Garrett Camp, best known for being a co-founder of Uber and founder of the accelerator/venture fund Expa, is launching his own virtual currency.
The currency is called Eco, and Camp wants it to be a digital global currency that can be used as a payment tool around the world for daily-use dealings.
There will be one trillion tokens issued at first, of which 50% will be given away to the first one billion verified people that sign up. 20% will go to the universities running trusted nodes, 10% will go to advisors, 10% will go to strategic partners, and 10% will go to a newly formed Eco Foundation which will be responsible for creating and maintaining the network. Camp as well as a small number of partners affiliated with Expa will also donate $10M to seed the foundation with an operating budget.
Notably there will be no ICO – which means no money will be raised for the project, and also lets the project avoid any potential legal issues which have now become prevalent with most major ICOs.
Eco’s initial whitepaper explains that it wants to improve on a few main issues common with digital currencies.
First, it wants to use only confirmed nodes for network support and transaction confirmations, meaning someone anonymous couldn’t run a node and confirm transactions like they could do on bitcoin’s network. While this essentially removes issues of 51% attacks or other acts of fraud, it also means it won’t be truly decentralized.
Second, Eco will have a large token supply (one trillion, at least initially) and simple web and mobile apps. This is likely the project’s attempt to be more user friendly, meaning a smaller dollar to Eco token conversation rate so regular users aren’t scared away by high token prices, which often happens with bitcoin. Similarly, the web and mobile app directive likely means they want to make wallets easily accessible to anyone regardless of technical ability.
The last improvement is that Eco wants to be energy efficient when it comes to transaction verification and token generation, meaning there won’t be a network of electricity-intensive miners supporting the network like some other cryptocurrencies have.
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