Uber co-founder Garrett Camp has invented a new cryptocurrency (Eco). We break down the whitepaper and explain the notable features of this future addition to the crypto market.
You may not be familiar with the name Garrett Camp, but Uber, the world’s largest taxi company, is a household name. Did you know that this company owns no taxis? Well, it’s true, and now Uber’s co-founder has turned his attention to the world of cashless transactions with a new cryptocurrency ‘Eco.’
Features of Eco
Eco’s mission is to create an open, verified, and distributed platform for value exchange – a global currency protocol that enables a payment system that is easier, safer, and faster to use than paper money. Also, Eco will ensure that the majority of the economic value generated by the platform is equitably distributed to the community through accounts created at Eco.com.
One of the most exciting aspects of the Eco token is that the focus seems to be on efficiency and usability. The aim is to make the currency viable for everyday use, which necessitates stability of value and cutting the cost of energy consuming mining operations.
Eco does this by populating its network with verified nodes. This sacrifices the anonymity available with tokens like Bitcoin, resembling something closer to a middle ground between the digital transactions of fiat and crypto-currencies to which we’re all accustomed.
Shared Incentives Will Make Eco Energy Efficient
Instead of relying on a single trusted party (like credit card payments do), Eco will call on a network of research universities that will operate verified nodes. These nodes will have a shared incentive to keep the network operational. Mined tokens are divided evenly between nodes and, as they are shared equally, there is no chance of individual reward by increasing hashing power. This encourages the node operator to mine as cheaply as possible, which means saving on energy bills, so the focus will be on optimization rather than getting ahead of the pack.
It’s no surprise that a project headed by a co-founder of Uber is equally concerned with ease of use as it is technology. This is, after all, the way similar projects live or die.
The whitepaper says, ‘Eco will prioritize simplicity and ease-of-use in all design decisions, to help accelerate platform adoption and network effects.’ Since Camp’s previous innovations (StumbleUpon and Uber) provide their services with the click of a button, it can be assumed that they will achieve this goal — their website even includes a section for feedback on their design proposals.
There will be no ICO
Instead Eco will be distributing 50% of their 1 Trillion tokens via airdrop to the first billion verified human subscribers. This will bypass regulations and ensure that tokens are evenly spread around the world. Eco will also consider geographical and demographic representation when distributing these tokens to provide a balanced distribution of resources.
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Michael is an English and Creative writing graduate of Liverpool John Moore’s University, a former editor of several magazines, and a crypto-currency enthusiast. He is mostly interested in crypto-legislation and the potential of decentralized technology to change the world.