The co-founder of Uber and the founder of venture fund Expa, Garrett Camp is launching his own digital currency called Eco. The point is to make a digital currency that can be utilized worldwide as a payment tool for the everyday transactions.
However, there will be no ICO which implies no money will be raised for the project. This implies any potential lawful issues that are presently running widespread in the ICO market can be additionally evaded.
At first, one trillion tokens will be issued. Half of these tokens will be given to the one billion people properly checked that join first. 20 percent of it will go to those universities that are running put trusted nodes, 10 percent to the strategic partners and another 10 percent to the advisors. The rest of the 10 percent will go to the Eco foundations that will be recently formed and in charge of developing and maintaining the network.
A specific number of partners that are related to the Expa which is pretty small alongside the camp will give $10 million as an operating budget to seed the foundation.
The whitepaper of Eco discusses three center issues identified with digital currencies, particularly bitcoin, that it means to enhance as expressed in the whitepaper:
“Eco seeks to address three issues within digital currencies: verification of network nodes, the usability of applications, and efficiency of transactions. Eco makes significant improvements by
1) forming a verified network, where universities run nodes,
2) increasing overall token supply, and creating simple web and mobile apps, and
3) designing a system with more energy-efficient and coordinated token generation, to reduce overall power consumption.”
In spite of the fact that it isn’t the first occasion that such an initiative has been taken, however, it most likely is by all accounts worth the time and focus. For example, the up and coming token of Telegram centers around being mobile-first, day by day utilize tokens that have a low token price and a high supply.
With many digital currencies accessible in the market, the alternatives are endless, however, Camp’s connection may help this new digital currency.