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LEOcoin Migrates to Proof of Stake, Announces New Products


Bitcoin PR Buzz | Aug 04, 2016 | 23:21

LEOcoin Bitcoin PR Buzz

LEOcoin Migrates to Proof of Stake, Announces New Products


Bitcoin PR Buzz | Aug 04, 2016 | 23:21


LEOcoin, calling itself “the bitcoin like cryptocurrency for entrepreneurs,” has transitioned to a Proof of Stake mining algorithm after completing its Proof of Work phase. In addition to this mining transition, the project has added new products to its portfolio.

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LEOcoinThe LEOcoin Foundation reports that the coin’s transition to Proof of Stake will allow everyone to participate in mining without having to acquire specialized equipment. This low cost approach allows people to stake the coin through a simple button-click in the free wallet client. The Foundation also touts the energy efficiency of Proof of Stake, calling its cryptocurrency a “greener alternative to Bitcoin.”

Moving into the Proof of Stake phase, LEOcoin co-founder Dan Andersson has announced the implementation of a new reward structure for staking, determined by the size of the stake held by the user. The basic outline of the reward structure is as follows:

  • 1,000 or more coins: 10 percent return per year
  • 5,000 or more coins: 15 percent return per year
  • 50,000 or more coins: 20 percent return per year

To spread the coin’s adoption, the Foundation has launched two new products: My LEO Travel and LEOcoin Merchants. My LEO Travel is a travel platform where people can plan trips and book hotels, paying with the coin. LEOcoin Merchants displays merchants who accept the coin for payment.

About LEOcoin

LEOcoin is a digital currency created in 2014 by the LEOcoin Foundation for entrepreneurs and businesses. The digital currency allows individuals to make fast and secure transactions over a decentralized peer-to-peer network. Like Bitcoin, LEOcoin offers a certain degree of anonymity and it is simple and easy to use. The Proof of Stake algorithm used in LEOcoin also ensures active community participation, further strengthening the network every passing day.

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Images courtesy of the LEOcoin Foundation.

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