Uber co-founder Garrett Camp has revealed plans to launch his own virtual currency called Eco, Newsweek reports.
“Eco aims to create a new global currency that is easier, safer, and faster to use than paper money,” the developers of the new cryptocurrency explained in a blogpost on Thursday.
He said Eco will ensure that the majority of the economic value generated by the platform is fairly distributed to its community to create a more equitable distribution of resources.
No ICO will be held to raise money for the project. Instead, the trillion units of the Eco cryptocurrency will be distributed to people for free through its website, as well as to the universities chosen to support the network. A smaller share of the tokens will be given to advisers, partners and a newly formed Eco Foundation.
According to the project’s white paper, describes the developers’ desire to address three main issues with Bitcoin (Bitcoin): the concentration of resources in the hands of a relatively small portion of people, the large amount of energy consumed by the system, and its perception as a complex and unsafe platform.
The project is still in the design phase and Camp is inviting experts in many fields to join in on creating the Eco.