The new 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.
There will be one trillion tokens issued initially, of which 50% will be given away to the first one billion verified humans that sign up. 20% will go to the universities running trusted nodes, 10% will go to advisors, 10% will go to strategic partners, and 10% will go to a newly formed Eco Foundation which will be responsible for creating and maintaining the network. Camp as well as a small number of partners affiliated with Expa will also donate $10M to seed the foundation with an operating budget.
Notably there will be no ICO – which means no money will be raised for the project, and also lets the project avoid any potential legal issues which have now become prevalent with most major ICOs.
First, it wants to use only verified nodes for network support and transaction confirmations, meaning someone anonymous couldn’t run a node and confirm transactions like they could do on bitcoin’s network. While this essentially removes issues of 51% attacks or other acts of fraud, it also means it won’t be truly decentralized.
Second, Eco will have a large token supply (one trillion, at least initially) and simple web and mobile apps. This is likely the project’s attempt to be more user friendly, meaning a smaller dollar to Eco token conversation rate so regular users aren’t scared away by high token prices, which often happens with bitcoin. Similarly, the web and mobile app directive likely means they want to make wallets easily accessible to anyone regardless of technical ability.
Eco hopes to have a test net running by the end of the year, but users can sign up now to claim a username and reserve some tokens.
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