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.”
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