The ride-sharing co founder is already known for disturbing one industry, and now he's apparently following bitcoin, gold and fiat cash. Garrett Camp, who helped to establish ride sharing mammoth Uber, is behind another cryptographic money named Eco, a decentralized global currency protocol, and he's looking to the world's best universities to run a confirmed node network.
He picked Eco for its undertone of "ecosystem, economics and e-commerce," as indicated by an article in Fortune. Eco is in it to win it and is intended to clash with bitcoin, gold and fiat cash for every day worldwide payment exchanges. Camp told Fortune:
"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.”
Eco versus Bitcoin
In its white paper, Eco pummels bitcoin as a "speculative investment" instead of a "medium of trade," the last of which it is endeavoring to accomplish. The three key issues that Eco takes up with bitcoin are the accompanying –
- Its high concentration among a handful of holders
- Energy-intensive mining process
- Perception of a propensity for fraud
Eco plans to do the following:-
"[form] a confirmed system, where universities run hubs" (rather than volunteer miners that run the Bitcoin arrange)
"Increase … general token supply"
"Create … simple web and mobile"
The Eco Foundation, a not-for-profit association, is entrusted with planning Eco as a "worldwide cash that is easier, more secure, and speedier to use than paper cash." There are a few recognizing highlights to Eco that different it from bitcoin, not the minimum of which is that the new cryptographic money is free — they're giving without end half of their aggregate token supply to the early takers.
Like bitcoin, there's a limited number of Eco being made. But unlike bitcoin's 21 million, Eco set the top at 1 trillion to make it workable for "billions of users to own many Eco tokens," as indicated by the white paper. In the interim, on the site, they tout Eco as "the digital currency everybody" and give what has all the earmarks of being a hold up rundown to get your offer.
Eco is building a checked system of worldwide universities, an approach that appears to remove an advanced page from Mark Zuckerberg's Facebook. This system will "help assemble a uniformly disseminated and cooperative financial framework" in a vitality productive way.
Eco isn't arranging an underlying coin offering to raise reserves for the venture, which is presumably a decent move in light of the current crackdown by controllers, especially the US SEC, on ICOs.
Camp told Fortune a testnet could be working inside months.