Uber’s Co-Founder Garrett Camp Has Announced a Bitcoin Rival: Eco
An alternative to Bitcoin, gold and fiat currency
Garrett Camp Announces a Bitcoin Rival: Eco
Billionaire investor Garrett Camp has announced plans to launch his own cryptocurrency. The Canadian businessman, co-founder, and Chairman of rideshare firm Uber has created the Eco Foundation to make Eco a reality. He and his partners are putting in $10 million in seed funding. The coin, Eco, aims to be an “instant, affordable, borderless currency,” said Camp. The cryptocurrency, still in its design phase, is dubbed Eco for its ecological, economic, and e-commerce advantages over existing rival coins.
Eco seeks to create the most usable digital currency platform to date, offering users an alternative to Bitcoin, gold and fiat currency – Eco design proposal
The project is inviting universities to partner with them in the development of the Eco Protocol, to build a distributed global currency. Eco intends to form a verified network, where universities run nodes, increasing overall token supply. Also, by creating simple web and mobile apps, and designing a system with more energy-efficient and coordinated token generation, they will reduce overall power consumption. Thus, 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.
Addressing Economic Inequality
In essence, Eco aims to address the shortcomings of Bitcoin and Ethereum while also helping to address economic inequality. Eco will ensure that the majority of the economic value generated by the platform is fairly distributed to the community through accounts created at Eco.com, to create a more balanced distribution of resources.
The system will avoid mining by unknown parties, and have verified nodes distributing block rewards to other nodes and users. Instead of a node keeping all of the block reward, the majority will be immediately distributed to all other verified nodes and qualified users, to remove any financial incentive for playing the system.
The token allocation strategy of the firm (discussed next) will help to achieve a gradual reduction of economic inequality across the globe, and help more than two billion people in developing nations gain improved access to financial services.
How to Get Access?
There will be no ICO. There will be one trillion tokens issued initially. 50% these tokens will be airdropped via the website to the first billion human users on the platform, and then 20% will be distributed to verified nodes (universities and other institutions that have been chosen to support the network). 10% of the tokens will be held be the Eco foundation to fund operations, another 10% will be set aside for advisors and active contributors, and a final 10%will be for Eco’s strategic partners worldwide.
Supporters and Advisors
Supporters of the project include venture capital and private equity firms such as:
- ACE & Company
- RIT Capital Partners plc
- SV Angel
- Active angel investor Naval Ravikant (co-founder of AngelList, Shopping.com and Vast.com and investor in Twitter, Uber, Yammer, Stack Overflow, and Wanelo)
- Tunisian political activist Amira Yahyaoui, an entrepreneur at Expa
- Former Twitter COO Adam Bain (investor and advisor in Headspace, Reddit, Cheddar, etc)
- Scott Belsky, the Chief Product Officer for Adobe’s creative cloud and co-creator of the online portfolio platform, Behance, Inc.
- Alex Waters, CEO and co-founder of Coin Apex