Garrett Camp, the co-founder of Uber announced the launch of the new cryptocurrency ‘Eco‘. For around six months the proposal was undergoing simulations to test the usability of services and payments. As reported in Fortune, Garrett is in views that
Resuscitate the original promise of the digital currency: an instant, affordable and borderless means of payment for the masses.
Besides defending the blockchain system and knowing that these new payment systems are needed, one of the reasons for the creation of Eco was its dissatisfaction with purchase of his first bitcoin along with 10 ether in Coinbase.
As the popularity of different coins increased, he was drawn towards it. The more he researched, the less he wanted to go back. He realized that it would be better to launch a new project from a different philosophical point of view and with the cooperation of universities, scientists, and research institutes and thus establish a new monetary policy.
From one of the statements from Camp
Eco will prioritize simplicity and ease of use and allow users to create verified accounts and profiles such as ‘Eco.com/Alice’ or ‘Eco.com/bob’ that will allow transactions between them via text messages or commands voice, “said Camp.Eco . with / Alice ‘or’ Eco . with / bob ‘who will consent transactions between them via text messaging or voice command
The platform will verify the identity of the initial nodes to help initialize the network across a broad geographic distribution. Initially, the network will accept around a few hundred nodes, aiming to expand in more than 50 countries.
According to Camp, Eco will avoid mining by unknown parties – the verified blockchain nodes will be executed in partnership with the institutions. Although there is a loss of anonymity, he believes that the gains achieved in terms of safety and reliability will compensate him.
The functional logic of this cryptocurrency is not yet defined on white paper and idea behind its implementation in the real world is unknown. Security issues have not yet been fully clarified, but it appears that the product is a corporate currency project.
Camp added the explanation for choosing the word ‘Eco‘ as it is a short word, easy to pronounce in many languages, and evokes concepts such as “ecosystem“, “economy” and “e-commerce“.
To expand the release of Eco, Camp said it will create a new nonprofit organization, the Eco Foundation, with an estimated cost of $10 million.
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