Uber’s Camp launching own cryptocurrency

Uber co-founder Garrett Camp is launching his own cryptocurrency called Eco.

Eco’s white paper said the currency wants to improve some issues common with digital currencies. Among other things, it wants to use only verified nodes for network support and transaction confirmations, it aims to be more user-friendly with a smaller dollar to Eco token conversation rate, a large token supply and making wallets easily accessible to anyone regardless of technical ability. Eco also said it wants to be energy efficient when it comes to transaction verification and token generation.

According to the reports, one trillion tokens will be issued initially. Out of that batch, half will be given to the first one billion verified users that sign up. The rest will be distributed in the following manner: 20% will be given to universities running trusted nodes, 10% will go to strategic partners of Eco, 10% will be attributed to advisors and 10% will go to the Eco Foundation. Camp and his venture fund Expa will give $10 million for the foundation’s operating budget. The test net running is expected later this year.