Bitcoin has been cited as the ‘all-conquering economic juggernaut’. As it’s the hardest money ever…
According to a report by Fortune’s Robert Hackett, Uber co-founder Garrett Camp is asking for help from experts in technology, security, economics, governance, policy and design to launch a new cryptocurrency – Eco.
Following on from an ‘eye-opening’ trip to Africa, where he pledged to donate half his riches to charity, Camp has now turned his attention to the world of crypto.
Specifically, he wants to fix certain challenges associated with existing projects, such as Bitcoin and Ethereum. Key to this is resuscitating the original vision of crypto – an immediate, affordable, and borderless payment system.
Building on the foundations of Bitcoin and Ethereum
Around a year ago, Camp bought his first Bitcoin as well as 10 Ether on Coinbase. However, when looking to invest in other digital tokens and alternative currencies, Camp was disappointed with the choices on offer.
“The more research I did, the more I was not really wanting to buy a large amount of any one of them,” Camp told Fortune. “I realised it might be better to release a new project from a different philosophical standpoint with cooperation from a lot of universities, scientists, and research institutes—like the Internet.”
The project is called ‘Eco’ because it is short, easy to pronounce, and evokes concepts such as “ecosystem,” “economics,” and “ecommerce.”
A closer look at Eco
There are a few differentiators that set the Eco protocol apart from other cryptocurrencies. First and foremost, Eco’s blockchain is designed to run on ‘verified nodes’ rather than the machines of anonymous volunteers.
But what it lacks in security, Eco gains in efficiency and governance. Camp hopes that Eco can find a middle ground between decentralisation and centralisation.
“Eco seeks to create the most usable digital currency platform to date, offering users an alternative to bitcoin, gold and fiat currency at Eco.com,” read Eco’s white paper. “New payment systems are needed which are not controlled by a central institution, and provide better user experiences using mobile devices.”
Another difference refers to Eco’s proposed incentive system and structure, with the aim of reducing energy consumption. Every time an Eco node confirms a block of transactions, the cryptocurrency rewards gets dispensed across the network to all nodes and users.
As a result, miners won’t commit as much computing resources when generating tokens, as they’ll only have to do the bare minimum to confirm the next block.
Seeking help from expert figures
Even though Camp also has plans to disseminate half the supply of Eco (1 trillion tokens over several years) to the first 1 billion users, the project is very much in its early stages.
In fact, Camp is openly seeking the assistance of industry experts to participate in Eco’s development.
“This is the design phase,” Camp said. “We intentionally have not written a lot of code yet. Before we start getting deep into the implementation of the system, we want more experts, researchers, and scientists to weigh in.”
While many will view Eco as just another cryptocurrency, Camp’s track record of success with Uber cannot be ignored.