Cofounder Uber announced the creation of its own crypto currency

Garrett Camp, one of the co-founders of the company Uber launches its own Eco crypto currency. Fortune writes about this.

According to Camp, he wants it to be a global digital currency that could be used as a payment instrument for everyday transactions.

In total, one trillion Eco coins will be issued, 50% of which will be distributed free of charge among the first billion registered and verified users. 20% will be given to universities that will manage trusted nodes, 10% to project advisers, 10% to strategic partners, and another 10% to Eco Foundation, which will be responsible for creating and maintaining the network.

Garrett Camp himself, together with a small number of partners of his venture fund and accelerator Expa, intends to allocate $ 10 million for operating expenses of the Eco Foundation.

It is noteworthy that the project does not plan to hold an ICO, which will allow it to avoid potential legal problems, which are increasingly faced by the organizers of the initial placement of coins.

The original white paper Eco explains that the project wants to improve some aspects of digital currencies. For example, it is planned to use only verified nodes to support the network and confirm transactions. Such a decision can indeed be justifiable in terms of network security, eliminating a number of external threats, but in fact depriving Eco of decentralization.

Another difference between Eco and Bitcoin will be its reward structure. Instead of the miners who compete for the reward, in the Eco system, each time the node confirms the transaction block, the reward will be distributed across the entire network between all nodes and users.

A separate entry in the Eco blog says that the project is designed to create a global currency, which will be easier, safer and faster to use than paper money. Being an open source project that will not be controlled by one person, organization or country, Eco will also guarantee a more equitable distribution of resources within the community.

It is also noted that the project seeks to create a network of proven universities to build a distributed and cooperative financial infrastructure that will be energy efficient and easy to use.