Crypto News | Uber Coin in the works?

We’re actually surprised that this isn’t bigger news, and when you read this, you might be surprised, too. Perhaps you’ve heard of a little company called Uber? Well, Uber’s co-founder and chairman, Garret Camp, has just announced that he is working on a new cryptocurrency. It won’t be called Uber coin, though. Camp decided to name his project “Eco”, as in “economics”, “ecommerce” and “ecosystem”. Camp cares deeply about humanitarian and environmental issues. It was precisely his trip to Africa that made him more aware of the issues that plague current financial systems and strengthened his determination to develop Eco. In his view, none of the cryptocurrencies available today deliver on their promises, and it is his intention to return to what cryptos are supposed to be about: instantaneous and affordable means of payment for everyone, anywhere.  There’s no word yet on whether Uber will implement Eco, although the fact that Camp didn’t name his crypto Uber coin suggests that he’s aiming for a broader application. Camp has already developed a digital wallet demo and revealed that Eco will be running on a system of “verified nodes”.

The concept bears a striking resemblance to Ripple’s distributed process consensus ledger. If Eco could replicate even a share of Ripple’s success, it would be a remarkable achievement. Fleetcor Technologies, a major payments provider, has recently implemented Ripple’s XRP-based xRapid system for international payments. Fleetcor is just one in a series of companies to sign up for xRapid, primarily due to its speed, efficiency, and low costs. Just as Fleetcor made the announcement, it was revealed that Woori Bank of South Korea has also been testing Ripple for cross-border remittances.

Other companies are developing their own blockchain-based products, like Walmart, which filed a new patent for a smart package delivery system. Similarly, two major banks, Credit Suisse of Switzerland and ING of Netherlands adopted a blockchain application for collateral lending. The banks contracted HQLAX, a financial resource management company, to co-develop the application, and have already tested the system by sending 30 million dollars’ worth of securities.

Looking at these developments, one can’t help but wonder if maybe the cynics were right when they said that, instead of breaking the monopoly of the banking system over people’s finances, cryptocurrencies would in the end only strengthen the status quo by delivering a new avenue for big players to leech off the masses.

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Author: Max Rothstein

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