Here’s a cryptocurrency that I can finally believe in: Eco.
A few months ago, I wrote a blog post about why I’ve been staying clear of cryptocurrency. My reasons included:
- Not a viable means of exchange…. not even with the most popular one, Bitcoin, can people pay for rent, food, or healthcare… the basics of living.
- Much of the crypto world feels speculation-driven, get-rich-quick greed. I don’t want to be part of that. It largely enriches the few, at expense of the many.
- Bitcoin is environmentally destructive to mine.
- All this attention is going towards a money game — to try to get rich — rather than using our precious time and efforts to help solve many of the world’s problems.
The new cryptocurrency Eco aims to solve these problems.
What I most appreciate about their aims, design, and values (based on reading their whitepaper), are the following characteristics:
- Reputable. Instead of anonymous miners, the generation of Eco tokens is run by a verified network of universities. Eco.com “will initially accept approximately a few hundred nodes, targeting universities across 50+ nations. This group can then expand to more organizations based on transparent nomination and acceptance (for example by 80% of verified nodes) until most geographies have several operational nodes.”
- Energy efficient. “Since the network will grow in a gradual manner to only elected, verified organizations, network hash rate can be kept consistent across cooperating nodes. This will enable Eco to consume much less electricity while maintaining integrity of the system, since computational effort creates collective benefit across the network.”
- Cooperative. “The Eco network operates based on collective incentive, rather than individual reward. When a block is successfully mined, tokens are evenly distributed to all other nodes immediately.” They’re aiming to build “an evenly distributed and cooperative financial infrastructure.”
- Simple to use. “Eco will prioritize simplicity and ease-of-use in all design decisions, to help accelerate platform adoption and network effects. Eco.com will enable users to create verified accounts, and profiles such as Eco.com/alice or Eco.com/bob will be formed to enable usage such as ‘send 3 eco to bob’ via interfaces like texting or voice command…. One Eco token will be divisible into 100 parts, to mimic the familiar concepts of dollars and cents. This will increase overall system usability, by reducing the cognitive load of dealing with very small fractions…. For example, future user would find it much easier to pay 1.25-eco for something than 0.000000125-btc…. With an algorithm designed to minimize volatility, Eco should eventually reach sufficient price stability to function as a daily-use currency.”
- Community-minded. “Eco seeks to reduce the inequality that currently exists in the distribution of digital currency. Eco plans to algorithmically allocate tokens to its community over several years, ensuring that value created is distributed fairly over time…. Eco plans to distribute 50% of the token supply to the first 1 billion unique, verified human users on the platform (with equitable demographic and geographic representation) to allocate value created to a large community of users…. If new tokens are issued in the future beyond the supply of 1 trillion, Eco seeks to maintain the policy of distributing 50% to end-users, in a fair algorithmic manner.”
- Mission-driven. One of their aims is to “help more than two billion people in developing nations gain improved access to financial services, and achieve a more balanced distribution of resources.”
- Transparent governance. “Independent audit committees will be elected by the foundation directors, who will have full transparency into the systems of all network nodes, and report all findings to the public.”
It was just announced in March 2018, so we’ll see what really happens with this.
If you’re interested and you align with their values, it is easy to get in line for some free Eco tokens. You can sign up here:
(I’m not affiliated with Eco in any way. Simply an early fan.)