Garrett Camp, co-founder of global multi-billion dollar ride sharing company Uber, has revealed that he will launch his own cryptocurrency platform called Eco and token called EcoCoin.
Camp made the announcement via an article on Medium and a Twitter post linking to the article on March 2. In an interview with Fortune on March 1, Camp revealed that Eco “aims to fix technical and other challenges plaguing exiting cryptocurrency projects, like Bitcoin and Ethereum” while preserving the original promise of cryptocurrency - to provide an “instant, affordable, and borderless means of payment for the masses.”
According to the Medium post, the Eco platform will be open-source and decentralized, but will rely on a “verified network of universities” to operate the ‘verified nodes’ that will be responsible for maintaining the integrity of the blockchain. In his interview with Fortune, Camp stated that the use of ‘verified nodes’ is meant to strike a “middle ground” between “decentralization (Bitcoin) and centralization (Visa)” in order to boost efficiency and speed up transaction times.
Eco will also diverge from Bitcoin and other cryptocurrencies in the way that it rewards ledger verification. Instead of many decentralized miners competing for one lump sum reward, Eco will distribute the reward across all verified nodes every time that one Eco node confirms a block of transactions.
According to a white paper released by the non-profit Eco Foundation, the Eco platform will create a total of 1 trillion units of Eco to “enable billions of users to eventually own many Eco tokens each.” The white paper says that 50 percent of Eco will be distributed for free to 1 billion confirmed users who sign up for the wait list. Of the remainder, 20 percent will go to verified nodes (partner universities), 10 percent to active contributors and advisors, 10 percent to strategic partners, and the remaining 10 percent will remain with the Eco Foundation.
Camp revealed in the Fortune interview that he chose the name ‘Eco’ because it is “short, easy to pronounce in many languages, and evokes concepts like ‘ecosystem,’ ‘economics,’ and ‘ecommerce.’”