Uber co-founder working on new crypto
Garrett Camp, co-founder of Uber, has revealed he is launching his own cryptocurrency.
Camp’s new cryptocurrency is called Eco and he hopes it will become a global digital currency, designed for daily-use transactions.
Initially, there will be one trillion Eco tokens issued.
The first 50% of the tokens will be given away to the first one billion who sign up.
20% will also go to the universities running trusted nodes, 10% will go to strategic partners, and 10% will go to advisors.
The final 10% will be allocated to a newly formed Eco Foundation that will create and maintain the network.
Camp and other investors will also donate $10M to the foundation for an initial operating budget.
Improve on other cryptocurrencies
Eco is planning to improve on some of the leading issues that other digital currencies face, according to its whitepaper.
First, it wants to use only verified nodes for added security.
Secondly, Eco will have a much more abundant token supply (one trillion initially) than other cryptos.
This will mean a smaller dollar to Eco token conversation rate, so regular users put off by high token prices.
The final improvement is that Eco wants to create a more energy efficient transaction verification and token generation method.
This will mean that, unlike some other cryptocurrencies, there won’t be a network of electricity-intensive miners supporting the infrastructure.
There isn’t a shortage of existing cryptocurrencies with these improved features.
There is, however, a lack of a developed ecosystem which is needed for real-life everyday use cases for these blockchains.
Considering the Uber co-founder’s involvement and his high profile in the tech industry, signing up partners to build an ecosystem is where this new cryptocurrency should thrive.
Users can claim a username and reserve some tokens by signing up now, and Eco hopes to begin testing by the end of the year.