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.
The opportunity for digital currencies is significant: the world’s largest ‘cryptocurrency,’ Bitcoin, has around 13.5m coins in circulation, used by around 2.6m individuals in up to 100,000 transactions per day.
This paper sets out to introduce LEOcoin, the underlying technology that supports it, and its business support philosophy.
It explores the principles of digital currency and the potential it offers to businesses and consumers; including increased security, privacy and flexibility.
From low transaction fees to instant trading, we explain the advantages offered to both consumers and business owners, as well as the support network offered by LEO and the LEOcoin Foundation. The LEOcoin Foundation has been created as an open and participatory standards body for the LEOcoin project. It is a non-profit organisation that funds the development of LEOcoin and the LEOcoin infrastructure.
Why digital currency?
Digital currencies leapt onto the scene in 2009 bringing a new dynamic to the speed, security and privacy of financial transactions. The fallout of the world banking crisis, combined with concerns over the privacy and security of money and new restrictive regulations, led people to look for new and innovative ways to transact.
Conventional banking works in such a way that many third parties have sight of and access to a person’s financial and personal information throughout a transaction, which has associated costs and privacy issues. With LEOcoin there is not the multitude of third party transferring agents who want their share of the action.
The cost of sending LEOcoin is practically zero compared to the high costs associated with credit card and payment processing agents most businesses are used to.
The rate of inflation that can potentially diminish the purchasing power of fiat – or traditional – currencies (such as Sterling) does not affect the value of a digital currency to the same degree, as there is a fixed amount of the currency produced over a fixed period of time – and no governments or institutions to manipulate the quantity or price.
Leocoin