Garrett Camp, Uber co-founder and founder of Expa (an accelerator/venture fund), is set to launch a new cryptocurrency called Eco. Camp intends Eco to be a digital global currency designed to be used for day-to-day transactions. An initial one trillion Eco tokens will be issued, half of which will be given to the first billion verified users who will sign up. Twenty percent of the tokens will be given to universities which run trusted nodes, while ten percent will be given to advisors. Another ten percent will be provided to strategic partners and another ten percent is reserved for the newly established Eco foundation.
Eco Foundation’s responsibility is to create and maintain the Eco network. A $10 million seed money will be donated by Camp himself as well as Expa’s affiliated partners. Eco will have no ICO thereby removing the need for any money to be raised – a detail that will allow Eco to evade any possible legal issues related to ICOs.
Eco seeks to address issues commonly present with digital currencies. For one, it aims to solely use verified nodes for transaction confirmations as well as network support. Anonymous users will therefore be unable to operate a node or confirm transactions – an issue that is present in bitcoin. Though this detail will eliminate 50% of fraud issues, Eco will essentially be a non-decentralized digital currency.
Eco will also have a large supply of tokens as well as web and mobile apps – a user-friendly way to make it easy for users to access the cryptocurrency in their digital wallets. Eco will also have small dollar token conversions – a stark difference from bitcoin’s high token values. Eco’s goal is to be similarly energy efficient thus avoiding electricity-guzzling miners. Though Eco is scheduled to have a test run by year’s end, users can currently sign up and reserve a few tokens.