He chose Eco for its connotation of “ecosystem, economics and e-commerce,” in accordance to an article in Fortune. Eco is in it to win it and is designed to go head-to-head with bitcoin, gold and fiat money for each day global payment transactions. Camp told Fortune:
“I realized it might be better to launch a new challenge from a specific philosophical standpoint with cooperation from a lot of universities, scientists, and lookup institutes— like the internet.”
Eco versus Bitcoin
In its white paper, Eco slams bitcoin as a “speculative investment” as an alternative than a “medium of exchange,” the latter of which it is making an attempt to achieve. The three key problems that Eco takes up with bitcoin are the following –
energy-intensive mining process
perception of a propensity for fraud
Eco plans to do the following –
“[form] a tested network, the place universities run nodes” (instead of volunteer miners that run the Bitcoin network)
“increase … usual token supply”
“create … simple internet and mobile”
The Eco Foundation, a nonprofit organization, is tasked with designing Eco as a “global forex that is easier, safer, and faster to use than paper money.” There are several distinguishing aspects to Eco that separate it from bitcoin, not the least of which is that the new cryptocurrency is free — they’re giving away 50% of their total token furnish to the early takers.
Similar to bitcoin, there’s a finite variety of Eco being created. But not like bitcoin’s 21 million, Eco set the cap at 1 trillion to make it feasible for “billions of users to own many Eco tokens,” according to the white paper. two Meanwhile, on the website, they tout Eco as “the digital currency for everyone” and provide what seems to be a wait listing to get your share.
Eco is constructing a proven community of global universities, an method that looks to take a digital page out of two Mark Zuckerberg’s Facebook. This community will “help build an evenly allotted and cooperative monetary infrastructure” in an energy-efficient way.
Eco isn’t planning an initial coin offering to raise money for the project, which is probably a accurate move in light of the latest crackdown by regulators, mainly the US SEC, on ICOs.
Camp instructed Fortune a testnet ought to be running inside months.
Featured image source from Flickr.
Credit: FlickrMediumCNN
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