New Cryptocurrency by Uber Co-Founder “Eco”
Garrett Camp Uber’s co-founder and chairman, has created his own cryptocurrency. This new cryptocurrency is known by the name Eco. The project is currently in its initial stage, the design stage with limited programming complete, and Camp the co-founder is looking for more field experts, scientists, and researchers to get involved in his initiative. They are going to initiate the test-net for the coin later this year.
The virtual currency system will be developed and operated by a new non-profit organization, the Eco Foundation. Which is very good for the user that means there will be less transaction fee. Garrett Camp plan to invest about $10 million during the initial phase of token distribution along with this partners.
No initial coin offering is going to be used in the distribution of this digital currency. The coins will be distributed with the following plan. One trillion tokens will be issued initially to the public, of which 10% will go to a newly formed Eco Foundation which will be responsible for creating and maintaining the network, 10% will go to advisors, 10% will go to strategic partners, 20% will go to the universities running trusted nodes and 50% will be given away to the first one billion verified humans that sign up. Camp, as well as some other partners affiliated with this project, will donate $10M to the foundation with an operating budget.
There are not going to take help of any ICO for token distribution. No money will be raised for the project, and also lets the project keep away from any potential legal issues which have now become frequent with most major ICOs.
How Is Eco Different?
Eco wants to fix issues that are a drawback for the other existing cryptocurrencies like Bitcoin and Ethereum. They will enable a middle path between the completely decentralized cryptocurrency system (like the bitcoins) and the completely centralized currency system (like the present day banking network).They want to make a way in-between both the path. Eco will start with larger block sizes and shorter block times than Bitcoin, enabled by a fast network of servers. Targeting an initial confirmation time of less than 1 minute, Eco will enable fast transactions with low fees. Their goal is an initial transactional capacity of approximately 1000 transactions per second, facilitating a faster payment network for use-cases. Within a few years, Eco aims to achieve the capacity of 100,000+ transactions per second by using Transaction Sharding, where transactions are directed to specific shards for acceptance and validation, instead of the whole network validating the same transaction. Transaction sharding will combine principles of decentralization, identity attestation, trust and reputation within a system of verified nodes that establish and maintain the network.
Money is a concept that is constantly changing with time. It changes shape, meaning, and systems. The ultimate goal of the ECO coin is to create a global currency that can fit in all space with other currencies that will help to maintain at a certain rate or level and protect our weak biosphere so that we can go forward to the future with it.
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