'EcoCoin': Uber Co-Founder Unveils a New Cryptocurrency
The ride-sharing co-founder is already known for disrupting one industry, and now he is reportedly going after bitcoin, gold and fiat money. Garrett Camp, who co-founded ride sharing giant Uber, is behind a new cryptocurrency dubbed Eco, a decentralized global currency protocol, and he's looking into the world's top universities to conduct a verified node network.
He chose Eco for its connotation of «ecosystem, economics and e-commerce,» according to an article in Fortune. Eco is in it to win it and is intended to go head-to-head with bitcoin, gold and fiat money for daily global payment transactions. Camp told Fortune:
«I realized it might be better to release a new job from a different philosophical perspective with cooperation from plenty of scientists, universities, and research institutes-- like the internet.»
In its white paper, Eco slams bitcoin as a «speculative investment» rather than a «medium of exchange,» the latter of which it is trying to achieve. The three key issues that Eco takes up with bitcoin are the following --
- Its high concentration among a handful of holders
- energy-intensive mining procedure
- perception of a propensity for fraud
Eco intends to do the following --
- "[form] a verified network, where universities run nodes" (instead of volunteer miners that operate the Bitcoin system)
- «increase… overall token provide»
- «create… simple web and mobile»
The Eco Foundation, a nonprofit organization, is tasked with designing Eco as a «global money which is easier, safer, and quicker to use than paper money.» There are several distinguishing features to Eco that separate it from bitcoin, not the least of which is that the new cryptocurrency is free — they are giving away 50 percent of the total token supply to the ancient takers.
There's a number of Eco. But unlike bitcoin's 21 million, Eco place the cap at 1 trillion to make it possible for «countless users to own many Eco tokens,» according to the white paper. Meanwhile, on the website, they tout Eco as «the electronic currency for everyone» and provide what seems to be a wait list to get your share.
Eco is building a verified network of global universities, an approach that appears to have a digital page out of Mark Zuckerberg's Facebook. This network will «help build an evenly distributed and cooperative financial infrastructure» in an energy-efficient way.
Eco isn't likely a first coin offering to raise funds for the project, which is probably a good move in light of the recent crackdown by regulators, particularly the US SEC, on ICOs.