A new digital currency, Leocoin, was launched today, according to the founders.
The coin can be officially traded when Leocoin’s own exchange, Leoxchange, opens in Hong Kong next month. It will also be recognised by other digital currency exchanges.
Based in Oxfordshire, Leocoin’s launch follows plans announced last week by UK Government to regulate the digital currency sector as it continues to grow.
Like Bitcoin, Leocoin’s founders believe it will be attractive to emerging start-ups and enterprises as there are no intermediaries charging commission for financial transactions.
A survey undertaken by YouGov, reveals that almost 50 percent of small to medium sized enterprises, who trade internationally, said transaction fees were a key concern. Forty three percent who transacted using debit or credit cards were also worried about the associated costs.
LEOxChange will have instant transactions, zero commission, full trading transparency, and high level encryption, according to its founders.
The team behind Leocoins says that a maximum of 28,800 Leocoins will be releasedper day for a limited period of 99 years, equating to a total of 1bn Leocoin, after which no more will be generated.
Dan Andersson, co-founder of Leocoin, said:
The launch of Leocoin today is an important chapter in the evolution of the global digital currency market and is a big statement about the future of the sector against a backcloth of scepticism to date.
The industry needs to do much more to establish its credibility – this was borne out by the YouGov study which showed that whilst SMEs find transaction fees a concern when doing business abroad, 85 percent indicated they were unlikely to use a digital currency. Also it revealed that whilst awareness is very high at some 86 percent, only two percent already accept a digital currency.
These numbers don’t surprise us given the negative publicity many of the digital currencies have had. We believe this has been down to such currencies being complicated, inaccessible and not user friendly.
We aim to address these issues to give users confidence by providing a transparent and straightforward operating system. We have also focused on developing a currency that is intended to be used by everyone. Consequently we anticipate that within five years, individuals and casual users will have increased exponentially as ordinary consumers start to see the benefits of privacy and security offered by LEOcoin, whether trading at home or
This is a very dynamic and fast moving area in financial services and we are aiming to bring digital currency into the mainstream.
Leocoin is apparently an ASIC-resistant currency, using Scrypt-Jane which keeps changing over time making ASICs obsolete. The coin is a “Proof of Work” and “Proof of Stake” hybrid designed to reduce the risk of a “selfish miner” flaw and 51 percent network attacks.
Some other ASIC-resistant coins that have claimed to use Scrypt-Jane include Yacoin, Ultracoin, Cachecoin, Velocitycoin, and Pandacoin. Of these, the first three are don’t appear to have very active trading, Velocitycoin is dead, and Pandacoin appears to have been a scam according to the coin’s forum posts.
Many critics of ASIC-resistant coins argue that they are less secure because removing ASICs opens the network up to large botnet attacks.
UPDATE 3/26/2015: Some interesting comments from readers below regarding the viability of another altcoin and the backgrounds of LEOCoin founders.