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Over the past five months, Camp has been sketching out plans for a brand new cryptocurrency that aims to fix technical and other challenges plaguing existing projects, such as Bitcoin and Ethereum. His hope, he told Fortune, is to resuscitate virtual currency’s original promise: an instant, affordable, and borderless means of payment for the masses.
Almost a year ago in May, Camp bought his first Bitcoin along with 10 Ether, Ethereum’s native token, on Coinbase, a popular online exchange in the U.S. But as he looked to invest further in the ballooning field of digital tokens and alternative cryptocurrencies, he was let down.
“The more research I did, the more I was not really wanting to buy a large amount of any one of them,” Camp told Fortune. “I 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,” he said, in terms of its path to development.
Camp has christened his rival project “Eco,” a name he settled on because it is short, easy to pronounce in many languages, and evokes concepts like “ecosystem,” “economics,” and “ecommerce.”
...Another factor is distribution. Camp doesn’t want a small group of speculators to hoard Eco tokens. The more people who get their hands on it, the better, in his view.
In fact, Camp is giving away free money to prime the pump. Out of a total of 1 trillion tokens to be generated over several years, the project plans to disseminate half the supply to the first 1 billion users. Camp plans to set aside a fifth of the tokens for verified nodes (in this case, university partners and researchers), a tenth for the Eco Foundation, to pay operational expenses and fund research grants, another tenth for advisors and active contributors, and a final tenth for “strategic partners worldwide.”
Almost a year ago in May, Camp bought his first Bitcoin along with 10 Ether, Ethereum’s native token, on Coinbase, a popular online exchange in the U.S. But as he looked to invest further in the ballooning field of digital tokens and alternative cryptocurrencies, he was let down.
“The more research I did, the more I was not really wanting to buy a large amount of any one of them,” Camp told Fortune. “I 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,” he said, in terms of its path to development.
Camp has christened his rival project “Eco,” a name he settled on because it is short, easy to pronounce in many languages, and evokes concepts like “ecosystem,” “economics,” and “ecommerce.”
...Another factor is distribution. Camp doesn’t want a small group of speculators to hoard Eco tokens. The more people who get their hands on it, the better, in his view.
In fact, Camp is giving away free money to prime the pump. Out of a total of 1 trillion tokens to be generated over several years, the project plans to disseminate half the supply to the first 1 billion users. Camp plans to set aside a fifth of the tokens for verified nodes (in this case, university partners and researchers), a tenth for the Eco Foundation, to pay operational expenses and fund research grants, another tenth for advisors and active contributors, and a final tenth for “strategic partners worldwide.”
Of course the difference between him and other ICO guys is that he has access to magazines like Fortune to promote his coin.