Uber co-founder and Expa founder Garrett Camp launches his own digital currency called Eco. It is designed to be widely used for day-to-day transactions.

There will be mined 1 trillion Eco tokens, half of which is expected to go to the first 1 billion users that sign up for the platform. 20 % will be given to universities running trusted Eco nodes. 10 % will go to Eco Foundation tasked with managing the network. The remaining 20% of the Eco tokens will be distributed equally between strategic partners and advisers. To cover operating expenses, Garrett Camp and some of his partners at Expa will invest the Eco project with $10 million.

Camp does not intend to hold an ICO (initial coin offering), that allows him to avoid many potential legal concerns. Besides, he plans to use only verified nodes. This means that, unlike bitcoin network, Eco platform will be not available for anonymous transactions. However, this will significantly reduce the risk of cyber attacks.