Uber co-founder Garrett Camp to launch his own cryptocurrency
Uber co-founder Garrett Camp has announced the launch of his own cryptocurrency called Eco. The digital currency aims to be used as a payment tool for day-to-day transactions around the world. Notably, Camp will not hold any initial coin offering (ICO) for Eco, which should be test-running by year end. Currently, users can sign up here to claim a username and reserve some tokens.
At least one trillion Eco tokens will be issued initially
Camp will initially issue one trillion Eco tokens. Of these, 50% will be given to the first one billion verified users, 20% to universities running trusted nodes, 10% to advisors, and 10% to strategic partners. The remaining 10%, along with a $10 million donation from Camp and partners, will go to the newly formed Eco Foundation which will maintain the entire network.
Eco to improve on few problems common with digital currencies
First, it wants to use only verified nodes for network support and transaction confirmations, essentially disabling anonymous accounts in the system. This removes 51% attacks and frauds. Second, with a large token supply and a simple web and mobile application, Eco wants to have a smaller dollar to Eco token conversation rate to be more user-friendly and accessible for daily use.
Eco does not want a network of electricity-intensive miners
Lastly in a bid to be energy efficient, Eco does not want a network of electricity-intensive miners to support the system. So at least that won't be happening when it comes to transaction verification and token generation.
What good are daily-use cryptocurrencies without corresponding merchant ecosystem?
This isn't the first time a cryptocurrency has been launched in the hopes of changing the digital transaction world for the better. For example, Telegram's upcoming token is also mobile-first and daily-use with high supply and low price. However, what is required is an ecosystem to support such real-life everyday use cases for these blockchains and on-boarding service providers and merchants for the same.
