Topic: ANN - LEOcoin - Official announcement regarding LEOcoin from LEOcoin Foundation - page 58. (Read 88341 times)

Ask your mother!

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.

Are you stupid or what?

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

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

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.

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 ...😎💵💷💸💶👍🏼

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

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

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

I agree with you and with everything Beave162 wrote.

LEO shuld revert NF permanetly to 14.

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.

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-

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+!😎

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

@LEOcoin Foundation

you wrote:


Who is "Leocoin" in the phrase above ?

Tell that to all the dead altcoins littering the archives of this forum.

Leocoin emerged from the scheming minds of people who operate an MLM structure, what likelihood do you think there is that any business entity from outside of that shady world would want to associate itself with it?

The network doesn't "die" when the price drops and miners leave--difficulty adjusts. However, it can become more vulnerable to attacks. It is a PoW/PoS hybrid at the moment, right? That means there are incentives to run nodes and create blocks through PoS.

LEOCoin is a heavily premined coin. It will always be fighting a perception of fraud. I hope to focus on the merits of this move to go full PoS under the assumption of desiring long-term viability. There are plenty of fundamental flaws in this idea without going into scam accusations. Again, full PoS is not new, interesting, innovative, and it has never worked. Perhaps it isn't too late...

Or perhaps they do understand the value, in that they know the price of their coin cannot afford to drop below a certain level because miners will point their rigs elsewhere and the network dies. Not only do they need to run nodes, they need to run miners in order to create the blocks for the network to function.

In this instance their switching to PoS is more likely a cynical ploy to make it seem like they are taking action for the community as a whole when, the truth is, they are probably doing so in order to be able to sell more coins off without fear of dropping the price too low, as there won't be a 'too low'.

Previously they had to sell coins alongside the miners who have electricity bills to pay, under Proof-of-Stake they don't have a competing group for selling to the market other than the suckers they've already sold coins too who can be easily encouraged to retain their holdings for a 'moon' value while they are busy selling to a new group of MLM/Ponzi victims.

By removing the competing sellers the price is less likely to tank. Not until the exit manoeuvre when they dump everything they have left and run, anyway.

The fact that PoS doesn't require any capital or risk or work (energy, hardware, software) is a negative, not a positive. Energy is not 'wasted'... it is a mechanism for various functions.


One great thing about scrypt-chacha (at n-factor 14 and above) is that you can mine with low-cost GPUs (750ti or the R7 240 4GB, priced at less than $130). The $300 for a GPU statement is false. The additional memory statement is also false: under a linux setup, 4GB is plenty. Used GPUs/CPUs do not lose their market-value nearly as much compared to Bitcoin's ASICs. In fact, the market value for the aformentioned GPUs really have not declined much at all.

I'm not sure of the point here... it will be 'easier' to obtain LEOcoins? There is a cliche to keep in mind: "Nothing worth having comes easy." If that was the case, the premined (and PoS only) coins would be dominating in marketcap and volume.


The difficulty increases with n-factor increases? How? You mean the opposite?


It is hard to make the case for LEOCoin as the poster child for decentralization. It seems to me that PoS-only would give more of the newly created LEOCoins to the "foundation" just by simply having LEOCoins that were obtained through the premine.

Again, you can build a rig and participate in the creation of LEOCoins at a relatively low cost point and without dealing with corrupt ASIC companies.


This argument is years old. We can pull up the same old comments about Bitcoin, and how it would become a failure because of botnets.

It would make more sense to move the NFactor back and possibly adjust NFactor changes. Hardware from large, legitimate, consumer-friendly companies in the future (CPUs with higher cache, lower TDP; GPUs with higher VRAM) will be a deterrent against botnets.


It isn't just that going from PoW (or PoW/PoS) to PoS has been done before. It has been done MANY times before. It hasn't worked. Most importantly, it isn't an innovative or an interesting idea at all. It has been the result of centralized manipulators not participating in, and not understanding, the value of Proof of Work.

Thanks for info.