At the time when various corporates are trying to be a formidable part of the sensational cryptocurrency in their own respect, the transportation network giant Uber is the new entrant. Uber co-founder Garrett Camp is launching his own cryptocurrency under the name Eco. Garrett who is also the founder of the accelerator fund Expa vision it as a digital global currency that can be used as a payment tool around the world for daily-use transactions in the coming future. As there have been already a flood of cryptocurrency in the market Mr. Camp feels that, “The more research I did, the more I was not really wanting to buy a large amount of any one of them. I realized it might be better to release a new project from a different philosophical standpoint with cooperation from a lot of universities, scientists, and research institutes—like the Internet.” as he took some time off from his work duties on a trip to Africa to do some ‘Soul-Searching’.
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At the initial stage one trillion tokens of Eco will be issued and this will be utilized in various ways:
- Half of them will be given to one billion verified humans
- 20% will be given to universities running trusted nodes
- 10% to advisors
- 10% to strategic partners
- 10% to newly formed Eco Foundation
- Camp and some partners affiliated to Expa will donate worth 10 million USD to Eco Foundation
The Eco’s initial whitepaper states to improve the common problems of cryptocurrencies then the new currency will have to focus on some basic issues:
- Security: The current standing problem that exists within the Bitcoin network wherein individuals who operate a node can confirm transactions independently.
- Price Regulation: Since the dollar conversion rate for this currency will most likely be small it need to be more investor-friendly.
- Accessibility: ECO will need to provide customers with a high level of usability irrespective of one’s technical abilities.
Indeed! The promises of Eco are quite promising and it would prove a long-term player if it will be able to create something unique which are not present in the current cryptocurrency market.