Updated: Dec 20, 2019
LEO Token, LEOcoin or just LEO is a token based on the Ethereum blockchain. It is a Bitfinex exchange token, with the primary purpose of being used for discounts on the exchange. It is an established digital cryptocurrency, which allows users to make quick, secure and seamless transactions through their decentralized peer-to-peer network. LEO works without the need for the traditional banking system, which significantly brings down transaction costs.
This short guide will talk about what LEO Token is designed for, its creators, the way it works and current applications.
What is LEO Token Designed For?
LEO Token was created by the LEOcoin Foundation in 2014, as a response to the many difficulties faced by entrepreneurs in dealing with financial service providers. The intent was to create a cross-border framework, which allowed businesses to operate without any unnecessary financial hassles.
Unlike Bitcoin, LEOcoin was created to be a mass-market coin. It intends to become a leader in the field of disruptive financial alternatives. The creators also aim at working with the community to make digitally encrypted cash payments a global success.
Who Is the Team Behind LEO Token?
LEOcoin was created by the LEOcoin Foundation in 2014, to champion people’s right to money management and privacy in their communications. LEOcoin Foundation is controlled by Learning Enterprises Organization Ltd (LEO).
The project’s co-founder and CEO Dan Anderson worked on smaller digital currency projects in the past. It was through his small roles on various crypto-projects, that he and his team learned of the many opportunities that were untapped in the digital currency knowledge sphere.
How Does LEO Token Work?
LEOcoin follows a Proof-of-Stake structure that is unique and has not been replicated by any other coin currently. The network has introduced a tiered system of rewards, where people receive proportionately more (similar to bonus) based on the tokens held by them over any given year.
In 2016, LEOcoin Foundation partnered with the LEOxChange to radically improve the platform and create a new desktop and mobile wallets. This has allowed the crypto coin to function better than many other popular currencies like Bitcoin.
The wallets also come with a Chat feature, which allows participants to communicate with each other, in a bid to maintain transparency and privacy while sharing information. This approach provides people with an alternative when they find it difficult to trust email providers or mobile app developers.
The creator, LEOcoin Foundation, has ensured that all transactions are fast, secure with a moderate fee structure to enable merchants and vendors from all over the world, to make swift and easy payments that are confirmed securely, in a relatively short time-span.
What are Current and Future Applications of LEO Token?
LEO token is a utility token benefiting user across the iFinex portfolio, including Ethfinex, Bitfinex, and EOSfinex among other products. The newly created cryptocurrency offers greater accessibility and usability, as compared to other digital currencies.
Typically, small to medium-sized enterprises are often charged an exorbitant fee for international trade. LEO can be used to provide enterprises and emerging start-ups with the funds they require, with no intermediary commissions.
LEOcoins are also accepted as a valid mode of payment in many online shops. There are certain retail stores as well that have partnered with the cryptocurrency. However, the best use of these tokens is to trade them for coins of some other crypto vault.
Some of the more common online and retail merchants where these tokens can be used are:
LEO can be used for telecom payments at MobiCash, Computer Service, and 2BM easy load among others
Health and Medicine
It can be used to pay for drugs and prescriptions at Aamir Medical Pharmacy, Therme Snovik, and Optika Ela among others
Air cooling, refrigeration, and other electric parts can be purchased from Afzal traders and Walidcel
Travel and Transport
Air travels can be paid for at Air Trip Tourism Services and Aiteza Overseas Services
Restaurants and Hotels
LEO is a popular mode of payment at European restaurants, like Gostilna Oto, Dnevni bar, and AR restaurant
LEO tokens are used by individuals from all over the world to make fast and secure transactions, in a completely anonymous decentralized peer-to-peer network. The digital currency is accessible to everyone and easy to use.
LEO tokens are expected to be the ruling king of the jungle. The token economics employed in this digital currency is more structured than other available coins. This allows analysts to perform enhanced valuation methods, to determine the worth of LEO.
The latest LEO is the LEOcoin ERC20 token, which is powered by the Ethereum platform. According to recent research by Picolo, the coin is expected to outperform market expectations since it is currently undervalued. However, it is important to understand that LEO is a high-risk coin.