Garrett Camp, Uber’s founder, has spent the past five months working on his own cyptocurrency according to Fortune.
Camp’s goal is to “is to resuscitate virtual currency’s original promise: an instant, affordable, and borderless means of payment for the masses.” According to the interview he gave to Fortune, Garrett Camp first got into cryptocurrencies in May 2017 when he bought one Bitcoin and 10 Ethereum tokens on Coinbase.
For Mr. Camp, the cryptocurrency market was a let down. According to him, “The more research [he] did, the more I was not really wanting to buy a large amount of any one of them,” adding that he “realized it might be better to release a new project from a different philosophical standpoint with cooperation from a lot of universities, scientists, and research institutes—like the Internet.”
Camp said he chose the name “Eco” for his project because it “is short, easy to pronounce in many languages, and evokes concepts like ecosystem, economics, and ecommerce.”
Camp isn’t the only businessman trying to profit from the surge of the cryptocurrency market this year. Companies such as Telegram, Kodak and Kik have all announced they would make their own blockchain-based currency. Even Facebook’s CEO Mark Zuckerberg announced that he was exploring “encryption and cryptocurrency” as a way to diversify and modernize the services offered by the social media giant.
The draft of Garret Camp’s “ECO” whitepaper, which was reviewed by Fortune, “Eco seeks to create the most usable digital currency platform to date, offering users an alternative to bitcoin, gold and at currency at Eco.com. New payment systems are needed which are not controlled by a central institution, and provide better user experiences using mobile devices.”
Camp told Fortune that “he’s initially seeking to partner with the top 5% universities and research institutes around the world, which number in the couple thousands, to run these early nodes.”
Camp sees a great future in this project, even comparing it to his company Uber. “I think it could have as much or an even greater impact [than Uber] if it succeeds.”