Renowned Uber co-founder Garrett Camp plans to establish his cryptocurrency known as Uber Eco coin which will have no ICO but focus on critical issues regarding digital currencies.

Garrett Camp who is also the founder of venture fund Expa, is launching his cryptocurrency dubbed Eco with the aim of creating a digital currency that can be used globally as a payment tool for all daily transactions.

About one trillion tokens will be issued initially, out of which 50 percent will be given away to the initial one billion verified humans who will sign up. 20 percent will be going to the universities to run trusted nodes, 10 percent be set aside for the advisors, and 10 percent will go to the strategic partners. The remaining 10 percent will be for the newly formed Eco Foundation which will be in control of creating and maintaining the entire network.

Camp, together with a few other partners allied to Expa will also be donating about $10M to seed the Eco Foundation with an operating budget.

Eco intends to create a certified network of universities to assist in building a uniformly spread and supportive financial infrastructure.

The primary focus of this basis is to come up with an easy to use platform which is resourceful and energy efficient. Eco will be a worldwide currency that is not controlled by any one organization, individual, or nation.

Garrett’s mission is to dispense a bulk of the economic value that the Eco platform generates and create a more equitable circulation of resources.

Conversely, there won’t be ICO and that means no initial money will be raised for this project. It means any likely legal issues which are currently running rampant within the ICO market can be further avoided.

Though it’s not the first time alike initiative is established, it certainly seems to be worth the time and focus. A good example is the upcoming Telegram token that focuses on being mobile-first, and day to day use of tokens that have a low token price as well as a high supply.

With over hundreds of cryptocurrencies already available in the market today, the options are becoming endless, though the connections of Camp might help this new cryptocurrency.