Uber co-founder Garrett Camp has been nurturing the idea of creating a cryptocurrency, which should solve existing technical and other kinds of problems associated with projects like Bitcoin and Ethereum for five months.
Camp hopes for the fulfillment of the true purpose of cryptocurrency, namely, boundless, affordable and instant payment methods for all people. This has been reported by the edition Fortune.
Uber creator invents new cryptocurrency—and wants your help making it reality https://t.co/R40NVGX4cV
— FORTUNE (@FortuneMagazine) March 2, 2018
The statement about the creation of its own cryptocurrency occurred after the co-founder of Uber returned from his first trip to Africa. He mentioned having received an eye-opening experience. He also said that he would donate half of his wealth to charity.
Almost a year ago Garrett Camp conducted his personal research on the cryptocurrencies that he bought and tested the opportunities that they provided.
“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,” he said, in terms of its path to development.
Camp will name the new cryptocurrency “Eco”, and its tokens will be distributed absolutely free of charge. In total, it is planned to issue 1 trillion coins, half of which will be distributed free of charge to the first billion of registered and verified users. The other part will be distributed among universities (20%), managing nodes, and the partners of the company, advisors and Eco Foundation, which will support the network, will each receive 10%. The latter is planned to be allocated $10 million for.
According to Camp, the project is at an early stage.
“This is the design phase. We intentionally have not written a lot of code yet. Before we start getting deep into the implementation of the system, we want more experts, researchers, and scientists to weigh in”.
The businessman hopes to launch the test network in 6 months or at the end of this year.