Uber's Co-founder Designs New Cryptocurrency

Uber's co-founder Garrett Camp has sketched out a new cryptocurrency that he claims will fix Bitcoin and Ethereum's existing challenges.

In his interview with Fortune, he said that his virtual currency will be an instant, affordable and border-less means of payment.

He said he had bought bitcoins and ether (Ethereum's crypto-token) through Coinbase, a popular cryptocurrency exchange in the USA and was not completely happy with any of the existing coins' structure.

"I realized it might be better to release a new project from a different philosophical standpoint with cooperation from a lot of universities, scientists, and research institutes-like the Internet," he said to Fortune.

He will name the coin "Eco" to represent concepts of "ecosystem," "economics," and "e-commerce."