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The carpool co-founder is already known to have disrupted an industry, and now he would go after bitcoin, gold and fiduciary money. Garrett Camp, who co-founded Uber, the carpool giant, is behind a new cryptocurrency called Eco, a decentralized protocol on global currencies, and he turns to the best universities of the world to exploit a verified network of nodes.
Presentation of https://t.co/hojcQhgW5E 🙂 https://t.co/7hSRgEHgSf // @eco
– Garrett Camp (@gc) March 1, 2018
He chose Eco for its “ecosystem, economics and e-commerce” connotation, according to a Fortune article. Eco is here to win it and is designed to tackle bitcoin, gold and cash for daily payment transactions. Camp says to Fortune:
“I realized that it might be better to start a new project from a different philosophical point of view with the cooperation of many universities, scientists and research institutes. – like the Internet. ”
Eco against Bitcoin
In his white paper, Eco castigates bitcoin as a “speculative investment” rather than a “means of exchange”, to which it attempts to succeed. The three key questions that Eco takes with bitcoin are as follows –
- his high concentration among a handful of bearers
- energy-consuming mining process
- perception of a propensity to fraud
Eco plans to do the following –
- “[form] a verified network, where the universities manage nodes” (instead of the volunteer minors who manage the Bitcoin network)
- “increase … the global supply of chips”
- “create … simple web and mobile”
The Eco Foundation, a non-profit organization, has the mission to design Eco as a “world currency easier, safer and faster to use than paper money.” bitcoin, the least of which is not that the new cryptocurrency is free – they give 50% of their total offer of tokens to anticipated takers.
Similar to bitcoin, there is a finite number of Eco being created. But unlike 21 million bitcoin, Eco has set the limit at 1 trillion to allow “billions of users to own many Eco chips,” according to the white paper. Meanwhile, on the website, they tout Eco as “digital currency for everyone” and provide what appears to be a waiting list to get your share.
Eco is building a verified network of global universities, an approach that seems to take a digital page on Facebook from Mark Zuckerberg. This network “will help build a distributed and co-operative financial infrastructure equally” in an energy efficient manner.
Eco does not provide an initial offer to raise funds for the project, which is probably a good decision in the light of the recent crackdown by regulators, particularly the US SEC, on ICOs.
Camp told Fortune that a testnet could work in the following months.
Image from Flickr found.
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