All this began last year because of an “eye-opening” experience from his first trip to Africa in November. This led to him donating half of his riches to charity; little did the world know he had resolved to invent his own token.
Garrett Camp aims to fix all technical and other challenges plaguing the existing ones. By this, he means a digital global currency that can be used as a payment tool around the world for simple everyday transactions. This isn’t an overnight plan; Camp has been sketching out ideas for the past 5 months.
He has had his share of ups and downs in the crypto world as an investor last year when he bought his first Bitcoin and 10 Ethereum in May. He was let down when he tried to invest further in the ballooning field of Altcoins and cryptocurrencies.
According to sources, one trillion tokens will be issued initially, of which 50% will be given away to the first one billion verified customers that sign up, 20% to the universities running trusted nodes, 10% to the advisors, 10% to strategic partners, and the rest 10% to newly formed Eco foundation responsible for creating and maintaining network. He hopes to resuscitate virtual currency’s original promise: an instant, borderless, affordable and convenient mode of payment for the masses.
A small number of partners affiliated with Expa have agreed to join hands with Camp to donate $10M to seed the foundation.
Camp stated in terms of the development path,
“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”
Pavel Durav, the CEO and founder of chat app Telegram, has been building buzz around a billion-dollar ‘initial coin offering’.
Notably, there will be no ICO. To avoid any legal issues which are prevalent with most major ICOs, no money will be raised for the project.
Eco’s white paper quoted,
“Eco seeks to create the most usable digital currency platform to date, offering users an alternative to Bitcoin, gold and fiat currency at Eco.com.”
The whitepaper also states,
“New payment systems are needed which are not controlled by a central institution, and provide better user experiences using mobile devices.”
What majorly differentiates Eco from the tech underlying other cryptocurrencies, like Bitcoin, Ethereum is the protocol. Eco is designed to run on ‘verified nodes’ rather than anonymous networks and machines. It aims to be energy efficient for verification of transactions and token generation.
Ian, a Cryptocurrency enthusiast tweeted,
“Uber creators new Cryptocurrency needs your help to make it a reality. If he succeeds, people will introduce him as the founder of Eco and before that, a small company called Uber.”
Camp optimistically says,
“I think it could have as much or even greater impact if it succeeds”
He hopes to have a test-net running later this year, perhaps as early as six months from now.
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