Uber co-founder Garrett Camp launched its own digital cryptocurrency Eco, which uses a university-run trusted node to create a certification network.
According to Fortune, reported on March 1, Camp hopes that Eco's initial promise of reviving the virtual currency will provide users with instant, affordable and borderless means of payment.
Eco issues 1 trillion copies for the first time, 50% of which will be given to the top billion registered certified human users, 20% to universities operating nodes, 10% to consultants and 10% to strategy Partner, the remaining 10% will be vested in the newly formed Eco Foundation (Eco Foundation), the foundation will be engaged in Eco manufacturing and maintenance of the network.
According to TechCrunch, a March 2 technology website, Camp is one of a handful of Eco's strategic partners and his venture capital firm, Expa, has invested $ 10 million in funds for seed and operations.
It is noteworthy that Eco has no ICO (First Token Issuance), which means that the project has not initiated public financing, which also avoids the possible legal risks caused by the ICO.
Eco's release white paper describes several key issues that Eco wants to improve in other cryptocurrencies.
1, Eco uses a trusted node operated by a university to create a certification network.
This means that Eco can not anonymously run nodes and confirm transactions like bitcoin, which reduces attacks and fraud, but also means that Eco is not truly decentralized.
2, Eco circulation is huge (the first 1 trillion will be completed in the next few years), the webpage and the mobile app are easy to operate.
3, Eco will design a more energy-efficient system to reduce energy consumption in the production and trading process.
In Fortune's report, Camp first bought bitcoin and the ether in May 2017, but then disappointed with the field, Camp said, "The more I do, the more I get I do not want to buy a lot of digital cryptocurrencies, and I realized that it might be better to launch a new cryptocurrency project myself that would work with universities, scientists and research institutions based on different philosophical positions like the internet '
Recently, many entrepreneurs in the world went into currency circles to issue their own cryptocurrencies. In January 2018, Telegram, the so-called 'Wechat Russia' chat software, launched Pavel Durav, founder and CEO of 'the largest in the history' In addition, Kodak, online retailers Overstock, Kik chat software, etc. also initiated or plan to launch ICO.
Commenting on this comment, TechCrunch said there is no shortage of cryptocurrencies with improved features added, but in fact, what we lack is an ecosystem that supports the daily use of these blockchains. It's not hard to issue new currency, but what's really hard about is Enabling cryptocurrencies for thousands of service providers, businesses and financial institutions makes cryptocurrencies really useful.
The report said that for Eco, due to the participation of Greta Kemp and his influence in the industry, a partner of Eco, a registered user to build an ecosystem may make this encrypted currency available Ground