Co-founder of Uber Launches His Own Cryptocurrency

Photo by JD Lasica/Flickr

Garrett Camp, the co-founder of Uber, has announced that he is launching his own cryptocurrency in the hope of rivalling the likes of ethereum, litecoin, and bitcoin.

The digital cash alternative of the taxi app entrepreneur is called “eco.” It is intended to be a universal payment tool for daily use and the most recent of around 1,400 varieties of cryptocoins to enter the market.

Initially, one trillion eco tokens will be issued, 50 percent of which will be given to the first 1 billion verified humans who will sign up.

According to TechCrunch, 20 percent the remaining token will go to universities, 10 percent to advisors, 10 percent to the strategic partners of Camp and 10 percent will be held by a newly established Eco Foundation. Eco Foundation is responsible for the oversight of the cryptocurrency.

The white paper on the project of Camp reveals that there will be no initial coin offering to raise extra funds, while the transactions will only be carried out by nodes and networks that are verified and make use of web and mobile apps that are user-friendly in order to encourage new users.

While the said measure could eliminate a major vulnerability that bitcoin suffers from, it will mean that eco is subjected to a far greater degree of supervision compared to the anonymous market leader, meaning that it is not truly decentralised – a founding principle that is behind bitcoin.

Eco hopes that its process for transaction verification between blockchains will be faster and more energy-efficient compared to that of bitcoin, which is considered to be notoriously power-intensive to mine.