How Does Uber Co-Founder Design The New Cryptocurrency

Uber Is Creating A Success Story

Garrett Camp, the co-founder, and chairman of Uber has now created a cryptocurrency known as Eco referring to the multiple facets of a monetary system where economics, ecosystem, and eCommerce has the project currently in the design stage with limited programming complete and looking for more field experts, scientists and researchers getting involved in his imitative expecting to initiate the test net. As it will be developed and operated by a new non-profit organization called the Eco Foundation, the virtual currency system along with his partners at this start-up accelerator Expa plans to fund what is the Eco project with a whopping $ 10 million during the initial phase, therefore. 

How Is Eco Different From Others?

The issues that are pain points for the existing cryptocurrencies like Bitcoin and Ethereum is seen to be fixed by Eco as the existing virtual currency public ledger operates on a network of anonymous miners whereas the underlying blockchain ledger of Eco will run on verified nodes allowing thereby more reliable to the monetary ecosystem. Here it brings a middle path between the completely centralized currency system similar to the present-day banking system as also completely decentralized cryptocurrency system like the bitcoins. 

The idea behind it is that these verified nodes will be run in partnership with the numerous universities and research institutes across the world as though there will be loss of anonymity as gains achieved in terms of safety and reliability that will compensate for it. It is therefore found that the mining process of Eco comes to be different paving way for a significant reduction in energy consumption. This is what leads to the miners trying to outbid each other with more energy consumption as the present-day virtual currency mining process allocates wok and incentivizes miners in proportion to their computing power. 

The reward will get equally shared among all users and nodes of the network in the Eco’s world. All the eligible node runners would hence be required to do minimal work finding the next block and get rewarded equally ending the rat race thereby leading to more power getting consumed. Whereas the new eligible nodes are added to the network as the inefficient nodes are removed by a designated group of peers through a unified decision as the distribution mechanism encourages Eco participation by a large number of users, here the plan is to distribute the first 500 billion tokens to the first 1 billion users with a total of 1 trillion tokens expected to be mined over the next several years. 

What Are The Recent Developments?

Recently Camp has joined a list of many entrepreneurs who have jumped on the cryptocurrency bandwagon. While expressing his interest Facebook Inc CEO Mark Zuckerberg said that to go deeper and study the positive and negative aspects of trends like encryption and cryptocurrency with leaders and founders associated with businesses like Overstock, Telegram and Kik make the news with respective plans to launch their ICOs. It may change the world of virtual currencies if Eco materializes into what it promises by acting as the much-needed bridge between the fully regulated and fully unregulated monetary systems. 

Here Comes The Story Of Uber

Being viewed with explosive growth and constant controversy making it one of the most fascinating companies to emerge over the past decade, Uber Technologies founded in 2009 grew to become the highest-valued private start-up company in the world.

Rapid Growth Of Uber

Knocking down the firm’s valuation from a lofty $ 70 billion to $48 billion in its funding round the rapid growth of Uber came with many controversies. Thereafter the company had announced that a new tender offer would bump the company’s value to $ 62 billion. Thereafter the Japanese conglomerate Softbank Group along with a group of investors like those of Dragoneer Investment Group successfully bidding for 20% of the Uber stock at this lower valuation a 30% discount of the last valuation figure.

Giving Softbank 15% the deal reportedly gave the rideshare company while Uber got a powerful ally in Asia which could help turn the tide for the company after a few very public missteps. Hereby reportedly the remaining 5% of shares went to other investors in the group. Though the year hasn’t been all great, as a self-driving Uber vehicle involved in a fatal crash and additionally the New York City Council has voted to put a pause on new licenses issued thereby to ride-hailing services such as Uber and Lyft. 

The Conclusion

Uber today is valued more than the market cap of Ford Motor Company and General Motors Company despite the lower valuation as it is interesting to see how the company’s plan of going public with the cryptocurrency plays out.