico 48390,” the note reads, describing the address in Mexico where one can present the certificate and get the precise data, time, and location in the US to meet McAfee.
So if you are a possessor of the McAfee Promissory Unit, you should reach some of these buildings in Puerto Vallarta, Mexico:
…and then travel in the US to meet John McAfee. It’s quite an expensive journey, but McAfee’s fans would probably don’t mind it.
He reportedly said that “one” McAfee is equivalent to one minute in a meeting with him. An individual is limited to redeem notes for a session of 100 minutes.
Note that redemption is not the same as conversion, as one individual can convert his note by sending it to the MRU Foundation in exchange for the equivalent value expressed in cryptocurrency. Once the note reaches the Foundation, it is archived to avoid duplication.
McAfee revealed that there are 341,000 notes of various denominations with a total of 6.05 million redemption units and that no more notes will ever be released. As of now, each MRU unit costs $9.95.
The series of notes are grouped in seven denominations, each having an image of either McAfee himself in different positions or a crypto star, including Bitcoin Foundation director Brock Pierce, Bitcoin.com CEO Roger Ver, and Bitmain CEO Jihan Wu. The one-denominated note shows McAfee with more ladies surrounding him.
Many commentators showed their support and interest in the new project. Some of them had some concerns though.
For instance, one commentator noted: “What's the point of printing other money when the goal is to get rid of the existing one?”
But McAfee directly replied “Patience. You will see. You're just glimpsing a shadow of a shadow of what I'm doing. Young people!”
Some commentators proposed their design versions:
This article appeared first on Cryptovest
