The noted anti-virus software tycoon and cryptocurrency advocate, John McAfee has just launched his addition to the crypto ecosystem, Magic, which is a digital currency trading platform. The project allows its users to trade cryptocurrencies on multiple exchanges within a single dashboard, automatically and manually, which can prove to be vital for crypto adoption.
The platform combines manual trading and bot trading thus becoming an access point, and according to the website that’s where the “Magic” lies; being able to quickly go through with a trade while preset trading bots make several trades on different trading platforms.
According to reports, the platform offers two portals: one is reserved for normal spot trading while with the other Magic also allows users the ability to execute shadow trades. Whereby a user’s trades will be set to imitate trades of professional level traders, who, according to McAfee, are “ranked by the community by their trading success”.
McAfee ardently believes in giving people the control over their cryptos, hence the exchange seems to categorize itself as a non-custodial as crypto holdings of the users remain on eight other exchange platforms, a feature that sets Magic apart from most trading platforms. According to Magic’s website:
Novices retain control over access to their funds at exchanges. (‘Your keys’ your ‘crypto’) — that’s McAfee Magic.
But hours after its launch, the trading platform suffered denial-of-service (DoS) attack, preventing users from logging in to experience “the Magic”.
McAffee turned to Twitter and updated the users of the attack.
The AWS servers used by https://t.co/5jRN3sSyUg are still under a cloaked hoic DOS attack. I would like to thank the hackers from the bottom of my heart for the free publicity.
— John McAfee (@officialmcafee) June 12, 2019
The situation was handled abruptly and efficiently as within hours after the attack, the platform was up and running.
— John McAfee (@officialmcafee) June 14, 2019
Other features of the platform include the “set and forget”, which is the ability to set buy and sell orders simultaneously. When it comes to the matter of security, the Magic’s FAQs say that the site is hosted on “top grade” Amazon Web Service servers that come with DDoS protection and can “scale on demand”. Obviously, with McAfee one expects tight and foolproof security protocols.
Furthermore, McAfee’s protocol also allows for bot trading with over 500 digital currencies. The platform is powered by an ERC20 token, called the Arbitrage (ARB), which is also referred to as “fuel” and one needs to purchase the ARB specifically in order to become a McAfee Magic member.
Upon logging in, the user will gain access to McAfee’s Magic dashboard which provides access to further portals like the trade portal, shadow portal, wallet, and interface settings. Users have the freedom to add multiple exchanges to their personalized dashboard view with digital currency platforms like Binance, Kraken Huobi and Bitrex.
The platform also provides a trading view and depth charts for each of the added exchange. Other than that, users can view several coins on the dashboard including the top 10 cryptocurrencies BTC, ETH, BCH and other ERC20 tokens.
The website clears out all jurisdiction related questions stating that the site is operational in all jurisdictions without any restrictions. McAfee announced the Magic platform in a rather unusual tweet, which interestingly enough, involved a police chase. His tweet read:
Sorry to be late with my magnum opus trading platform. But I did not anticipate having to mud wrestle the Bahamian Police Commissioner along with dodging assassins this week — But better late than never — Here it is.
However, McAfee didn’t just sign off simply after launching his Magic. ‘“Next week” crypto debit cards are coming,’ he said unleashing speculations. What makes the bit about crypto debit particularly interesting is that the US-based cryptocurrency exchange, Coinbase only recently launched its very own crypto debit card as well and further expanded it to Europe as well.
Moreover, even one of the largest cryptocurrency exchanges in the world, Binance struck a partnership with the Israel-based payment processing firm, Simplex, to offer debit and credit card payments with cryptocurrency. Could it be that McAfee is following their footsteps? It’s all speculation at this point as no information has been revealed about a McAfee crypto card as yet.
McAfee and the Cryptoverse
McAfee’s Magic platform isn’t his only contribution to the cryptoverse. In fact, the new platform follows a few other projects which were set in motion over the last few months only. McAfee helped launch the Bifi Wallet in June last year, which was touted as the first unhackable, open source hardware wallet with an accompanying dashboard that features wireless setup and support for many popular cryptocurrencies and crypto assets
In addition to that, McAfee is also launching a cryptocurrency called the Freedom Coin. The intriguing thing about the coin is that the website itself declares that the coin is “not, by any means, a technology breakthrough”. According to the website:
The value of the coin will always be zero in relation to any other currency yet its natural market value is free, completely, to grow.
As for McAfee’s Magic platform, it is too early to pass any kind of verdict, only time will tell if the tricks and the bot schemes its providing are what the crypto community wants.