Garrett Camp, best known for being a co-founder of Uber and founder of the accelerator/venture fund Expa, is launching his own cryptocurrency.
The currency is called Eco, and Camp wants it to be a digital global currency that can be used as a payment tool around the world for daily-use transactions.
According to TechCrunch, there will be one trillion tokens for Eco issued initially, of which half will be given away to the first one billion verified humans that sign up.
Out of the other half, 20 per cent will go to the universities running trusted nodes, 10 per cent will go to advisors, 10 per cent will go to strategic partners, and 10 per cent will go to a newly formed Eco Foundation which will be responsible for creating and maintaining the network.
Camp is one of a number of entrepreneurs who have thrown their hats into the cryptocurrency ring in recent months. Pavel Durav, the CEO and founder of chat app Telegram, has been building buzz around a billion dollar initial coin offering. Other businesses like Overstock, Kodak, and chat app Kik have either held or intend to hold ICOs. Even Mark Zuckerburg, Facebook’s CEO, said that he planned to focus this year on fixing Facebook, a goal that included exploring “encryption and cryptocurrency.”
Maybe Eco will have better luck with this. And in fact, signing up partners to build an ecosystem is an area where this new cryptocurrency should thrive, considering Garrett Camp’s involvement and high-profile in the tech industry.