Co-founder of UBER, Garrett camp (Garrett Camp) intends to issue a cryptocurrency, called Eco. Camp sees it as a global virtual currency used as means of payment for daily user transactions.
Uber creator invents new cryptocurrency—and wants your help making it reality https://t.co/R40NVGX4cV
— FORTUNE (@FortuneMagazine) on 2 March 2018.
The planned issuance will be 1 trillion coins, Eco, half of which will be completely free for the first billion distributed to registered and verified users. 20% will be allocated to universities, managing nodes, and 10% will go to the company’s partners, advisors and Eco Foundation, which will support the network. Operating costs Eco Foundation Garrett camp with partners plans to allocate $10 million.
Since all tokens will be distributed for free, conducting the ICO is not required, which eliminates the problems of a legal nature, which most often faced the organizers of the initial placement of tokens.
The creators of the project say that the use of ECO is to improve the many aspects inherent to cryptocurrencies. For example, the networking and the confirmation of transactions will be carried out using only verified nodes. This decision would effectively deny ECO decentralization, however, will improve network security and eliminate most external threats.
The remuneration structure will also become a hallmark of the new cryptocurrencies. Every time the site confirms the creation of the new unit, the reward will be apportioned between all nodes and users on the network.