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Uber co-founder, Garrett Camp, to launch digital global currency - Eco

Co-founder of peer-to-peer ridesharing, food delivery, and transportation network company Uber, Garrett Camp is launching his own cryptocurrency - Eco.

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Co-founder of peer-to-peer ridesharing, food delivery, and transportation network company Uber, Garrett Camp is launching his own cryptocurrency - Eco.

Camp, who is also the founder of the accelerator fund Expa, wants Eco to be a digital global currency that can be used as a payment tool around the world for daily-use transactions.

According to TechCrunch, there will be one trillion tokens for Eco issued initially, of which half will be given away to the first one billion verified humans that sign up.

Out of the other half, 20% will go to the universities running trusted nodes, 10% will go to advisors, 10% will go to strategic partners, and 10% will go to a newly formed Eco Foundation which will be responsible for creating and maintaining the network.

Camp and a small number of partners affiliated with Expa will also donate USD 10 million to seed the foundation with an operating budget.

Eco's initial whitepaper states that it wants to improve on a few main issues common with cryptocurrencies.

It wants to use only verified nodes for network support and transaction confirmations, meaning someone anonymous cannot run a node and confirm transactions like one could do on Bitcoin's network.

While this essentially removes issues of 51% attacks or other acts of fraud, it also means that Eco won't be truly decentralized.

Eco will also have a large token supply (one trillion, at least initially) and simple web and mobile apps.

This is likely the project's attempt to be more user-friendly.

Similarly, the web and mobile app directive likely mean that the platform wants to make wallets easily accessible to users, regardless of technical ability.

The currency also wants to be energy-efficient when it comes to transaction verification and token generation. 

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