Garrett Camp, one of the co-founders of Uber launches his own Eco cryptocurrency.
According to Camp, he wants it to be a global digital currency which could be used as the payment tool for daily transactions.
In total, one trillion of Eco coins will be produced. 50% of them will be distributed among the first billion registered and verified users for free. 20% will be given to the universities which will operate the entrusted notes, 10% — to advisers of the project, 10% — to strategic partners, and another 10% — Eco Foundation which will be responsible for the creation and maintenance of the network.
Garrett Camp together with a small number of partners of the venture fund belonging to him and an accelerator of Expa intends to allocate $10 million for operating expenses of Eco Foundation.
It is remarkable that the project doesn’t plan to carry out ICO that will allow it to avoid potential problems of legal character which organizers of initial placements of coins face more and more often.
Initial whitepaper of Eco explains that the project wants to improve some aspects inherent in digital currencies. For example, for support of network and confirmation of transactions, it is planned to use only the verified notes. Such decision can really be justified from the point of view of safety of network, eliminating a number of external threats, however actually deprives Eco of decentralization.
Its structure of remunerations will become one more difference of Eco from bitcoin. Instead of miners who compete for the reward, in the Eco system, every time when the note confirms the block of transactions, the reward will be distributed on all network between all notes and users.
In the separate blog entry of Eco it is said that the project is designed to create a global currency which will be simpler, safer to use and quicker, than paper money. Being the project with an open source code which won’t be controlled by one person, the organization or the country, Eco will also guarantee more equitable distribution of resources in the community.