Garrett Camp, the co-founder of the peer-to-peer ridesharing giant that disrupted the taxi industry, Uber, is close to launching a new cryptocurrency called Eco. The cryptocurrency, being created by The Eco Foundation, has a testnet planned within the next six months.
The Eco Foundation is described as an “independent, non-profit organization creating an open-source currency protocol.”
Eco’s design proposal explains:
“Eco is designing a global currency protocol, an open source platform that is not controlled by any single individual, organization or nation. Eco aims to create a verified network of global universities and reputable organizations to help design, build and operate an evenly distributed and cooperative financial infrastructure.”
The Eco Foundation aims to address and fix issues pertaining to the current dominating forces in the crypto world, Bitcoin and Ethereum. Notably, it plans to use only verified nodes for network support and confirmation of transactions. This means Eco will be less prone to attacks and fraud.
Eco will also be - no surprise considering the name - more eco-friendly due to its energy efficiency. There will not be an ICO for Eco, and the token supply will be massive at one trillion initially. The goal here is to ensure there is a smaller dollar to Eco conversion rate, so users are not intimated by high prices similar to Bitcoin. Many investors are turned off by Bitcoin for this fact, knowing that they can’t own a full Bitcoin without a minimum investment of $10,000 or more, depending on the volatile cryptocurrency’s price.
Camp initially purchased Bitcoin last May before its meteoric rise, however, Camp decided he did not want to invest further, and instead wanted to launch his own project, explaining:
“I realized 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.”
Eco’s website is live, and is offering users free Eco for signing up and claiming a username in advance of the token release.