Bitcoin Global News (BGN)
March 06, 2018 -- ADVFN Crypto NewsWire -- Garrett Camp, known for
disrupting the taxi cab industry as co-founder of Uber, is now
going after fiat money and gold. On March 2, he announced of the
creation of a new cryptocurrency called “ECO” as a "world-class
digital currency that can be used in facilitating business
transactions,” “a new global currency that is easier, safer, and
faster."
During a trip to Kenya last year, Camp saw firsthand the use of
the popular mobile currency “mPesa”. He was inspired to create
something similar that can be used worldwide. Also, as an
interesting aside, Camp announced his decision upon returning from
Africa to give half of his vast wealth to the poor, though he has
not yet released details on this.
A total of 1 trillion Eco’s will be released, of which 50% will
be made available to the first set of people who sign up.
Institutions running the network’s “trusted nodes” will get 20%,
and 10% will go to advisors and partners.
A mobile app for wallets and a low coin price will make the Eco
user-friendly.
Eco aims for a middle path between a completely decentralized
currency system, like Bitcoin, and a completely centralized
currency system, like banks and credit cards. Camp’s hope is to
bring back to the forefront virtual currency’s original promise of
an instant, affordable, and borderless means of payment for the
masses.
The Eco whitepaper states an initial transactional capacity goal
of 1000 transactions per second, increasing to 100,000+
transactions per second by late 2020.
Camp wants to create a decentralized global currency for which
50+ of the world’s top universities will run a transaction
verification node network. Whereas the Bitcoin network assumes
nodes cannot be trusted because anyone can join the network as a
node at any time, Eco will have distributed nodes that are run by
verified organizations. No anonymous individual will be able to run
a transaction verification node.
The Eco network will operate based on collective incentive
rather than individual reward. When a block is successfully mined,
tokens are evenly distributed to all nodes. This is one of several
ways in which the Eco network will be much less energy intensive to
run compared with a typical proof of work hashing network.
You can get in line to claim free Eco by filling out the form at
the bottom of the page at https://eco.com.
By: BGN Editorial Staff