Eco is a new cryptocurrency being produced by Garrett Camp, Uber’s cofounder.
Eco is differentiated from typical coins in the following ways:
Eco’s blockchain, or shared ledger system, is designed to run on “verified nodes,” rather than on the machines of an anonymous network of volunteers.
Eco’s incentive structure. Instead of having cryptocurrency “miners” compete against one another for the entire crypto-lottery prize, in his proposed system, every time an Eco node confirms a block of financial transactions, the cryptocurrency reward gets dispensed across the network to all nodes and users.
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.
Mr. Camp expected to have a test site up and running soon, perhaps as early as 6 months from now.