Garret Camp, the famous co-founder and chairman of Uber who had been in the news a couple of months ago for donating half his wealth to charity, recently announced his plans to launch his own cryptocurrency.
The cryptocurrency in question will be called “Eco.” According to Camp, he chose this short name not just because it is easy to remember, but how it also refers to the words “economical” and “ecosystem,” among others.
While a detailed plan of action has not been shared yet, Camp has shared an initial whitepaper by the name of the project’s “design proposal,” which outlines a few concepts that are unique to Eco or at the very least set it apart from the slew of new cryptocurrencies out there.
What will eco be about?
While it does not promise out of the world solutions like artificial intelligence (AI) integration or automated trading, it does provide a few functions – that for now remain on paper – which make it different than its competition.
In addition to having often heard objectives such as mobile accessibility and ease of use for non-technical users, Eco will, first of all, eliminate the usage of very small fractions within its tokens (such as the 0.00001). Instead, it intends to be divisible only into “100 parts”, much like how fiat is usually handled. This aims to increase ease of usability and maintain the coin’s value over time.
One of the other features that make Eco interesting is its focus on easing usability. For instance, it aims to eliminate the usage of long cryptographic keys and have usernames implemented in their place when someone would like to transfer funds over the network. For instance, a user could set up their profile by “eco.com/alice” or “eco.com/bob,” and that will be their recipient address to receive funds from other people, eliminating the chances of errors and making transfers easier even through mobile devices.
Eco also aims to ensure that only trusted individuals get to serve as “nodes” on the network and benefit from mining, and it is aiming to partner with universities to work as the center of those nodes, from where trusted individuals will be able to work in the mining operations of the network.
The mining operation itself will be different from other networks, where one miner would not be able to get the returns but will have them distributed over a number of miners to ensure that no one is taking uncalled for advantage of or exhausting the system for their personal gains.
One more thing that sets Eco apart from its counterparts is its self-boasted approach of having its users’ best interests at heart. However, to show that it is not just a claim, Camp is also giving away half of the Eco tokens – which will be a total of 1 trillion – to the first billion users to ensure that more people can get their hands on the currency.
The remaining 20 percent will be allocated for “verified nodes” and their pertinent operations, whereas 10 percent each will be allocated to the Eco Foundation – the network’s operation foundation, to fund its activities for the betterment of the network; the network’s active contributors; and to strategic partners.
As per Eco, it will start with a governing body from the Eco Foundation to oversee the network during its first few years, before it moves more towards decentralization. According to Camp, the network, in its starting phase, will be a hybrid between a decentralized and centralized network.
Camp – through the Eco Foundation that he will fund with $10 million of his own funds and with the funds of his partners from his startup based company, Expa – will be looking to attract researchers, developers, and other pertinent individuals to help develop the platform.
He mentioned that the platform does not have much code written for it yet because he wants the new team with a fresh set of eyes to have a look at it, so they could develop something which is top notch and would achieve the objective that he is aiming for with Eco.
More updates are slated to come in within the next couple of months.