Dubbed “eco”, Camp’s digital cash alternative is designed to evolve into a universal payment tool for day-to-day use. However, how it achieves that goal in an already overcrowded cryptocurrency market with over 1,400 pre-existing coins will be interesting to follow up.
When asked what inspired him to launch a new cryptocurrency when there are already so many available, Camp said: “The more research I did, the more I was not really wanting to buy a large amount of any one of them. 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”
Camp now plans on collaborating with top universities and blockchain research institutes all around the world to operate the early nodes and evaluate their viability. As for rewards for participation, the eco platform will be based on a model that will reward participants every time an eco node confirms individual blocks of financial transactions.
He also formed a new body called Eco Foundation to oversee the creation and maintenance of the eco-network.
Initially, one trillion eco tokens will be made available, half of which will be issued to the first 1 billion verified humans to sign up. 20 percent from the remaining 50 percent will be issued to universities operating trusted nodes, whereas 10 percent will go to advisors, to strategic partners, and the Eco Foundation each.
The Uber co-founder has joined forces with a number of Expa affiliates to donate $10 billion to seed the foundation with a carefully calibrated budget.
One striking difference between eco and most other cryptocurrencies would be that the former will not depend on initial coin offering (ICO) to take off.
This essentially means that the Camp has no intention whatsoever to raise any money for the project, which is seen by many as a smart move given that it will help the project to avoid all potential legal and regulatory challenges usually associated with most major ICOs.
All eco transactions will be conducted only by verified nodes and networks and the focus will be on rolling out user-friendly mobile and web apps to attract new users. While said approach can help eco do away with many major vulnerabilities bitcoin suffers from, it could also expose the digital currency to more stringent supervision.
Feature image by Studio-JQ