Uber co-founder, Garrett Camp, has announced that he is planning to introduce a new cryptocurrency called ECO into the global trading market later this year. ECO is being designed to serve as a digital currency that will be usable all across the world for daily transaction purposes.
This news comes straight after it was reported that Garrett had taken some time off from his work duties, and had gone on a trip to Africa to do some “soul-searching”. However, in the past few months, he has sketched out a blueprint for a new digital currency that will hopefully fix some of the issues that are being faced by established crypto players like Ethereum and Bitcoin.
When asked about why he wants to launch a new cryptocurrency instead of supporting a pre-existing venture, he said:
“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”
In the coming months, Garrett plans to work with some of the top universities and blockchain research institutes across the globe, so as to govern and operate the early nodes and assess their viability. Additionally, in terms of an incentive structure, the platform will use a model that will reward participants each time an Eco node confirms a block of financial transactions.
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