John McAfee has announced on Twitter that he will no longer be supporting the Ghost proof-of-stake privacy coin after citing concerns around management of the platform.
McAfee, who has been a divisive figure in the cryptocurrency space, has been advocating the project over the past few months. His tweet on August 19 laid out apprehensions around the management of the project, claiming that “Management is incapable of making a success of the project. It will, without a doubt fail” before apologizing to people that may have been convinced to invest in the project.
Ghost team releases statement
The Ghost management team released an official statement a few hours later on their Medium page, stating that the project would continue with or without McAfee’s support.
“John McAfee is a tech pioneer, a really cool guy, and a loose cannon. As most of you know, today John randomly pulled his support for GHOST, whatever that means.”
The Ghost team added that the project is open source and decentralized and that McAfee’s support was mainly through marketing the platform through his own social media and business networks. The Medium post also claims that McAfee had no involvement in the day to day operations of the project and was in no way involved in the development and programming of the Ghost platform.
Following his original tweet stating that he would no longer support the Ghost privacy coin, McAfee claimed that he had met with the Ghost executive team and would be continuing to support the development of the Ghost cellphone data service:
The Ghost Project
McAfee began promoting the launch of the Ghost proof-of-stake privacy coin in April 2020. As Bitcoin.com reported at the time, McAfee touted the project as a means for users to transact anonymously online using the moniker ‘ghost’.
Furthermore users would be able to carry out atomic swaps on McAfee’s own decentralized exchange McAfeeDex using Bitcoin, Bitcoin Cash, Ethereum and other cryptocurrency tokens. The platform claims to use a ‘state of the art escrow pool’ to ‘shield and erase’ transaction history which are verified using zero-knowledge proofs. The platform is a proof-of-stake network that is supposedly controlled by Ghost token holders and users.
The website also claims that transactions are processed in under two minutes and have low fees. In addition users that partake in the staking programme to secure the Ghost network are liable to earn a percentage of transaction fees from the network. In order to become a ‘Ghost Veteran’ users have to stake at least 20 000 Ghost tokens which is touted as the ‘best way’ to earn fees from the network. A sliding scale for token staking on the website shows that Ghost Veteran’s could earn up to $6500 a month from the rewards program.
As The Daily Chain reported in July 2020, the Ghost privacy coin signed a deal with ivendPay which allowed the privacy coin to be used as a payment option in vending machines located around Hong Kong.
The Ghost privacy coin project also met heavy scrutiny after claims that its whitepaper had sections that were identical to PIVX, which is an open-source privacy coin.
Ghost Phone service to go ahead?
As previously mentioned, McAfee has now claimed that the development of the Ghost Cell Phone Data Service will continue and is set for a launch in September 2020.
The website of the service claims that users will be able to utilise their smartphone device anonymously, removing any form of tracing through ‘multiple layers of protection and sophisticated app support’.
This includes being able to access the internet anonymously without the need for a sim card. Connections will be made using a virtual private network (VPN) providing encryption of a user’s data.