Uber co-founder Garrett Camp is launching his own brand new cryptocurrency called ECO by the end of this year.
Uber creator invents new cryptocurrency—and wants your help making it reality https://t.co/R40NVGX4cV
— FORTUNE (@FortuneMagazine) 2 March 2018
ECO will be designed as a global currency that can be used for daily transactions.
“The more research I did, the more I was not really wanting to buy a large amount of any one of them. I realized it might be better to release a new project from a different philosophical standpoint with cooperation from a lot of universities, scientists, and research institutes—like the Internet,” said Camp.
Initially, one trillion tokens will be issued out of which 50 percent will be given to the first 1 billion people that sign up for it. From the remaining 50%, 20 percent will be given to universities that run trusted nodes, 10 percent will go to strategic partners, 10 percent to advisors and 10% to the ECO Foundation that will be creating and managing the network.
Camp himself and a small number of partners associated with the Camp-founded accelerator/venture fund Expa will donate $10 million as a seed funding to the foundation.
The project is currently in its early stages and Camp is searching for more blockchain experts that could be added to his team.
There will be no Initial Coin Offering which means there will be no money raised for the project. ICOs are currently surrounded by a lot of regulation and other legal issues, so in this case, Eco will at least be saved from such potential legal problems.
An ECO whitepaper was released for public viewing that outlined the functional aspects of the cryptocurrency and the issues existing within the crypto space that it wants to solve.
The issues that ECO aims to resolve are:
According to the whitepaper, Eco will use only “verified nodes” on its platform for transaction confirmations. This will prohibit any anonymous individual from operating a node and independently confirming transactions – a primary problem existing within the Bitcoin blockchain. So this means ECO will not be completely decentralized.
Eco will have a large initial supply volume (1 trillion tokens) which makes it more user-friendly as the dollar conversion rate of ECO will be much less compared to Bitcoin, thus attracting more users.
ECO will also have simple web and mobile apps which means wallets will be easily accessible to customers irrespective of their technical abilities.
When it comes to transaction verification and token generation, ECO aims to be more energy efficient by eliminating cryptocurrency miners from the ecosystem.
Although ECO has come up with a fresh concept, it is still not something unique. After Bitcoin, almost every cryptocurrency startup has copied Bitcoin to some extent in order to create their own blockchains, but with slight differences added to it. With such small differences, every startup portrayed itself as something different, something that could change the world. However, they failed to do so as improvements are not required in cryptocurrencies but in the entire system. Launching cryptocurrency is not hard at all, but attracting hundreds and thousands of service providers and merchants that will use the cryptocurrency on daily basis is really a tough job.
Maybe, ECO will be lucky enough to create an ecosystem in an area where the cryptocurrency could blossom. Keeping in view, Camp’s involvement and status in the tech industry, it seems like ECO might get successful.
ECO plans to have a fully operational test net running by early next year however, interested users can sign up now on the company’s website to claim a username and reserve some tokens.