There are going to be the latest digital currency available in the market, and it’s also called Eco.
Eco was built by Uber’s co-founder and chairman Garrett Camp and already has limited programming complete, depending on an Investopedia report.
Camp, this article added, is searching for more field experts, scientists and researchers to receive involved in his initiative, they plans to “test-net” later this season.
The new cryptocurrency known as Eco since it refers “to the multiple parts of a fiscal system C like economics, ecosystem and e-commerce.”?It is going to be operated and designed by the latest non-profit organization, Eco Foundation.
Camp with the exceptional partners at his startup accelerator Expa, is eyeing the expansion of Expa to finance the Eco project with $10 million during the first phase.
Open source platform
An summary of the project said Eco is “a global currency protocol, an open source platform which is not controlled by single individual, organization or nation.”
It aims to create a network of international universities and reputable organizations “to help design, build and operate an distributed and cooperative financial infrastructure.”
With regard Eco Foundation, the business will supervise the design and style and implementation from the protocol offered by helping cover their “a new distributed payment platform with collective incentives for optimal energy efficiency.”
“Eco seeks to develop quite possibly the most usable digital currency platform up to now, offering users an alternative to bitcoin, gold and fiat currency at Eco.com.”
Investopedia said with the cryptocurrency Camp has designed, he will be now among several entrepreneurs who’ve joined digital currency industry.?Facebook CEO Mark Zuckerberg earlier revealed that they wants “to go deeper and look the positive and negative aspects of” trends like encryption and cryptocurrency.?Businesses like Overstock, Telegram, and Kik, are planning to launch their own individual ICOs.
If Eco pushes through, Investopedia said: “It may replace the whole world of virtual currencies by in the role of the much-needed bridge amongst the fully regulated and fully unregulated monetary systems.”
Meanwhile, the Eco design proposal said the virtual money would address three issues within digital currencies:
- Verification of network nodes
- Usability of applications
- Efficiency of transactions
Eco makes “significant improvements by forming a verified network, where universities run nodes, increasing overall token supply, and creating simple web and mobile apps, and designing something with an increase of energy-efficient and coordinated token generation, to scale back overall power consumption.”
Under initial plans, Fifty percent or 500 million tokens might be provided to the main 1 billion “unique, verified human users over the platform (with equitable demographic and geographic representation) to allocate value developed to a sizable community of users.”
Twenty percent is going to verified nodes (partner universities) in addition to their network of researchers and developers while Ten % will likely be held with the Eco Foundation to invest in its operations and also to be provided as grants.
Another 10 percent may go to “active contributors and advisors” although the last Ten percent is meant for the foundation’s strategic partners worldwide.
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(Featured image by?Joi Ito via Wikimedia Commons.?CC BY 2.0)