LEOcoin, the cryptocurrency created by London-based LEOcoin Foundation has announced a change to its protocol in order to make it more robust and user-friendly. The organization has reported a successful migration from the previously used Proof of Work consensus protocol, similar to that of bitcoin, to a more efficient Proof of Stake consensus protocol. In addition, LEOcoin has also added more products into its portfolio.
By using a Proof of Stake algorithm people without access to specialized equipment like ASICs or mining farms can now participate. Anyone who can operate a computer can now take part in the staking by opening a LEOcoin wallet. This method offers a reduced carbon footprint for creating coins.
New reward structures for staking depending upon the number of coins held by each participant has also been implemented. Dan Andersson, the co-founder of LEOcoin offered a brief outline of the new rewards structure where those holding 1000 LEOcoins or more will receive about 10 percent returns per year, while those with 5000 and more will receive 15 percent and those with over 50000 would be receiving 20 percent returns on their stake each year.
There are also new platforms being created to help spread adoption of LEOcoin, as well as other digital currencies. The latest products include My LEO Travel and LEOcoin Merchants. My LEO Travel is a travel and hotel booking platform where people can plan trips and pay with LEOcoin alongside other payment options. LEOcoin Merchants is a recently launched site that displays merchants and businesses who are happy to accept LEOcoin in payment for the goods and services. Recently, LEOcoin was supported by a representative from the Chinese Embassy to the United Kingdom among others in an event which saw diplomats from over 20 countries in attendance.