LEOcoin, an Entrepreneur’s Alternative for Bitcoin Moves to Proof of Stake

Bitcoin Press Release: LEOcoin, the bitcoin like cryptocurrency for entrepreneurs has shifted from the previously implemented Proof of Work (POW) to Proof of Stake (POS) consensus algorithm. LEOcoin has also added few exciting products into its portfolio.

August 1, 2016 – LEOcoin, the cryptocurrency created by London-based LEOcoin Foundation has made an important change to its protocol to make it more robust and user-friendly. The organization reports 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.

The introduction of Proof of Stake algorithm makes it possible for everyone to get involved in the staking process, without having to invest in specialized equipment like ASICs or mining farms. Anyone who can operate a computer can now take part in the staking by opening their free to use LEOcoin wallet and clicking on a button. By eliminating the need for specialized equipment LEOcoin offers a greener alternative to Bitcoin, drastically reducing the carbon footprint for every newly created coin.

LEOcoin has also introduced a new rewarding structure for staking depending upon the number of coins (stake) held by each participant. Dan Andersson, the co-founder of LEOcoin offers 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 will be receiving 20 percent returns on their stake each year.