The co-founder of Uber, Garrett Camp has designed, and plans to launch a cryptocurrency that will solve a lot of flaws that are present in existing cryptocurrencies. The brand new cryptocurrency, which he plans to name Eco, has been designed as a global currency that can be used for payment transactions. Camp has said that he will give 50% of the 1 trillion Eco tokens away completely free to the first one billion verified humans that sign up on Eco’s website. This will instantly draw people into investing in this virtual currency, putting it above others, especially if you were skeptical. Camp has made it very clear that Eco has been designed to solve some of the problems that Bitcoin and others have, stating; “Mainstream adoption of existing cryptocurrencies is held back by issues related to complexity, usability, and scalability. In order for blockchain and digital currency technologies to become mainstream and scale while preserving a decentralised design, new platforms are needed that are easier to use.” He is putting $10million towards this project, eliminating the need for an ICO. Eco aims to be far more user-friendly as well – a problem that is evident in a lot of other virtual currencies. They plan to make very simple, user-friendly apps, making it the perfect choice for those who are not so great with technology. A massive problem for cryptocurrencies is the lack of scalability. Particularly evident in Bitcoin. Eco plans to solve this by having an initial capacity of more than 100,000 per second in just a few years. Finally, Eco plans to be just that – eco-friendly. It plans to be energy efficient, as there will be no network of miners consuming valuable resources; instead, new blocks will be distributed among all miners, reducing the incentive of hashing.
It remains to be seen whether Eco is just to good to be true. If it works, it could be fantastic, but, like anything, there are often glitches to iron out, and only time will tell if this is the case. Image Source: Flickr - Great Photo By Mark WarnerInvestment Disclaimer