Uber co-founder Garrett Camp recently announced his intention to release a new altcoin, Eco. This coin is different, in Camp’s view, because of the way that it will be distributed and maintained. He doesn’t see this coin as his, or his team’s, or even as belonging to his investment fund, Expa. He views this as a collaboration of minds, much like the Internet itself. It is designed as an effort by many scientific and academic institutions working in unison toward a shared goal: a vastly simplified payments method that can benefit people around the world equally. The coin will benefit those limited by poverty, economic or political instability, or lack of access to conventional banking.
One trillion coins will be created, fifty percent of which will be distributed to the first billion humans to queue up. Twenty percent will be dedicated to the scientific and academic institutions running the secure nodes that will power the currency. The remainder will be equally divvied up between advisors, strategic partners, and the new Eco Foundation that will create and manage the cryptocurrency.
Camp has spent much of his time since November 2017, following a trip to Africa that prompted him to pledge so much of his wealth to worthy causes, looking into ways to fix the problems that have bogged down Bitcoin and rival cryptocurrencies. He has decided that not only will he donate money, he will invent a new currency of his own that will be truly seamless, effortless, and borderless.
Camp joined The Giving Pledge, a movement spearheaded by Warren Buffet and Bill and Melinda Gates, in which high net worth individuals pledge to give away fifty percent or more of their capital to worthy causes. Camp, the third richest man in Canada with a net worth of $5.3 billion, positioned himself to make a large impact in the charitable world.