{"id":109568,"date":"2018-03-02T01:00:18","date_gmt":"2018-03-02T06:00:18","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=109568"},"modified":"2021-09-14T10:50:42","modified_gmt":"2021-09-14T14:50:42","slug":"uber-founder-plans-to-change-the-philosophy-of-cryptocurrency","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/uber-founder-plans-to-change-the-philosophy-of-cryptocurrency","title":{"rendered":"Uber Founder Plans to Change the Philosophy of Cryptocurrency"},"content":{"rendered":"

The news in November\u00a0reported that Uber co-founder and chairman Garrett Camp<\/a> would join other billionaire philanthropists<\/a> in giving half his wealth away after what he described as an \u201ceye-opening\u201d experience while traveling\u00a0in Africa.<\/p>\n

What was not reported was that the experience also triggered the idea for a new kind of cryptocurrency.<\/p>\n

Instant, Affordable, Borderless Currency<\/p>\n

Camp who only began seriously looking at cryptocurrencies last year found the entire idea wanting in many ways. He decided it would be best to re-design the system from a different philosophical standpoint.<\/p>\n

Working with the best minds from universities, science\u00a0foundations, and research institutes, similar to how the internet was formed, he is calling the project \u2018Eco\u2019 because it is easy to remember and to say in almost any language.<\/p>\n

Camp is one of many tech leaders getting into the cryptocurrency ring. Most notably of late Pavel Durov<\/a> founder of the chat app Telegram has reportedly raised over a billion dollars in an ICO for his TON network. While Mark Zuckerberg has talked about the need for Facebook to move towards encryption and cryptocurrency.<\/p>\n

Camp\u2019s goals are different though, he\u00a0is creating a cryptocurrency that operates on almost contrasting principles to existing coins from the foundation up.<\/p>\n

Eco, a Philosophically Different\u00a0Kind of Token<\/p>\n

Firstly, the Eco\u2019s blockchain, or shared ledger, is being designed to run on verified nodes as opposed to a network of anonymous machines. This will forfeit some aspects of security but gain efficiency\u00a0through coordinated governance.<\/p>\n

Secondly, \u2018miners\u2019 won\u2019t be competing against each other as tokens will be shared equally throughout the entire system of verified nodes whenever a new block is confirmed. This discourages people from throwing as much computing power as they can at the system and thus cuts down on energy consumed.<\/p>\n

The way Camp intends distribution is as different as his idea for \u201cmining\u201d. Unlike Durov, who seemed to be testing the limits of how much money he could wring from an as yet programmed network, some of the initial Eco tokens will be given away to get things started.<\/p>\n

The \u201cICO\u201d plan is to distribute half of the trillion tokens to be generated over several years to the first billion users. Of that, a fifth of the tokens will be set aside for verified nodes. A tenth to pay operational expenses for Camp\u2019s Eco Foundation. Another tenth for advisers and contributors and a final tenth for\u00a0 \u201cstrategic partners worldwide.\u201d<\/p>\n

The project is still in the design phase and Camp is inviting experts in many fields to join in on creating the \u2018Eco\u2019. The white paper actually has a call out to experts written into it.<\/p>\n

If you are an expert in technology, security, economics, governance, policy or design and are interested in helping build Eco into a global currency, please email us at contributors@eco.com.<\/p>\n

When speaking about the future of the project Camp expressed a cautious\u00a0optimism saying \u201cI think it could have as much or even greater impact (than Uber) if it succeeds,\u201d<\/em>.<\/p>\n

The post Uber Founder Plans to Change the Philosophy of Cryptocurrency<\/a> appeared first on NewsBTC<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

The news in November\u00a0reported that Uber co-founder and chairman Garrett Camp would join other billionaire philanthropists in giving half his wealth away after what he […]<\/a><\/div>","protected":false},"author":1033,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-109568","post","type-post","status-publish","format-standard","hentry","category-more-crypto-news"],"acf":[],"yoast_head":"\nUber Founder Plans to Change the Philosophy of Cryptocurrency - InsideBitcoins.com<\/title>\n<meta name=\"description\" content=\"Uber co-founder Camp has begun looking at cryptos to build an instant, affordable, borderless currency in Africa.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/109568\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Uber Founder Plans to Change the Philosophy of Cryptocurrency\" \/>\n<meta property=\"og:description\" content=\"Uber co-founder Camp has begun looking at cryptos to build an instant, affordable, borderless currency in Africa.\" \/>\n<meta property=\"og:site_name\" content=\"InsideBitcoins.com\" \/>\n<meta property=\"article:published_time\" content=\"2018-03-02T06:00:18+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-09-14T14:50:42+00:00\" \/>\n<meta name=\"author\" content=\"John McMahon\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"John McMahon\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/109568#article\",\"isPartOf\":{\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/109568\"},\"author\":{\"name\":\"John McMahon\",\"@id\":\"https:\/\/insidebitcoins.com\/#\/schema\/person\/074761d4ff61bc79907b3bbef632f113\"},\"headline\":\"Uber Founder Plans to Change the Philosophy of Cryptocurrency\",\"datePublished\":\"2018-03-02T06:00:18+00:00\",\"dateModified\":\"2021-09-14T14:50:42+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/109568\"},\"wordCount\":531,\"publisher\":{\"@id\":\"https:\/\/insidebitcoins.com\/#organization\"},\"articleSection\":[\"More Crypto News\"],\"inLanguage\":\"en-US\",\"copyrightYear\":\"2018\",\"copyrightHolder\":{\"@id\":\"https:\/\/insidebitcoins.com\/#organization\"},\"image\":{\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/109568#primaryimage\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/109568\",\"url\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/109568\",\"name\":\"Uber Founder Plans to Change the Philosophy of Cryptocurrency - 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