The founder of Uber is planning to change the philosophy of crypto-coins

The founder of Uber is planning to change the philosophy of crypto-coins

As reported in the November news, Uber co-founder Garrett camp has joined the group of philanthropists, billionaires and gave half of his fortune to charity. This decision he took after a trip to Africa, where he, in his words, there was an Epiphany.

What was not reported is the fact that, among other things, the experience of this trip made him think about the idea of creating a new kind of cryptocurrency.

Camp began seriously to look in the direction of the cryptocurrency just last year, but have concluded that it is best to redesign the system with a different philosophical point of view.

Working with the best minds from universities, research foundations and research institutions (just as the Internet was created), camp is preparing a draft “Eco”. This name was chosen because it is easy to remember and to pronounce in almost any language.

According to the plans of the Creator of the cryptocurrency, will be distributed at the global level and used as a means of payment for daily transactions.

Camp is not the only technical leader, caught in the crypto ring. In particular, recently, the founder of the Telegram via the ICO has attracted over a billion dollars for its network TON. At the same time, mark Zuckerberg claims about the need to move Facebook on encryption and cryptocurrency.

At camp another purpose — it creates a cryptocurrency, principles of work which opposite principles existing coins.

First, the blockchain Eco is designed to work on trusted nodes, and not in the network of anonymous machines. This will worsen security, but will improve efficiency through coordinated management.

Second, miners will not compete with each other, because tokens are equally distributed over the system nodes are checked each time a new block is confirmed. This approach will not allow the miners to use all available computing power and thus will reduce the amount of energy consumed.

How the camp intends to distribute tokens as its idea of mining, different from the usual. Unlike Durova, who, it seemed, were testing the limits of how much money he can get from you have not yet created a fully online, part the first tokens will be given to the Eco to begin.

Plan “ICO” is to distribute half a trillion tokens that will be created over several years, between the first billion users. Fifth of them will be allocated tokens for validated nodes, 10% will go to Fund Eco to cover operating expenses and research grants, and 10% will be given to the consultants and active investors. The last 10% will be divided between the “strategic partners around the world,” says the project’s documentation.

The project is still under development, and camp in the whitepaper project invites experts to join in the creation of “Eco”:

If you are an expert in the field of technology, security, Economics, management, policies or design and are interested in helping to create the Eco, email us at [email protected]

Speaking about the future of the project, camp was cautiously optimistic, saying: “I think that, if it succeeds, it may have the same or even greater impact than Uber”.

Let's Disqus