Uber’s co-founder Garrett Camp has announced that he is launching his own cryptocurrency to rival with popular Cryptocurrencies such as Bitcoin, Ethereum, Ripple and Litecoin. The new currency will be called ECO.
Eco will be a global digital currency which can be used for daily payment needs. According to their whitepaper, ECO will have full support for microtransactions. ECO will be a mobile-first cryptocurrency.
The concept, not new, has a few notable changes which make ECO completely different from other existing cryptocurrencies.
The first major change is that ECO will only use verified nodes for transactions. That means other people won’t be able to set up their mining rigs and verify transactions. This makes ECO a pseudo centralized network.
Secondly, ECO will have a large token supply (one trillion initially) and a simple to use mobile and web interface, allowing the general population to do daily transactions via ECO. The price of an ECO token will be kept small (less than $1) to make ECO useful for daily transactions.
Third, ECO plans to be completely energy efficient. This efficiency will be achieved by disregarding electricity-hungry miners like other cryptocurrencies have.
ECO though a noble concept, faces tough competition from Telegram’s TON token and Kik’s Kin token, which are both mobile first, daily transaction tokens.
The ECO project is still in its proposal phase.
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