Everyone wants to be a part of cryptocurrency race these days. Investors wish to buy it; on the other hand, brands and companies are looking forward to launching their digital currency. Now, after the former digital camera giant Kodak, Uber’s co-founder Garrett Camp is all set to start his cryptocurrency.
As per reports, the product will be known as Eco, and its creator wishes to make it a currency that the common man would be able to use it to make day-to-day purchases.
Eco, the new currency from Uber’s co-founder
Here is the exciting part. During the initial stage, one trillion tokens would be launched. Out of these, the Eco foundation would keep 10 percent, another 10 percent would go to the project’s advisors, and 10 percent for the strategic partners, 20 percent would be reserved for educational institutions that run trusted nodes. The remaining 50 percent would be shared between one billion users who have signed up for the same. The Eco foundation would take the network creation and management part.
There are several differences between Eco and other existing digital currencies in the market. There won’t be any ICO launch and money won’t be raised from the market for the product. Several technological aspects have been given particular attention in making sure that the currency remains a hard nut for fraudsters to crack.
When it comes to Bitcoin network, anonymous nodes can confirm transactions. However, in Eco network, transaction confirmations and network support activities would only be performed by verified nodes. The currency’s transactions won’t be decentralized; thus, it becomes 51 percent more secure than Bitcoin transactions that remain venerable to fraud.
Besides, technological differences, Eco also offer multiple features that make it user-friendly. One trillion tokens would be launched, so, there won’t be any supply-related issues. Conversion rates would be affordable, and users would be able to make transactions using the web as well as the mobile app. Making transactions would be more comfortable compared to transaction process for other digital currencies. Even individuals without much of technological knowledge would be able to use the same.
Eco, as the name suggests, won’t use electricity-intensive mining processes like some of the other cryptocurrencies. It would be eco-friendly when it comes to token generation and transaction verification as well.
What’s the difference?
It's a fact that most of the newly launched cryptocurrencies are a copy paste of Bitcoin with minor changes in the blockchains. Thus, they do not have what it needs to change the world.
Ethereum and Litecoin offer to complete transactions faster than Bitcoin. Kik’s Kin (Telegram) is working on a mobile-first approach for promoting the currency as low cost crypto. Ripple is working on offering faster transactions with its trusted validator nodes. Another popular currency called Ethereum is working on making itself energy efficient. In spite of this, at present, most of the cryptocurrencies do not have an ecosystem to support their transactions. Thus, blockchain technology’s potential remains untapped. People do not use it for day to day transactions. Several companies, as well as entrepreneurs, have launched their currencies. However, no one has thought about roping in financial institutions, banks, merchants, service providers to make the cryptocurrency more useful in everyone’s day to day life.
Eco has a solution for this. The team has already signed deals with partners to create the required ecosystem in various countries around the world. Garrett Camp’s high profile tech background and ambitions to fully utilize the blockchain technology’s potential can prove to be the driving force behind Eco. The currency is set to hit the market before the end of this year. Members who sign up for tokens would probably get a chance to opt for test net transactions.
Why are prices of crypto sliding since the last few days?
Cryptocurrencies like Ethereum, Ripple, Bitcoin as well as other major digital currencies witnessed a slide in their prices during March this year. There were multiple reasons behind these price fluctuations seen between December last year and March this year.
It all started around December last year when certain countries began debating about putting rules and regulations around cryptocurrency trade. The currencies were just recovering from the downfall, but individuals linked with Mt.Gox cryptocurrency exchange (now-defunct) sold a large number of units recently.
Another bad news was delivered in the form of Google’s announcement that ads related to cryptocurrency sector won’t be displayed and supported by the giant. Google stated that it wouldn’t show ads and news even about ICOs (initial coin offerings) as well as of those linked with cryptocurrency trading advising groups and digital wallets that deal in the same.
The difference was apparently visible. Before the announcement from Google, the value of digital currencies around the world was $372.9 billion, which later reduced to $310.4 billion according to stats released by CNBC.
As mentioned earlier, Ripple, Ethereum as well as Bitcoin, all three of the top cryptocurrencies crippled due to Google’s decision and announcement.
Gatecoin cryptocurrency exchange’s executive Thomas Glucksmann interacted with journalists and shared his opinion about the consequences of falling cryptocurrency prices. He believes Google’s decision is probably not good news for companies that are getting ready for ICOs during the next few months. This move would also increase the overall regulatory scrutiny of ICOs around the world. He also pointed out that during the last few months, there were several scams involving fake ICO. Scamsters managed to rob millions of dollars from unaware investors who were desperately looking for new opportunities to invest in cryptocurrencies.
Instead of buying crypto during ICO, betting on cryptocurrency CFDs can prove to be a safer alternative. You can trade in CFDs via platforms like Admiral Markets. The portal offers several tools so that traders can keep an eye on various aspects, including best cryptocurrency indicators. The benefit of trading in CFDs is that you can also make money based on your predictions about sliding rates of cryptocurrencies.
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