Introduction to the EcoCoin

9 Mar 2018  /  Blog, Tech world  / , ,

Garrett Camp, co-founder and chairman of Uber had definitely changed the branch of car sharing. Now, he is working on the creation of the new cryptocurrency. What is EcoCoin? What was the reason for founding a new currency? Is it a new way of payment or another type of Bitcoin, which will make some people even more well-off?

Pre-Story

“The more research I did, the more I was not really wanting to buy a large amount of any one of them,” Camp told in his interview to the Fortune. “I realized it might be better to release a new project from different philosophical standpoint with cooperation from a lot of universities, scientists, and research institutes — like the Internet,” he said, in terms of its path to development.(c)

In November 2017, Garrett came back from the trip to Africa, he called it an “eye-opening” experience and decided to invest in the charity. The thing is that he didn’t want just to give away a certain amount of money – what he wanted was to create a project that would change the world. The name Eco was chosen because of “ecosystem, economy, and e-commerce”.

EcoCoin vs BitCoin

In the Eco’s White Paper the Bitcoin is called as “speculative investments”, while Eco is ought to become an intermediary in the currency exchange. This is promoted as “Cryptocurrency for everyone”. There are three main problems with the Bitcoin, which Eco is willing to solve:

  • big amount of bitcoins is split among few users
  • a process of mining demands too much energy
  • high possibility of fraud

Eco Foundation is a non-profit organization, the goal of which is to create Eco like a global currency, that would be easier, faster and simpler in use, than a traditional money. Eco`s Blockchain is designed to be run by “verified nodes”, rather than machines of the anonymous miners.

The Eco node confirms a block of financial transactions, afterward, the cryptocurrency reward is dispersed across the network of nodes. The laziest nodes can be booted from the network by a quorum of peers, which makes process clear and honest.

An interesting fact is that Garrett doesn’t want a small group of speculators to hoard Eco tokens. In his view, the more people have the tokens – the better situation is. So, Garrett Camp giving away a money to prime the pump. He plans to give half, out of total 1 trillion tokens, to the first billion of users.

The basic information regarding EcoCoin was provided in this article. Will it be as popular as Bitcoin is, or it will become a new brand in the world of technology – the time will show. We will follow up on that topic and keep you updated.