Spencer Kellogg | United States
— G. (@gc) March 1, 2018
Business icon and tech stalwart Garrett Camp is launching a cryptocurrency. Camp, known for co-founding Uber and StumbleUpon, announced via Twitter on Thursday his newest venture: Eco. Eco aims to create an ‘easier, safer & faster’ digital currency that is built on an open source platform to keep any one individual, organization or nation from centralizing authority. The project will lean on help from top global universities and research organizations to build, design and implement the project.
Eco’s whitepaper, https://www.eco.com/whitepaper, suggests that within 10 years the entire global civilization could interact solely with their smartphones as a way of banking and payment. Eco points to scaling and supply issues facing early cryptocurrencies and intends to create a system large enough to run with stability for billions of users:
Eco makes significant improvements (to cryptocurrency) by: 1) forming a verified network, where universities run nodes, 2) increasing overall token supply, and creating simple web and mobile apps, and 3) designing a system with more energy-efficient and coordinated token generation, to reduce overall power consumption.
The team makes mention of the inequality of many token distributions in the cryptocurrency space and aims to make the process cleaner and more equitable for users. They plan to release tokens over a three year period so as to incentivize participation and maintain a value of the asset that is dependent on user interaction.
The Eco Foundation, an independent non-profit organization, will be established to assist in the creation and management of the currency and community:
The mission of the Eco Foundation is to develop a global currency protocol that is evenly distributed and extremely robust. The Eco Foundation will guide the development of the Eco protocol, with transparent governance and continual improvement.
Camp, a Candian entrepreneur, helped create the personal search recommendation website StumbleOn as a 24 year old and went on to also co-found the massively popular ride share app Uber in 2009. He joins a growing list of Silicon Valley veterans who have recently looked to break into the teeming market. Camp has cited frustrations with existing cryptocurrency and his vision to take crypto mainstream includes greater cooperation and centralization of users and nodes. Instead of running on anonymous machines, the Eco blockchain will be maintained by a network of verified nodes.
On the homepage for Eco, https://eco.com/home, you can sign up to claim free Eco as an early adopter promotion. At the bottom of the page you will find links to their whitepaper, foundation and social media pages.
There is no ICO scheduled for Eco. With growing concerns surrounding the legal implications of crowdfunding unregulated tokenized securities, Eco will not seek a public funding round. One trillion tokens will be distributed over a multi year timeframe and his team’s goal will be to make a currency that can scale appropriately to a potentially global user base.
In the cryptocurrency space, one trillion tokens is seen as an exorbitantly high amount but Camp has argued that the supply will make it easier for a larger adoption as it creates a simple USD to Eco exchange rate;
This will enable a future user to have hundreds of Eco in their account, instead of a very small fraction of a more scarce token. For example, future user would find it much easier to pay 1.25-eco for something than 0.000000125-btc.
Advisors for the project include Amira Yahyaoui, political activist and former cochair of the World Economic’s Forum. The currency challenges facing the citizens of her native Tunisia and most African nations across the southern continent made this a personal cause for Yahyaoui. In recent interviews, Yahyaoui likened the currency to the popular mobile currency mPesa that is used by some countries on the continent.
Brilliant idea paired with a beautiful mission. You, yes, you, you and you can help. https://t.co/BCSQKqAUGG
— Amira Yahyaoui (@Mira404) March 2, 2018
With a great name and an all-star team, Eco appears ready to tackle the challenge of creating a global currency for all. With Camp’s expertise and money behind the project, there is the potential to see a radical entry into the cryptocurrency market from the startup company.