The famous cryptocurrency enthusiast John McAfee has announced his own privacy coin called GHOST. He announced this privacy coin on Twitter. John McAfee tweeted :
On April 11, McAfee tweeted that Ghost will be using a Proof-of-Stake algorithm. He also said that the privacy coin would be tradable against major cryptocurrencies through atomic swaps on the McAfeeDex decentralized exchange.
GHOST to use Proof-of-Stake algorithm
McAfee also tweeted that “With a DEX/privacy coin combo we now have full control of our finances”. The GHOST coin will use the Proof-of-Stake algorithm.
On April 11, McAfee tweeted that Ghost will be using a Proof-of-Stake algorithm. He also said that the privacy coin would be tradable against major cryptocurrencies through atomic swaps on the McAfeeDex decentralized exchange. An Atomic Swap is a peer-to-peer swap between various cryptocurrencies without an agent. The term “atomic” is a sumptuous computer science word suggesting they either occur exclusively or not at all. With atomic swaps, cross-block token trading can be performed decentrally. Decentralization gives full advantages.
Unlike the proof of work method, in which the user validates transactions and creates different blocks by performing a certain amount of computational operation, proof of stake method requires the user to assign possession of a certain number of cryptocurrency factors.
In the case of GHOST, transactions utilize a state of the art escrow pools to shield and delete the history of transactions. GHOST transactions are validated using zero-knowledge proofs. GHOST token holders and users will control the network. GHOST has no principal company or owner and is operated and managed by the community. According to the website, 25% of the GHOST supply will be allotted to ESH token holders. The outstanding supply of GHOST is allotted towards proof of stake rewards.