LEOcoin was created in June 2014, and has
been backed by a dedicated digital currency
exchange (www.LEOxChange.com) since
April 2015. It is the first digital currency to be
launched in the UK that is designed for small
business owners; allowing individuals to make
fast, secure and cost effective transactions
through a decentralised peer-to-peer network.
The usability and accessibility of the currency
positions LEOcoin as a world currency and the
currency of choice for entrepreneurs.
The opportunity for digital currencies is
significant: the world’s largest ‘cryptocurrency,’
Bitcoin, has around 13.5m coins in circulation,
used by around 2.6m individuals in up to
100,000 transactions per day.
This paper sets out to introduce LEOcoin, the
underlying technology that supports it, and its
business support philosophy.
It explores the principles of digital currency
and the potential it offers to businesses and
consumers; including increased security,
privacy and flexibility.
From low transaction fees to instant trading,
we explain the advantages offered to both
consumers and business owners, as well as
the support network offered by LEO and the
LEOcoin Foundation. The LEOcoin Foundation
has been created as an open and participatory
standards body for the LEOcoin project. It
is a non-profit organisation that funds the
development of LEOcoin and the LEOcoin
Why digital currency?
Digital currencies leapt onto the scene in 2009
bringing a new dynamic to the speed, security
and privacy of financial transactions. The
fallout of the world banking crisis, combined
with concerns over the privacy and security
of money and new restrictive regulations, led
people to look for new and innovative ways to
Conventional banking works in such a way that
many third parties have sight of and access to
a person’s financial and personal information
throughout a transaction, which has associated
costs and privacy issues. With LEOcoin there
is not the multitude of third party transferring
agents who want their share of the action.
The cost of sending LEOcoin is practically zero
compared to the high costs associated with
credit card and payment processing agents
most businesses are used to.
The rate of inflation that can potentially
diminish the purchasing power of fiat – or
traditional – currencies (such as Sterling) does
not affect the value of a digital currency to
the same degree, as there is a fixed amount of
the currency produced over a fixed period of
time – and no governments or institutions to
manipulate the quantity or price.