There’s a new cryptocurrency coming – ECO – but how is it connected with Uber? According to the report by Fortune’s Robert Hackett, Uber co-founder Garrett Camp is planning to start his own cryptocurrency.
The goal of Camp’s crypto is to solve the technical challenges that hinder many current cryptocurrencies, such as the scalability issues of Ethereum, along with other challenges.
Camp told Fortune that he hopes to bring crypto back to its origins as “an instant, affordable, and borderless means of payment for the masses.”
Camp has long been a supporter and investor in cryptocurrency, but once he began branching outside of the main tokens, Bitcoin and Ethereum, he wasn’t fully convinced. Camp then began brainstorming for a crypto that he would be excited to invest in – one that took a different approach and was a collaborative effort.
Camp’s crypto will be known as “Eco.”
According to its whitepaper, Eco is “on a mission to build the world’s most usable and reliable digital currency powered by a network of research universities and trusted organizations.”
Eco is actively gathering feedback and suggestions from the public to help make the crypto the best it can possibly be. Anyone is welcome to send their ideas to firstname.lastname@example.org.
Camp believes his new cryptocurrency is destined to be the “digital currency for everyone,” described as “a new type of money you can use anywhere in the world.” Eco wants to be able to distribute its economic value to the community in order to create “a more equitable distribution of resources.”
To learn more about Eco, visit the website.
The currency is still in its beginning stages; the “design phase,” as Camp explains. There is room for Eco to grow, improve, and take on a life of its own. Camp is looking for research-backed guidance from universities and other open-source projects to help with the currency. Those with expertise in technology, economics, security, policy, design, or governance are welcome to become contributors of Eco.
Part of Eco’s guidance will come from the Eco Foundation.
The Eco Foundation
The Eco Foundation, an independent, non-profit organization created by Camp, will be the backbone of Eco. Not controlled by any individual, organization, or nation, the Eco Foundation will further the development of Eco through “transparent governance, progressive decentralization, and continuous improvement.”
Camp will be funding the Eco Foundation with $10 million of his own money, along with contributions from several small partners.
The Foundation’s board is not yet complete but will include experts from diverse backgrounds across intellectual and geographic borders.
One-tenth of the tokens to be generated for the Eco project will be reserved for the Eco Foundation.
Where will Eco go from here?
Due to still being in its beginning stages, there are infinite directions open to Eco. Putting economic power back into the hands of the people, helping to solve global financial issues – the possibilities are endless. Where will Eco go from here – that’s up to you.
Camp wants Eco to be a collaborative process that is both globally supported and accepted. Think you have an idea that will make Eco closer to this goal? Contact email@example.com.
To read the full, original Fortune article click here.
For other altcoins worth checking out click here.
Featured image: Eco