Fun Fact of the Day: Eco, the New Cryptocurrency

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Fun Fact of the Day:

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.

Will you invest in this new-age currency?

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