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Uber Co-Founder dives in Crypto-Mania, announces New Virtual Currency

Mar 06, 2018 Posted /  5247 Views

Uber Co-Founder dives in Crypto-Mania, announces New Virtual Currency

Uber's co-founder and founder of the venture fund- Expa, Garrett Camp have announced to launch its own cryptocurrency, named as Eco. The much-celebrated technology enthusiast Camp stated that he aspires that his digital currency becomes a global payment mechanism for the day to day transactions of the people across the world.

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As per the announcement, one trillion tokens will be issued initially, and 50% of these will be given away to the first billion verified humans that sign up for the currency. The division for the 50% is done as follows:-

  • -20% will go to the universities running trusted nodes
  • -10% will go to advisors
  • -10% will go to strategic partners
  • -10% will go to newly formed Eco-Foundation

The Eco Foundation will be responsible for creating and maintaining the network, and according to Camp, he along with a small number of affiliated partners with Expa will donate some $10 mln to it. This amount will be seeding the foundation's operating budget. It is noteworthy that Uber co-founder announced for no ICO, which means that they are not raising any money for the project. By not announcing any ICO, Camp has paved more authenticity for his cryptocurrency project and has avoided any potential legal issues which are prevalent with most major ICOs.

Even the Whitepaper provided for the Eco talks about the major issues with digital currencies and promises to be an enhancement over the conventional virtual currencies. As outlined in the Whitepaper, Eco project will only use verified nodes for network support and transaction confirmations. This potentially eliminates anonymity of nodes which is adhered by the bitcoin network. Notably, authenticated nodes might reduce the acts of fraud almost by 51%, but the very essence of cryptocurrencies is lost over here- decentralization.  

Next, Camp has assured that there will be no limited supply of coins, as Eco will come up with one trillion token supply initially. This project will be furnished with simple web and mobile apps in an attempt to provide more user-friendly directive. The high token supply will make sure that there is a smaller dollar to eco token conversion, so regular users are not scared by high prices. Mores simpler interfaces will also make it easily accessible for the masses to adopt.

The next thing that Eco aims to enhance on is the energy efficiency. Eco has given it quite a brain and said that transaction verification and token generation would be energy efficient, which means no more wastage of large power supply like most significant cryptocurrencies for mining of tokens.

The team behind the project wants it to be an admirable project with novel idea unlike most of the virtual currencies which are just "copy and pasting" the Bitcoin ideas for creating their digital blockchains with only a slight difference

This doesn't mean Camp has come up with some uniquely different idea. There is a multitude of cryptocurrencies that are also working with the same aim to improve on Bitcoin. For instance, Litecoin and Ethereum both have faster blockchains. Telegram’s upcoming token and Kik’s Kin token are trying to be mobile-first, daily-use tokens with high supply and low token price. Ripple is already in the circuit with same eschews of anonymous nodes and instead uses trusted validator nodes run by legitimate groups chosen by them. Ethereum is operating on proof of stake to become more energy efficient, and NEO already has a working one in place.

Perhaps Eco will have better success with this. It desires to have a test net running by the end of the year, but interested users can sign up now to claim a username and possess some tokens.

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Tags: crypto-mania virtual currency cryptocurrency

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