Uber co-founder Garrett Camp is creating a cryptocurrency called Eco that will serve as a global payment tool.
Eco will, however, have no ICO as a fundraising initiative which raises concerns in relation to direct public participation in and benefits to the project. Instead, the project will source $10M seed fund for the Eco Foundation from a small number of partners affiliated with Expa as well as from Camp contribution.
Nevertheless, the project will seek to improve some issues in the current digital currency platforms. This is according to Eco’s initial whitepaper. First, only verified nodes will perform transaction verification and network support, so no anonymity there as is with most current crypto platforms. Again, this pokes holes unto whether this is really a decentralized system. Their intention is to remove 51% attacks and fraud activity.
Not the first of its kind
However, this won’t be the first project using trusted nodes for network support and transaction verification. For instance, Ripple uses trusted validators and does not use anonymous validators. The trusted validators are run by legitimate groups. Ripple already has its share of criticisms including those touching on decentralization. It is likely that Eco will also be an institution-oriented (as customers) crypto given its structure and funding model. Thus it might seek to compete with Ripple’s XRP.
Additionally, Telegram and Kik’s Kin token will also have mobile apps and want to be daily-use tokens.
While it is simple to launch a cryptocurrency today, the trick lies in differentiating one from hundreds of projects already running and those upcoming. That determines the project’s survival now and in the future. Indeed, most existing projects are struggling to find real-life everyday use cases. For instance, one attempt is to bring onboard as many daily users and traders, onboard the hundreds and thousands of service providers, merchants, and financial institutions. This is in addition to securing assets.