In early March, Garrett Camp, the co-founder of Uber, announced the launch of his own digital currency, Eco. The project will begin with an initial supply of one trillion tokens. Camp envisions Eco as a global digital currency that serves as a practical payment tool for everyday transactions.
Half of the initial trillion Eco tokens will be distributed to the first billion registered users. The remaining supply will be allocated to project advisors, strategic partners, the founding team, and a nonprofit foundation dedicated to maintaining the network. Additionally, Camp has personally committed $10 million to fund the foundation’s operations.
A notable feature of the Eco project is the absence of an Initial Coin Offering (ICO). This approach avoids fundraising from the public and reduces potential legal complications often associated with token sales. Many recent cryptocurrency ventures utilizing ICOs have encountered regulatory challenges.
According to the Eco whitepaper, the currency aims to address several common shortcomings observed in existing cryptocurrencies.
Improving Security and Accessibility
Eco utilizes a verified node system for transaction confirmation and network support. This design prohibits anonymous or unverified nodes from processing transactions, enhancing security and minimizing the risk of 51% attacks while preserving the decentralized nature of blockchain technology.
The cryptocurrency also features a large initial supply—one trillion tokens—intended to make individual units more affordable and psychologically accessible. Eco will support user-friendly web and mobile applications, allowing both technical and non-technical users to manage their wallets with ease.
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Focus on Energy Efficiency
Eco is designed with energy conservation in mind. The network aims to minimize electricity consumption during both token production and transaction validation, addressing common criticisms about the environmental impact of proof-of-work cryptocurrencies.
Camp first purchased Bitcoin and Ethereum in May 2017 but later became disillusioned with the crypto space. He stated, “The more research I did, the less inclined I was to heavily invest in existing cryptocurrencies. I realized that starting a new project might be a better approach.”
Growing Trend of Corporate Crypto Projects
Eco enters a growing field of cryptocurrency initiatives led by well-known entrepreneurs and companies. In January 2018, Telegram, often called “Russia’s WeChat,” launched one of the largest ICOs to date, seeking to raise approximately $1.2 billion. Other firms like Kodak, Overstock, and Kik have also pursued or announced their own token sales.
Industry analysts, including those from TechCrunch, note that while many new tokens offer technical improvements, what remains lacking is a functional ecosystem that supports real-world adoption. Creating a currency is relatively straightforward; the true challenge lies in gaining acceptance among merchants, service providers, and financial institutions.
Frequently Asked Questions
What is the goal of the Eco cryptocurrency?
Eco aims to become a globally accepted digital currency optimized for everyday transactions. It focuses on user accessibility, security, and energy efficiency while avoiding the legal and financial risks associated with ICOs.
How is Eco different from Bitcoin?
Unlike Bitcoin, Eco uses a verified node network to prevent anonymous transactions and reduce attack risks. It also has a much larger supply to keep unit costs low and is designed to minimize energy consumption.
Who can participate in the Eco token distribution?
The first billion registered users are eligible to receive 50% of the initial token supply. The rest is allocated to the team, advisors, partners, and a foundation supporting network development.
Why is Eco not conducting an ICO?
The project aims to avoid regulatory uncertainty and legal issues linked to initial coin offerings. By not raising public funds, Eco reduces compliance risks and focuses on organic adoption.
What platforms will support Eco?
Eco will be accessible through dedicated web and mobile apps designed for ease of use. These platforms will enable transactions and wallet management for all types of users.
Is Eco an environmentally friendly cryptocurrency?
Yes, one of its core design goals is to reduce energy use during production and transaction validation, making it a more sustainable alternative to many existing cryptocurrencies.