LEOcoin Private Chat wallet FAQ

Staking.

  1. Q

    With the old LEOcoin wallet, I was staking twice a day and getting my rewards within the hour. New wallet says staking opportunities will be every 30 days.Do I need to change a setting on my new wallet?

  2. A

    Nothing can be changed, the estimated time for staking will change depending on everyone else's activity. The less other people are staking, the shorter time on average until you receive a stake reward. The more coins you have in your balance, the shorter time on average until you receive a stake reward.

  3. Q

    In May 2016 POS was launched and we were told we would earn rewards based on our holdings. " In short, if you have 1,000 LEOcoin your reward will be approximately 10% each year. 5,000 LEOcoin - 15% each year and 50,000 LEOcoin and above - 20% each year." Since converting my balance of >5,000 LEOcoin it is not being staked at all.Why ?

  4. A

    The rewards depend on the activity in the blockchain and were always stated as approximate. As the activity on the new LEOcoin blockchain increases there will be more opportunity for staking and your holding will participate. It remains true that the more you hold, the more reward you are likely to receive.

  5. Q

    Can I stake balances stored at a stealth address?

  6. A

    No, Stealth balances can't participate in staking.

  7. Q

    Does the wallet stake by default, or do I have to change settings ?

  8. A

    By default, a newly installed wallet will stake automatically as soon as you have a balance over 1,000 LEO that has been in your wallet for 1 hour.

  9. Q

    What conditions have to be met, before I can stake coins ?

  10. A

    To be able to stake you need:

    1. - To be connected to the network
    2. - Have fully synced wallet
    3. - Have mature coins (more than 120 confirmations - normally 1 hour)
    4. - Have your wallet unlocked for staking (in case of encrypted wallets)
    5. - Hold your coins in public, not private, accounts
    6. - Hold a large enough coin balance for staking (more than 1,000)
  11. Q

    What does 'minimum stake interval' mean?

  12. A

    The time (in seconds) the wallet would pause before attempting another stake. Changing this does not affect how much stake reward you receive.

  13. Q

    What does 'mature' mean for a coin ? When I point to the '%' at the top of the screen and see a message: "Not staking because you don't have mature coins".

  14. A

    Coins become mature approximately 1 hour after you receive them.

  15. Q

    How do I see how many mature coins I have ?

  16. A

    When you have mature coins, the % will show your weight and the network weight. Your weight is the number of mature coins you have.

  17. Q

    Where do I find out how much more 'maturing' a coin needs ?

  18. A

    In the transaction list you will see the status of the transaction. Transactions need 120 confirmations before the coins in that transaction are mature.

  19. Q

    What makes a LEOcoin 'mature'?

  20. A

    Maturity is related to the number of confirmations. They will need 120 confirmations before they are mature. (Normally 1 hour).

  21. Q

    How do I get (more) mature coins ?

  22. A

    By purchasing or receiving coins and waiting for them to 'mature'.

  23. Q

    When I buy LEOcoins, can I request that the LEOcoins are 'mature'?

  24. A

    No. All you have to do is wait for an hour while they mature.

  25. Q

    I want to build up my balance for staking. Does LEOxChange sell mature LEOcoins?

  26. A

    There is nothing special needed, all coins you receive mature in an hour.

  27. Q

    Do I need to Unlock my wallet before I can Stake?

  28. A

    Yes, you can unlock it just for staking, or for staking and secure messaging.

  29. Q

    I lock my wallet for security reasons. What is the risk of staking from an unlocked wallet?

  30. A

    If your wallet is totally unlocked, there is a chance that malware can send API commands to your wallet server to spend your coins. If you unlock it for staking only, or for staking and secure messaging only, then coins can not be spent.

  31. Q

    I have encrypted my wallet for security reasons. Can I stake from an encrypted wallet?

  32. A

    Yes, you have to choose to allow it, each time you start the wallet application, by unlocking your wallet for staking only.

  33. Q

    What is the risk of staking from an un-encrypted wallet?

  34. A

    Staking creates no additional risk; the risk comes from as having an un-encrypted wallet - losing all coins in case of a breach.

  35. Q

    What is a Stealth address?

  36. A

    Stealth addresses allow for more privacy on the blockchain. A stealth address allows digital cash transfers in LEOcoin to be anonymous, because payment transactions cannot be traced back to the receiver by an eavesdropper. It allows: "payees to publish a single, fixed, address that payors can send funds efficiently, privately, reliably and non-interactively. Payors do not learn what other payments have been made to the stealth address, and third-parties learn nothing at all."

  37. Q

    In what way does a Stealth address differ from a Normal address ?

  38. A

    With normal addresses, someone who would analyse blockchain transactions might discover correlations between payers and receivers and thus be able to disclose one or both party's identity when the origin or the source can be related to an identified address, like that of a public exchange or an individual user's name, IPaddress or postal address.
    For stealth address LEOcoin uses two cryptographic techniques, called ring signatures and non-interactive zero-knowledge proofs (based on the Diffie-Hellman Elliptic curve protocol). This makes it possible, that users of stealth addresses remain anonymous, even if the public key of this stealth address is shared openly on the blockchain.

  39. Q

    Why would I want to use a Stealth address ?

  40. A

    One might use a stealth address if financial privacy is required, e.g. for private shopping or anonymous donations to charity. Anytime you wish to protect your privacy, one might want to use a stealth address for payments, e.g. when you are a journalist or want to protect the anonymity of your family or business.

  41. Q

    When would I not want to use a Stealth address ?

  42. A

    The transaction fees for anonymous payments are somewhat higher than those for regular payments. As normal LEOcoin transactions are still relatively private, you can use them to have a lower fee. Also for transactions where you specifically disclose your identity, you do not want to use a stealth address.

  43. Q

    Do transactions to stealth addresses add to a stakeable balance ?

  44. A

    Your stealth balance is unstakeable

  45. Q

    Do transactions coming from stealth addresses into my 'public' address add to a stakeable balance ?

  46. A

    Yes, any public balance is stakeable.

  47. Q

    What conditions need to be met to send or receive Stealth transactions ?

  48. A

    Anyone can send public to stealth transactions, but there are conditions to be met to send from stealth to stealth or stealth to public, the conditions are:

    1. - The amount you send needs to mature
    2. - The amount you want to send must meet the minimum and maximum ring signatures (3 min and 60 max).
  49. Q

    How do those rules differ from rules for Normal transactions ?

  50. A

    Normal transaction uses different rules for cryptography.

  51. Q

    What is the relationship between a Public/Private Account and a Normal/Stealth Address ?

  52. A

    All public and private address in one wallet account are derived from the same key the wallet use to make addresses (private or public).

  53. Q

    When I create a new address, how do I tell which Account it is in ?

  54. A

    The address will belong to the same account set as default in your wallet.

  55. Q

    Why would I want to make a different Account default ?

  56. A

    Because you can use many accounts in the same wallet. You don't have to, but you can do so.

  57. Q

    Can I still receive payments to a deactivated account ?

  58. A

    Addresses receive payments and not accounts, thus you will still receive payments.

  59. Q

    Why is there no Coin Control option when sending from a Private account ?

  60. A

    Because the way private transactions are handled doesn't allow for this feature to be available.

  61. Q

    In the Send page, what is the difference between Make payment and Balance transfer ?

  62. A

    Make a payment is what you are used to in other wallets, balance transfer is a quick and simple way to transfer balances from private to public and vice versa.

  63. Q

    An attempt to Send from my Private account gives an error message: "Not enough system and or owned outputs for the requested amount. Only 0 anonymous outputs exist for coin value: 5.00000000". What is a system output ?

  64. A

    An output is simply an output of a transaction which isn't yet an input of another transaction. System outputs is the number of outputs that a system holds at a given moment.

  65. Q

    What is an anonymous output ?

  66. A

    Untraceable output, where the inputs that are the result of that output can't be traced.

  67. Q

    Why would I want to make a different Wallet Key the Master ?

  68. A

    If you generate a new key and want to use it as a master key for generating new accounts

  69. Q

    Can I open an account with LEOxChange and pay in my 'old' LEOcoins and have the coins converted for me?

  70. A

    Not directly, but you can do this via the coin Upgrade at http://upgrade.leocoin.org Use the new wallet address from the LEOxChange (starts with 8) as the Destination address.
    Send from your old wallet to the Upgrade address (starts with L) provided. After 12 confirmations (about 12 minutes) the transfer is queued for clearing.
    This needs to be completed by 21 July 2017.

  71. Q

    Does it make any difference having 3 wallet keys, and one account in each, or one wallet key and 3 accounts ?

  72. A

    If you use one wallet key and 3 accounts, you will need to back up only one key, in the other case you need to backup all 3 keys.

  73. Q

    Can I access my wallet from more than one computer ?

  74. A

    Yes you can.

  75. Q

    How do I access my wallet from more than one computer ?

  76. A

    Either by restoring it or copying it to a different computer

  77. Q

    Can I access my wallet from Mac, Win, and Linux at the same time ?

  78. A

    Yes you can.

  79. Q

    Can I access my wallet from Apple iOS or Android ?

  80. A

    No, at this point you can't do that

  81. Q

    I lost my 24-word passphrase. Can I still use the wallet ?

  82. A

    Yes, but you can not migrate it to another computer, and you can not recover it as you have lost the recovery phrase. The wallet.dat file is your only way to access your coins.

  83. Q

    I lost my recovery passphrase. What should I do now ?

  84. A

    Backup the wallet.dat file immediately !

  85. Q

    Why do I want to encrypt my wallet ?

  86. A

    If someone gains physical access to your computer, or some malware takes a copy of your wallet.dat file - encrypting it makes the file unusable to spend coins without the encryption password.

  87. Q

    What happens if I forget my password ?

  88. A

    You can't unlock your wallet; you can't stake your coins, you can't spend coins, you can't transfer your balance to another wallet, you can't send or receive secure messages.

    Encryption is not a good thing if you forget the password.

  89. Q

    What happens if I forget the Recovery Phrase ?

  90. A

    If you forget the recovery phrase and don't have a wallet.dat backup, you will lose access to your coins if the computer/disk is stolen or damaged.

  91. Q

    What can someone do, if they have a copy of my recovery phrase ?

  92. A

    Using the 24-word recovery phrase to re-create your wallet allows anyone to: see your balance, spend all your coins, send secure messages as if you sent them. Keep that 24-word phrase very safe !

  93. Q

    Do I have a full backup of all my addresses and transactions using a recovery phrase?

  94. A

    Using the 24-word recovery phrase to backup or re-create your wallet will NOT include the primary addresses that were created when you first installed your wallet.
    Only the BIP32 addresses created after the recovery phrase was activated will be part of the recovery.
    For a FULL backup of everything, please always use BACKUP (from the wallet menu on the left).
    This is the safest way to avoid losing any transactions associated with some addresses (like DefaultAddress and Stealth DefaultAddress).

  95. Q

    How do I backup the new wallet ?

  96. A

    Use the menu option to backup the wallet.dat. The screen below appears and you can name your backup and choose where you want to keep it. It is recommended that you keep a second copy away from your main computer.

  97. Q

    Do I need a password or Recovery Phrase before I back up ?

  98. A

    It is recommended that you encrypt your wallet before you back up.

  99. Q

    What options can I set in the LEOcoin.conf file ?

  100. A

    You can find a list of possible options in the debug window->command-line options

  101. Q

    Can I run LEOcoin-d and LEOcoin3 at the same time ?

  102. A

    Yes you can.

  103. Q

    How do I lock/unlock the new wallet ?

  104. A

    Click on the yellow closed padlock to unlock.
    Click on the white or yellow open padlock to lock.

  105. Q

    What is the difference between a portable and non-portable database ?

  106. A

    Portable means you can exchange it between computers.

  107. Q

    Why would I want a portable database, and how do I use it ?

  108. A

    If you are an advanced user that hops between computers and don't wish to verify blocks again each time you start up your machine, then the portable database will be of benefit.

  109. Q

    Why would I not want a complete thin block index ?

  110. A

    If you don't have enough disk space

  111. Q

    What is the effect of changing the Thin Index Window ?

  112. A

    You have more or less blocks

  113. Q

    What is chain Data ?

  114. A

    Information about the stealth system data.

  115. Q

    Why do I care about chain Data?

  116. A

    It keeps track of what belongs to you and to the system and how many rings are possible.

  117. Q

    There is probably a good reason why BIP 44 is the default. What is it ?

  118. A

    BIP44 is the newer standard of HD wallets, allowing for multiple accounts on one key.

  119. Q

    If I have owned amounts, are they also anonymous ?

  120. A

    Yes, the owned amounts are the anon amounts you own yourself.

  121. Q

    What is the difference between a System amount and an Owned amount ?

  122. A

    Owned amounts are yours, system amounts are all amounts available in the system.

  123. Q

    What will happen in case a Member has not synced thei old wallet for some time. If the Member had and allowed it time, a substantial Stake reward would be earned.
    What will happen to the Stake reward, if the Member in this example (or any Member that just never clicked on 'Unlock Wallet for Staking only' button?)
    migrates all their coins the minute they got their old wallet synced?
    Will they still be able to get their stake in the new wallet without any loss?

  124. A

    The new wallet uses a new staking system.
    You will not get the age-related stakes from the old wallet via the new wallet. If you don't give enough time to sync the old wallet and let it stake once, but upgrade the coins immediately to the new wallet - then they will start staking immediately they mature in the new wallet balance.
    Any old wallet staking reward that you don't allow to calculate in the old wallet will be lost.
    This is why we recommend you start synchronising your old wallet immediately.

  125. Q

    On what criteria does Chain Data display, filter the outputs?

  126. A

    One of the available criteria: amount, depth…

  127. Q

    In my transactions list there is a '?' What does it mean?

  128. A


    The stake was generated but not accepted.

  129. Q

    I am trying to import a BIP44 wallet and get this error:

  130. A


    Your wallet has to be unlocked to import a wallet or address.

A cryptocurrency is a particular type of digital currency. Both are virtual currencies but every virtual currency is not cryptocurrency. According to the European Central Bank definition virtual currencies are generally digital, although its precursor, the coupon, is physical. In the present day usage of the term virtual currency, in environments with digital communication and with disappearing importance of physical coupons, digital currency equals virtual currency, as defined by ECB and the Treasury.

There are many fundamental differences between a virtual (in general) currency and a cryptocurrency. Please read below some fundamental differences:


1: Environment:

Virtual currency (in general): Virtual currency can be anything from coupons to tokens. Virtual currency can appear in video games (like World of Warcraft) and it normally has no value outside of the environment where it was created.

Cryptocurrency: Cryptocurrency is a special kind of virtual currency. It has very specific rules and is fixing all of the Virtual currencies’ flaws.


2: Control

Virtual currency (in general): It is centralized and is governed by its creator.

Cryptocurrency: Decentralized and not owned by a single authority, instead it is owned by everyone who owns the cryptocurrency coins.


3: Value

Virtual currency (in general): Value can and will be manipulated

Cryptocurrency: Value is determined by supply and demand


4: Use

Virtual currency (in general): Normally used for a very limited range of products or services that are in domain of the developer.

Cryptocurrency: Can be used and exchanged for anything completely unrelated to the developer.


5: Exchange

Virtual currency (in general): In most cases transactions only go one way. You can trade fiat currency for virtual but not the other way around.

Cryptocurrency: Can be exchanged freely to fiat currency and back


6: Security

Virtual currency (in general): Has very low protection and can easily be hacked.

Cryptocurrency: Is designed to be extremely protected and non-hackable.


7: Trade

Virtual currency (in general): Can sometimes be traded between people in the same company or group.

Cryptocurrency: Can be traded by anyone, anywhere and at any time.


8: Age

Virtual currency (in general): Has very limited use and an expiry date

Cryptocurrency: When accepted it has potential to last forever.


9: Fiat currency flaw

Virtual currency (in general): Has almost every single flaw that fiat currencies have. It can be corrupted, manipulated, used to only serve a few people. It has an infinite amount, companies can always issue as much of it as they want.

Cryptocurrency: Is solving most of the problems fiat currencies have. It cannot be controlled, there is a finite amount and nobody can issue more.


10: Benefit

Virtual currency (in general): Can only be given to those who paid for it. The money it makes goes to the developer.

Cryptocurrency: Has the most fair distribution system possible. It is given as a reward to those who help secure the network by a completely transparent process called mining. It is a completely automated process, which no one can interfere with.

We are using our own community of LEO Members as the first wave. LEOcoin is open source and we have already received very positive feedback from the cryptocurrency community, so we have no doubt that LEOcoin will attract a lot of interest.

Now at launch we are simply building a user base. Going forward are accepting it for payment in our LEO business, in our LEO CAFE franchises, and we are giving our users the ability to sign up local and global businesses and outlets to build the "LEOcoin accepted here" space. Parallel to this we are opening LEOxChange and preparing for LEOcoin to be listed on the cryptocurrency exchanges. As the demand grows, people will find their own ways to start using it. We do not have control over it. We created it in a way that allows it to serve its purpose in the best possible way.

We are using the open source code that is also used by Bitcoin and created our own version. It is available on GitHub. We have built a very transparent system around LEOcoin. Anyone can download our source code, review and even suggest improvements. There is no hidden catch, no back door and no manipulation in our code. It is open to the world, because we believe in transparency.

We have some infrastructure already within the context of our LEO business. This will be used to support LEOcoin. Today we have offices and resources in the UK, Dubai, India, Hong Kong, Shanghai, and Toronto that give us the ability to be ‘high touch’ in both a marketing sense and for compliance. Every new step we are going to take will be a separate project that will need time and commitment. The first and the hardest step has been taken. The base is built. Now we have to take it to the next level. We are planning to make this the best cryptocurrency in the world in every aspect.

LEOcoin is using the Scrypt-Jane hashing algorithm because it has first class security and stability features. This is one of the public hashing algorithms that protects LEOcoins from any malicious attack and makes it Anonymous, Secure and User friendly.

After the first steps being finished (creation of official mining pool, dedicated website) the next steps are specialized and customized software, exchange and community support. This is under way.

If you don’t create a proper backup of your wallet, or if you don’t have a copy of your private key for every address your wallet owns, yes. That’s why it’s crucial to always keep a fresh backup of your wallet somewhere safe, out of reach of unauthorized people.

From within the LEOcoin wallet application, go to the File menu and select "Backup wallet". You will be prompted for the location for the backup file and that’s it. Please make sure that this location is safe and secure.

You can run many instances of LEOcoin wallet but it’s not necessary. You only need one LEOcoin wallet application and from this application you can create as many LEOcoin addresses as you like. Just go to the "Receive" tab and click on the "New address" button.

There are a variety of ways to acquire LEOcoins:

You can buy LEOcoins directly from people who already have them

You can accept LEOcoins as payment for goods or services.

You can buy LEOcoins through the LEOxChange or other exchanges that trade LEOcoins.

A LEOcoin can be divided down to 8 decimal places. Therefore, 0.00000001 LEO is the smallest amount that can be handled in a transaction. If smaller amounts are needed, the protocol and related software is designed in such a way, that it can be modified to handle that requirement.

LEOcoins are not actually "sent" to your wallet; the software only uses that term so that we can use the currency without having to learn new concepts. Your wallet is only needed when you wish to spend coins that you've received.

If you are sent coins when your wallet client program is not running, and you later launch the wallet client program, the coins will eventually appear as if they were just received in the wallet. That is to say, when the client program is started it must download blocks and catch up with any transactions it did not already know about.

The "nonce" is a 32-bit (4-byte or 4 characters) field whose value is set so that the hash of a block in the blockchain will contain a run of zeros. The rest of the fields may not be changed, as they have a defined meaning.

Any change to the block data (such as the nonce) will make the block hash completely different. Since it is believed infeasible to predict which combination of bits will result in the right hash, many different nonce values are tried, and the hash is recomputed for each value until a hash containing the required number of zero bits is found. As this iterative calculation requires time and resources, the presentation of the block with the correct nonce value constitutes proof of work.

LEOcoin Proof-of-Stake

In order to enter your LEOcoin holdings into PoS and gain stake benefits you need to download the latest LEOcoin desktop wallet. Whenever your wallet is open it will be staking.

PoS is related to updated PoS desktop wallet meaning you need to download the latest version of desktop wallet in order to benefit from PoS.

Yes, when you encrypt your wallet you simply tick the padlock on the top side of the wallet. Whenever your wallet is online, it will be staking.

Stake reward / tier levels are related to number of LEOcoins you hold in your wallet.

PoS operates based on variation difficulty - coins are generated based on age and number of coins in respective wallet so previous PoW (Proof-of-Work) block time of 1 minute and block size of 20 LEOcoins is no longer applicable.

No, only desktop version of LEOcoin wallet will be staking. Please make sure to download the latest LEOcoin desktop wallet.

60 confirmations are needed to verify new generated coins generated from PoS.

LEOcoin Pos Tiers are:

From 1000 to 4999.9999 LEOcoins brings approximately 10% yearly "stake benefit*" award;

5000 to 49,999.9999 LEOcoins brings approximately 15% yearly "stake benefit*" award;

50,000 or more LEOcoins brings approximately 20% yearly "stake benefit*" award.

*yearly "stake benefit" is an approximate value and depends on coins age and number of coins and is deposited to your LEOcoin wallet. The reward is driven by blockchain dynamics, is random and subject to change if coin architecture changes.

Your wallet doesn’t have to be online 100% of the time to get the respective stake benefit. If you have larger balance of LEOcoins in your wallet you would find stake blocks several times a day and get proper reward. In this case you could have wallet online only one week per month and still get max of annual stake benefit. But if you have small number of coins in your wallet, then you would find stake block maybe once per month and still get your reward but wallet would have to be online more time just to actually find the block.