Garrett Camp, known for disrupting the taxi cab industry as co-founder of Uber, is now going after fiat money and gold. On March 2, he announced of the creation of a new cryptocurrency called “ECO” as a "world-class digital currency that can be used in facilitating business transactions,” “a new global currency that is easier, safer, and faster."
During a trip to Kenya last year, Camp saw firsthand the use of the popular mobile currency “mPesa”. He was inspired to create something similar that can be used worldwide. Also, as an interesting aside, Camp announced his decision upon returning from Africa to give half of his vast wealth to the poor, though he has not yet released details on this.
A total of 1 trillion Eco’s will be released, of which 50% will be made available to the first set of people who sign up. Institutions running the network’s “trusted nodes” will get 20%, and 10% will go to advisors and partners.
A mobile app for wallets and a low coin price will make the Eco user-friendly.
Eco aims for a middle path between a completely decentralized currency system, like Bitcoin, and a completely centralized currency system, like banks and credit cards. Camp’s hope is to bring back to the forefront virtual currency’s original promise of an instant, affordable, and borderless means of payment for the masses.
The Eco whitepaper states an initial transactional capacity goal of 1000 transactions per second, increasing to 100,000+ transactions per second by late 2020.
Camp wants to create a decentralized global currency for which 50+ of the world’s top universities will run a transaction verification node network. Whereas the Bitcoin network assumes nodes cannot be trusted because anyone can join the network as a node at any time, Eco will have distributed nodes that are run by verified organizations. No anonymous individual will be able to run a transaction verification node.
The Eco network will operate based on collective incentive rather than individual reward. When a block is successfully mined, tokens are evenly distributed to all nodes. This is one of several ways in which the Eco network will be much less energy intensive to run compared with a typical proof of work hashing network.
You can get in line to claim free Eco by filling out the form at the bottom of the page at https://eco.com.
By: BGN Editorial Staff