Blockchain Daily

Uber co-founder set to rival Bitcoin with new cryptocurrency ‘Eco’

Uber co-founder set to rival Bitcoin with new cryptocurrency ‘Eco’

Garrett Camp – the co-founder of the widely used taxi-app Uber – has announced that he is launching a cryptocurrency to rival the industry leader Bitcoin.

“Eco”, according to Camp, will build on the promise of the current leading cryptocurrencies while improving many of the downfalls and security issues they have faced over the past few years.

“The more research I did, the more I was not really wanting to buy a large amount of any one of them. I realized it might be better to release a new project from a different philosophical standpoint with cooperation from a lot of universities, scientists, and research institutes—like the Internet,” the young billionaire – who recently decided to donate half of his assets following a trip to Africa – explained in interview with Fortune.

To create a true rival to Bitcoin, Camp and “Eco” will target the high concentration of investments held by a relatively small amount of businesses or individuals, the amount of energy used to mine Bitcoin and the digital currency’s current perception as an unsafe, potentially risky investment opportunity.

 To do this, he will form a “verified network, where universities run node,” increase “overall token supply, and creating simple web and mobile apps,” and design “a system with more energy-efficient and coordinated token generation, to reduce overall power consumption.”

Eco’s white paper, of which Fortune reviewed a draft, explains that “Eco seeks to create the most usable digital currency platform to date, offering users an alternative to bitcoin, gold and fiat currency at New payment systems are needed which are not controlled by a central institution, and provide better user experiences using mobile devices.”

The sheer volume and scale of Eco sounds pretty exciting with one trillion tokens to be issued. Camp has plans to give a significant portion of this trillion to universities. This volume plays into Eco’s tagline: “Digital currency for everyone.”

You can sign up to Eco for free now – just click here – and with Camp pumping a sizeable investment into the project along with his company Expa, the oft-controversial initial coin offering stage has been bypassed, which will give a lot of potential investors a level of confidence most other rival tokens can’t.