Bookmark Kaumudi Online  Bookmark this site  Editor@Kaumudi  |  Marketing  Print Advt rates  |  Calendar 2018        Go!    
March 20, Tuesday 2018 7:28 PM       

       HEADLINES: C K Vineeth and Ian Hume unhappy about changing venue of India Vs WI ODI                                              Something fishy about KCA's decision to shift one-day match to Kochi: Tharoor                                              It is not birds but vultures who are striking at Keezhattur: G Sudhakaran                                              Missing foreign woman: Relatives announces reward                                              T R Chandradath passes away                                              Intimidation of Indian High Commission officials in Pak goes unabated                                              VK Sasikala's husband passes away at 75                                              Sasikala granted 15-day bail for husband's funeral                                              Altaf Hussain vows to transform Pak into true welfare state                                              Is Facebook's security chief leaving after clash over Russian disinformation?                                              Trump plans to hit China with $60 bn in annual tariffs                                              China's Belt and Road Initiative heightens debt risks in 8 countries                                              White House bans Venezuela's digital currency                                              Cricket betting racket busted, 4 held                                              ICC WC Qualifiers: Samuels guides Windies to thumping win over Zimbabwe                                              BCCI confirms Shami stayed in Dubai hotel for 2 days                                              Kaumudi Facebook
       BUSINESS Next Article: Zuckerberg sells $482m Facebook stock in Feb to fund philanthropic org  
       Uber co-founder to launch new cryptocurrency
         Posted on :11:42:09 Mar 3, 2018
       Last edited on:11:42:09 Mar 3, 2018
         Tags: Uber, Cryptocurrency, Eco

NEW YORK: Co-founder of peer-to-peer ridesharing, food delivery, and transportation network company Uber, Garrett Camp is launching his own cryptocurrency - Eco.

Camp, who is also the founder of the accelerator fund Expa, wants Eco to be a digital global currency that can be used as a payment tool around the world for daily-use transactions.

According to TechCrunch, there will be one trillion tokens for Eco issued initially, of which half will be given away to the first one billion verified humans that sign up.

Out of the other half, 20 per cent will go to the universities running trusted nodes, 10 percent will go to advisors, 10 per cent will go to strategic partners, and 10 per cent will go to a newly formed Eco Foundation which will be responsible for creating and maintaining the network.

Camp and a small number of partners affiliated with Expa will also donate USD 10 million to seed the foundation with an operating budget.

Eco's initial whitepaper states that it wants to improve on a few main issues common with cryptocurrencies.

It wants to use only verified nodes for network support and transaction confirmations, meaning someone anonymous cannot run a node and confirm transactions like one could do on Bitcoin's network.

While this essentially removes issues of 51 percent attacks or other acts of fraud, it also means that Eco won't be truly decentralised.

Eco will also have a large token supply (one trillion, at least initially) and simple web and mobile apps.

This is likely the project's attempt to be more user friendly.

Similarly, the web and mobile app directive likely means that the platform wants to make wallets easily accessible to users, regardless of technical ability.

The currency also wants to be energy-efficient when it comes to transaction verification and token generation.

Next Article: Zuckerberg sells $482m Facebook stock in Feb to fund philanthropic org
EXHICON Group, Magarpatta partner to launch Messe Global Pune  
Mobile subscribers base in India nearly touching 100 million  
India hands over 18 high-end diesel locos to Myanmar  
Stocks decline for fifth day on CAD, US rate hike worries  
Sensex, Nifty turn choppy; metal stocks fall  
India lacks flexing power despite high imports: ASSOCHAM  
Demonetised notes are being shredded, briquetted: RBI  
Delhi holds first exhibition of International Jewellery Brand Chemmanur's Diamonds Collection  
RBI issues corrective framework for PSBs  
Verka exhibits its product range at Krishi Unnati Mela 2018  
Sensex dives 510 pts on political concerns; extends losses for 4th day  
Sebi slaps Rs 12 L fine on merchant banker in Onelife Capital IPO case  
Now there is a marketplace to buy and sell pre-owned taxis in India  
Tata group Chief Ethics Officer Mukund Rajan quits  
Gold softens on muted demand, global cues  
Wholesale inflation eases to 2.48% in Feb'18  
Sensex down 150 pts, Nifty slips below 10,400  
SBI reduces charges on non-maintenance of minimum balance  
Regulations should not impact pace of innovation: Google  
No Nirav Modi firm in the list of 2.26 lakh deregistered cos: Govt  
Paytm to be official umpire partner for IPL 2018  
Sensex zooms the most in two yrs, Nifty above 10,400 on global relief rally  
Sensex rallies 301 pts ahead of IIP, inflation data  
Nirmala Sitharaman invites private sector in Defence  
Alstom completes all-electric ‘Make in India’ locomotive, announces €75 million contract  
Can there be conspiracy behind the move to shift India-West Indies one-day cricket match from Thiruvananthapuram to Kochi?
No opinion
Home Kerala India World Business Sports Sci&Tech Education Automobile CityNews Movies Environment Letters 
© Copyright keralakaumudi Online 2011  |  Reproduction in whole or in part without written permission is prohibited.
Head Office Address: Kaumudi Buildings, Pettah P.O, Trivandrum - 695024, India.
Online queries talk to Deepu Sasidharan, + 91 98472 38959 or Email deepu[at]
Customer Service -Advertisement Disclaimer Statement   |  Copyright Policy