LEOcoin was created in June 2014, and has been backed by a dedicated digital currency exchange (www.LEOxChange.com) since April 2015. It is the first digital currency to be launched in the UK that is designed for small business owners; allowing individuals to make fast, secure and cost effective transactions through a decentralised peer-to-peer network. The usability and accessibility of the currency positions LEOcoin as a world currency and the currency of choice for entrepreneurs.
There have been many lessons learned from the journey of Bitcoin - and LEOcoin has implemented these lessons. The early days of digital currency encountered many technical problems due to the platforms being used, these included excessive processing energy consumption, 51% attack, and manipulation of the ASIC computer chip hat drives the technology.
The world’s leading digital currencies will be the ones that resolve these challenges and make payments as user friendly as possible. This aim is at the heart of LEOcoin’s creation. LEOcoin started as a hybrid POW, POS coin and is now based on a sole Proof of Stake mechanism (POS). This allows everyone with a stake of 1,000 LEOcoins or more, to regularly receive newly created LEOcoin in their wallet. This staking process occurs automatically, so there is no need be an expert miner or have a powerful computer with expensive equipment in order to mine. By simply staking, anyone can get 10%, 15% or even 20% yearly stake reward in their wallet, very similar to the interest banks provide. In practical terms this means that the consumer and small business owner will get their extra LEOcoin by simply holding them in their wallets. This makes LEOcoin ownership very rewarding and appealing to the mass market audience.