Uber Co-Founder Garett Camp is a popular name in the tech community as well as with entrepreneurs. He has now become the latest name in the community of techpreneurs to jump into the world of cryptocurrencies and blockchain technology. Garett, who is known for co-founding Uber, as well as for his venture fund Expa, is now working on launching his own cryptocurrency - ECO. As per Garett Camp, this currency is intended to be a global currency which can be used as a means of payment in day-to-day transactions. Let us take a detailed look at his vision for Eco:
A total of 1 Trillion Eco Tokens will be issued as of this initial stage. Out of these 1 Trillion currencies, 50% will be given away to the first one billion verified humans that sign up. 20% will go to the universities running trusted nodes, 10% will go to advisors, the next 10% will be given to ‘strategic partners’, and the final 10% will go to a newly formed Eco Foundation. The Eco foundation would be the body responsible for running and managing the Eco Network.
Camp, as well as some partners at Expa will provide a seed funding of $10 Million to the Eco Foundation to kick things into motion. Interestingly, Camp has also stated that there will be no ICO for the Eco tokens. This is likely to avoid any legal issues pertaining to ICOs which seem to be on a rise these days.
What makes Eco special is the fact that it isn’t your traditional altcoin which are usually clones of the top few currencies. Eco has some unique and innovative features and this approach can be seen below:
Three Highlights of The ECO Tokens:
- Eco will make use of only verified nodes when it comes to confirming transactions. This is being done to ensure that the security levels are better than that of other cryptocurrencies and it dramatically reduces the odds of being attacked by hackers. However, with this, the currency doesn’t really remain ‘decentralized’.
- Eco will offer a large supply of tokens - One Trillion, just to begin with. This is to keep the dollar to Eco prices in control so that users don’t get demotivated to purchase these currencies initially. Moreover, the currency will also offer web apps and mobile apps which will make it simpler for the users to use and manage their Eco tokens. Ease of use and accessibility are given prime focus with Eco.
- Eco also intends to be energy efficient when it comes to confirmation and verification processes. Token generation too, won’t be as electricity-heavy as other cryptocurrencies.
As of this point in time, there are no details of when Eco will actually hit the markets and reach consumers. However, sign-ups have already begun and users can claim their username and reserve some tokens already! Eco hopes that their testnet would be up and running by the end of the year - but a final setup may take even more time. Nevertheless, this is a novel and exciting concept from the Uber Co-Founder.