Uber will bring its own cryptocurrency on the market: Eco

The co-founder of Uber, Gattett Camp, will launch its own cryptocurrency. This step has been taken because no cryptocurrent currently on the market is 100 per cent fair to the requirements and suitability for use within the enterprise.

The cryptocurrency will carry the name Eco and should be usable as a simple payment tool worldwide for everyday transactions. Overall there will be a trillion tokens to be distributed as follows:

50% of the first billion users who register for it (Airdrop)
20% at universities that operate Trusted Nodes
10% to consultants
10% to strategic partners
10% will be retained by the Eco Foundation to ensure the maintenance and updating of the network

Camp itself, as well as some partners, will donate $ 10 million to the project to drive the project forward. This is also so important because there will be no ICO with which potential capital can be raised.

Eco will not be 100% denzetralized. This is because only verified nodes can make transaction confirmations. Compared to Bitcoin, whose network also allows anonymous nodes to participate in mining, this will not be possible with Eco. As a result, at least in theory, a 51% attack can not be ruled out.

Furthermore, the white paper states that there will be a simple web and mobile app. Due to the very large number of available tokens, the token price will initially be correspondingly low, so that the hurdle for newcomers is correspondingly low. (Newcomers to the crypto market are more likely to invest in a currency that costs a few cents rather than directly buying a bitcoin for $ 9,000). In addition, the transaction fees should be similarly low, e.g. at Nano or Dash.

Eco should also be very energy efficient in terms of transaction verification and token generation. There should be no huge power-consuming network of miners, which makes the cryptocurrency first operational.

Overall, there are already some digital currencies on the market that would fulfill the functions described in the white paper.

For example, Ripple, Nano, Litecoin, or the GRAM token already or will allow in the future to be able to process fast transactions at very low fees. From this point of view, the new currency Eco does not seem to be a breakthrough innovation.