Garrett Camp, best known as the co-founder of Uber is planning to launch his very own cryptocurrency Uber Eco coin that will have no ICO and will focus on the key issues pertaining to digital currencies.
Uber Eco coin: A better cryptocurrency & a bitcoin rival
The co-founder of Uber and the founder of venture fund Expa, Garrett Camp is launching his own cryptocurrency called Eco. The aim is to create a digital currency that can be used worldwide as a payment tool for the day-to-day transactions.
Also read: Venezuelan Petro’s $5 Billion ICO Whitepaper Released
However, there will be no ICO which means no money will be raised for the project. This means any potential legal issues that are currently running rampant in the ICO market can be further avoided.
Initially, one trillion tokens will be issued. Half of these tokens will be given to the one billion humans duly verified that sign up first. 20 percent of it will go to those universities that are running trusted nodes, 10 percent to the strategic partners and another 10 percent to the advisors. The remaining 10 percent will go to the Eco foundations that will be newly formed and responsible for developing and maintaining the network.
A particular number of partners that are associated with the Expa which is pretty small along with the camp will be donating $10 million as an operating budget to seed the foundation.
Uber crypto Eco’s focus on verification, usability, efficiency
The whitepaper of Eco talks about three core issues related to digital currencies, especially bitcoin, that it aims to improve as stated in the whitepaper:
“Eco seeks to address three issues within digital currencies: verification of network nodes, the usability of applications, and efficiency of transactions. Eco makes significant improvements by
1) forming a verified network, where universities run nodes,
2) increasing overall token supply, and creating simple web and mobile apps, and
3) designing a system with more energy-efficient and coordinated token generation, to reduce overall power consumption.”
Though it is not the first time that such an initiative has been taken but it surely seems to be worth the time and focus. For instance, the upcoming token of Telegram focuses on being mobile-first, daily use tokens that have a low token price and a high supply.
With hundreds of cryptocurrencies available in the market, the options are endless, though Camp’s connection might help this new cryptocurrency.
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