Eco/bitcoinnewsboards

Uber Co-Founder to launch a cryptocurrency(Eco)

Garrett Camp, best known for being the co-founder of Uber and founder of the venture fund Expa, is all set to launch his own cryptocurrency(Eco).

The cryptocurrency is called Eco, referring to the multiple facets of a monetary system like economics, ecosystem, and e-commerce.

The project is currently in the design stage with limited programming complete, and Uber Co-Founder Camp is looking for more field experts, scientists, and researchers to get involved in his initiative. He expects to initiate the test-net later this year.

The virtual currency system will be developed and operated by a new non-profit organization, the Eco Foundation. Camp, along with his partners at his startup accelerator Expa, plans to fund the Eco project with $10 million during the initial phase. So, Camp is planning to issue 1 trillion tokens in the initial stage. And from that sum, 50% will go to first billion people with verified accounts and 20% will be given to the universities running trusted nodes. Remaining 30% will be equally divided into advisors, strategic partners, and network’s creators and maintainers.

He believes that cryptocurrencies must serve their true purpose and that is “an instant, affordable, and borderless means of payment for the masses”, what other cryptos have failed to deliver.

Camp has said that ECO will become a truly digital currency that will be used as means of payment around the world and it will be utilized for routine transactions. According to Camp, “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.”

Eco also aims to be far more user-friendly than other cryptocurrencies. Another big roadblock to adoption of bitcoin and other cryptocurrencies is that the process isn’t very easy. Eco plans to have simple apps, making the currency a viable option for people who aren’t tech-savvy.

Scalability is another major cryptocurrency roadblock, particularly for bitcoin. The bitcoin network can process just a handful of transactions per second, which can lead to major network delays. Eco plans to have an initial capacity of more than 1,000 transactions per second and to increase this to more than 100,000 per second within a few years.

Camp is one of a number of entrepreneurs who have thrown their hats into the cryptocurrency ring in recent months. Pavel Durav, the CEO, and founder of chat app Telegram, has been building buzz around a billion dollar initial coin offering. Other businesses like Overstock, Kodak, and chat app Kik have either held or intend to hold ICOs. Even Mark Zuckerberg, Facebook’s CEO, said that he planned to focus this year on fixing Facebook, a goal that included exploring “encryption and cryptocurrency.”

Read all the latest crypto-news right here: http://fortune.com/2018/03/03/bitcoin-crypto-jpmorgan-chase-goldman-sachs-crypto-uber/

 

120 thoughts on “Uber Co-Founder to launch a cryptocurrency(Eco)

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  80. I wish to point out my appreciation for your kindness giving support to all those that really want help with that situation. Your special commitment to getting the solution across was pretty invaluable and has always allowed guys and women just like me to achieve their aims. Your personal invaluable instruction means a whole lot a person like me and still more to my office workers. Thanks a ton; from everyone of us.

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  82. I needed to put you a bit of word to finally thank you over again for those unique techniques you’ve provided in this case. It is certainly generous with people like you to deliver freely what many of us might have offered for sale for an electronic book to generate some dough for themselves, chiefly seeing that you could possibly have done it in case you considered necessary. Those concepts likewise acted to become good way to understand that other individuals have the identical passion much like my own to know the truth somewhat more pertaining to this problem. I am sure there are lots of more pleasant moments in the future for many who look into your blog.

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  105. Thanks for your entire efforts on this website. Ellie takes pleasure in getting into internet research and it’s really obvious why. A number of us know all concerning the dynamic means you produce invaluable guidance on your web site and even cause contribution from the others about this situation plus our favorite princess is without question becoming educated so much. Take pleasure in the remaining portion of the year. You’re performing a remarkable job.

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  120. This is getting a bit more subjective, but I much prefer the Zune Marketplace. The interface is colorful, has more flair, and some cool features like ‘Mixview’ that let you quickly see related albums, songs, or other users related to what you’re listening to. Clicking on one of those will center on that item, and another set of “neighbors” will come into view, allowing you to navigate around exploring by similar artists, songs, or users. Speaking of users, the Zune “Social” is also great fun, letting you find others with shared tastes and becoming friends with them. You then can listen to a playlist created based on an amalgamation of what all your friends are listening to, which is also enjoyable. Those concerned with privacy will be relieved to know you can prevent the public from seeing your personal listening habits if you so choose.

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