ANN - LEOcoin - Official announcement regarding LEOcoin from LEOcoin Foundation

[Peter78]

@LEOcoin Foundation

you wrote:

LEOcoin intends to move from a Proof of Work (POW)/Proof of Stake (POS) to a solely POS mechanism.

Who is "Leocoin" in the phrase above ?

[LEOcoin Foundation]

The next step in LEOcoin’s evolution

LEOcoin intends to move from a Proof of Work (POW)/Proof of Stake (POS) to a solely POS mechanism. In this regard, I will today post the second of three updates to shed some more light on the reasons, motivations and timing. The source is the last lecture of Mr. Sohail Ramzan on Bali. I have summarized this and will state it as it is for your information only and not further discuss the contents of his presentation.

____

Part two:

Details on the Proof of Stake mechanism

•   Instead of the random 20 LEO reward per block, it’ll be 1% of the LEOcoins that were staked
•   Every LEOcoin has equal chance for POS reward, based on age
•   Coin Age = Number of Coins * How Long Since They’ve Moved
•   Large batches of LEOcoin that were recently received have the same chances as small batches of LEOcoin that were received a month ago
•   Option to turn-off Staking process when you want to spend LEOcoins

_ _ _ _

last part tomorrow

[Cryptotraider16]

The next step in LEOcoin’s evolution

LEOcoin intends to move from a Proof of Work (POW)/Proof of Stake (POS) to a solely POS mechanism. In this regard, I will today post the second of three updates to shed some more light on the reasons, motivations and timing. The source is the last lecture of Mr. Sohail Ramzan on Bali. I have summarized this and will state it as it is for your information only and not further discuss the contents of his presentation.

____

Part two:

Details on the Proof of Stake mechanism

•   Instead of the random 20 LEO reward per block, it’ll be 1% of the LEOcoins that were staked
•   Every LEOcoin has equal chance for POS reward, based on age
•   Coin Age = Number of Coins * How Long Since They’ve Moved
•   Large batches of LEOcoin that were recently received have the same chances as small batches of LEOcoin that were received a month ago
•   Option to turn-off Staking process when you want to spend LEOcoins

_ _ _ _

last part tomorrow

Thanks for new info!
I hope Sohail dev team know what they do since for now his IT and leocoin dev team are not so smart if i am honest!
Leocoin wallet need 10-15 minuts to get conection and start to cynch! Good wallets need max 1 minute!
Tell him that! Maxx 1 minute and not 10+!😎

[Peter78]

Here is a video where Sohail Ramzan explains all the security systems that he implemented for Leo:

http://tune.pk/video/37811/leo-security-system-presented-by-sohail-ramzan-

[devlin]

If leocoin will stop POW and move to POS, price will go down, new leocoins generated is almost free ... for avoid bots Nfactor can be changed.

[kiffner]

If leocoin will stop POW and move to POS, price will go down, new leocoins generated is almost free ... for avoid bots Nfactor can be changed.

I agree with you and with everything Beave162 wrote.

LEO shuld revert NF permanetly to 14.

[wildduck]

Leo need to change something for the sake of the price and people around it.

[LEOcoin Foundation]

Here is a video where Sohail Ramzan explains all the security systems that he implemented for Leo:

http://tune.pk/video/37811/leo-security-system-presented-by-sohail-ramzan-

Sorry, Peter, but this is an old video from 2012 that has absolutely nothing to do with LEOcoin, the LEOcoin Foundation or this thread.

[Izi]

The next step in LEOcoin’s evolution

LEOcoin intends to move from a Proof of Work (POW)/Proof of Stake (POS) to a solely POS mechanism. In this regard, I will today post the second of three updates to shed some more light on the reasons, motivations and timing. The source is the last lecture of Mr. Sohail Ramzan on Bali. I have summarized this and will state it as it is for your information only and not further discuss the contents of his presentation.

____

Part two:

Details on the Proof of Stake mechanism

•   Instead of the random 20 LEO reward per block, it’ll be 1% of the LEOcoins that were staked
•   Every LEOcoin has equal chance for POS reward, based on age
•   Coin Age = Number of Coins * How Long Since They’ve Moved
•   Large batches of LEOcoin that were recently received have the same chances as small batches of LEOcoin that were received a month ago
•   Option to turn-off Staking process when you want to spend LEOcoins

_ _ _ _

last part tomorrow

Can someone please explain the benefits of POS only mechanism? As I understand, PoW was a secondary purpose of mining to reward miners but the main reason of mining is to solve problems like double-spending, block validation, centralization,... So if people dont get rewards for mining, they stop... So who will solve the blocks? If so many users stop mining, what guaranty users have that LEO mining facility wont centralize it? With small number of miners, 51% share wont be that hard to reach...


http://www.righto.com/2014/02/bitcoin-mining-hard-way-algorithms.html

[Cryptotraider16]

If leocoin will stop POW and move to POS, price will go down, new leocoins generated is almost free ... for avoid bots Nfactor can be changed.

No way price will go down since not much peoples will sale it!
You need to know 80%+ of all coins own LEO members and leocoin foundation and they will not sale at all! They all believe in price 50-100£ for 1 leocoin!
Rest % may sale but its will be aprox 3000-5000 leocoins a day!

Leocoin have great future! I even believe in 100£+ in few months or even 2-3 years ...😎💵💷💸💶👍🏼

[LEOcoin Foundation]

The next step in LEOcoin’s evolution

LEOcoin intends to move from a Proof of Work (POW)/Proof of Stake (POS) to a solely POS mechanism. In this regard, I will today post the last of three updates to shed some more light on the reasons, motivations and timing. The source is the last lecture of Mr. Sohail Ramzan on Bali. I have summarized this and will state it as it is for your information only and not further discuss the contents of his presentation.

____

Part three:

Details on the Proof of Stake conversion process

The process of converting LEOcoin from a hybrid POW/POS to 100% POS will take time but is easy:

•   Simply download the newest version of LEOcoin-Qt Wallet when it’s released
•   Your existing LEOcoins will not disappear
•   LEOcoin Foundation will announce a date for when the final switch will happen
•   You do not have to do anything. LEOcoin-Qt Wallet will convert automatically

_ _ _ _ _

Remark: LEOcoin Foundation will continue to update when more details regarding POS become available.
Remark 2: The interview with LEOcoin co-creator Dan Anderson had to be postponed due to a too busy schedule of Dan regarding the LEO Ltd. Bali event. We are now in the process of updating details that have changed due to the LEO X2 Project - which is LEOcrowd. I hope to be able to share relevant parts of the interview soon.

[Cryptotraider16]

Leocoin foundation any update about what time new wallet come out and POS start? Can this be 1st march?

[kiffner]

Leocoin foundation any update about what time new wallet come out and POS start? Can this be 1st march?

Are you stupid or what?

Remark: LEOcoin Foundation will continue to update when more details regarding POS become available.

[LEOcoin Foundation]

Leocoin foundation any update about what time new wallet come out and POS start? Can this be 1st march?

Yes, you may be correct. I have heard rumours regarding 1st march, but these have not been confirmed to us by the LEOcoin development team. In my opinion, the reliability of the Wallet is more important as the date of issue, but I am certain, the wallet is a priority for the LEOcoin development team.

More news, when it comes available.

[Cryptotraider16]

Leocoin foundation any update about what time new wallet come out and POS start? Can this be 1st march?

Are you stupid or what?

Remark: LEOcoin Foundation will continue to update when more details regarding POS become available.

Ask your mother!

[Cryptotraider16]

Leocoin foundation any update about what time new wallet come out and POS start? Can this be 1st march?

Yes, you may be correct. I have heard rumours regarding 1st march, but these have not been confirmed to us by the LEOcoin development team. In my opinion, the reliability of the Wallet is more important as the date of issue, but I am certain, the wallet is a priority for the LEOcoin development team.

More news, when it comes available.

Thx man.

[Peter78]

@LEOcoin Foundation


Dear LeoCoin Foundation,

thank you for all your work and useful information that you post here.

How will the decision on a POS change be taken?

I guess there will be a vote?

Who will be able to vote and how ?

[LEOcoin Foundation]

@LEOcoin Foundation
How will the decision on a POS change be taken?
I guess there will be a vote?
Who will be able to vote and how ?

@Peter78,

I have found no statements on such details in the lecture that was given in Bali, so I will try to get some information in this regard.

[wildduck]

Oh man some many statements from foundation and other people but the price is cemented for last 2 months

[Cryptotraider16]

Oh man some many statements from foundation and other people but the price is cemented for last 2 months

Yeah its look like real strange since not move even for 1-2 peny up or down.