Just so we don’t forget about him, John McAfee posted on Twitter about pumping a new crypto project that obviously has many worrying red flags and we are about to find what exactly is going on in our blockchain news below.
The latest crypto by McAfee named ‘’Apollo’’ is reportedly an all-in-one cryptocurrency that allows for private transactions. However, it turns out that the privacy features of the new cryptocurrency are not actually private. The crypto development company Jelurida claims that this is one of the main issues with Apollo.
The selling point of the dubious cryptocurrency states that this is the best crypto out there for no apparent reason. As the statement on their website goes, cryptocurrencies are not really accessible for most of the people around the world because they require a bank account, knowledge, and a computer so the solution here is to break down this barrier and to create a decentralized network of locations where anyone can purchase Apollo with cash.
The Apollo team’s goal is to create small exchange stores where people can walk in and convert their fiat currency to Apollo and then to other cryptocurrencies. For a normal cryptocurrency, Apollo should have an IP masking and public-private transact on options.
The Jelurida team explained in a blog post that many of the privacy features promoted by Apollo don’t really help the users to go past the barriers. The team stated:
“After a close examination of the Apollo software, we feel it is necessary to issue a public warning, in order to prevent Nxt users who have accounts on the Apollo blockchain from being misled that the Apollo private transaction feature actually works, and wrongly assume that their transactions cannot be seen by others. The reality is that all transactions on their blockchain, regardless of being labeled private or not, are easily accessible to anyone who downloads the Apollo blockchain, now, and forever in the future, due to the immutable nature of the blockchain”.
The Jelurida team conducted an experiment where they found out that it was possible to track all of the info from the transaction which shows that the privacy features are basically non-existent. That’s why the issued a warning to traders and investors to examine this new cryptocurrency before pouring their money into it.
DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]