It is no mystery that the world of cryptocurrency is a volatile one. All one needs to do is look back at Bitcoin’s Uber-rise last year into financial heaven and this year’s early descent into digital hell along with its current redemption back to salvation to see just how faithful and skeptical the digital coin market can be.
Despite cryptocurrency value swings, the current tech giants like Facebook and Amazon have expressed a deep interest in the digital money of the future and ed that they would also like to create a digital currency of their own.
They are not the only ones either as Uber co-founder, Garrett Camp, is also planning to bring his own digital coin to the market as he feels digital currencies will ultimately replace national currencies in the not-so-distant future.
The name of Camp’s cryptocurrency is Eco and was created to function as a global form of digital payment for everyday purchases.
For the initial distribution, Camp is planning on issuing one trillion coins (tokens) which will be distributed through five avenues. The distribution breakup is given below.
Uber co-founder Garrett Camp is creating a new cryptocurrency
50% – First one billion verified people who sign up for Eco
20% – Universities who run trusted nodes
10% – Strategic partners
10% – Advisors
10% – Eco Foundation (Distribution & Management Center)
No ICO – Sorting Out Cryptocurrency Issues First
Camp has said that in order to avoid any legal issues commonly found these days among Initial Coin Offerings (ICO), he is not planning on having one of his own. Instead, he wants to tackle some of the problems he sees with the digital coins of today before he releases his digital currency to the world.
There are four main focal points Camp has for Eco that will distinguish his digital currency from the rest of the cryptocurrencies out there. These are:
1 – Using verified nodes for transactions and networks. In Camp’s estimation, this will eliminate more than 50% of cryptocurrency frauds.
2 – A huge coin (token) supply of over one trillion digital coins. This will keep the price low and help to attract more digital coin investors who would otherwise be skeptical of high prices.
3 – Easy-to-use Apps (mobile and web-based). Again, in an effort to attract Eco investors, Camp has decided to make wallet accessibility easy for those with no technical expertise whatsoever.
4 – No miner support. To make the verifications and generation process more energy efficient, Camp will not employ miners and their huge energy requirements for supporting his Eco network.
While Eco is not the first cryptocurrency to bring a new twist to the world of cryptocurrency, it is the first to try to develop and employ its own network ecosystem which would ultimately be responsible for enabling global day-to-day transactions to take place.
The question of whether or not Eco will be successful towards this aim will start receiving an answer later on this year (2018) when Camp along with his Eco Foundation begin testing their networks.