Topic: ANN - LEOcoin - Official announcement regarding LEOcoin from LEOcoin Foundation - page 59. (Read 88371 times)

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 first of a 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 one:

Regarding the next step from POW/POS to a 100% POS mechanism; there are quite some points that speak in favour of this:

1.   Lower electricity costs

• POW: Mining LEOcoins with mining RIGs consumes a lot of energy, both for the computations of the CPU/GPU as for cooling the devices with extra fans and air-conditioning. Most of this energy is wasted as all RIGs perform the same cryptographic calculations, but only one RIG per block is rewarded with 20 LEOcoins (or the pool is where each RIG is awarded conform their shares in the pool’s round).
  POS: The POS mechanism requires no additional electricity; you only have to open your LEOcoin wallet and stake in an easy and safe way.
  

2.   Longer Hardware Life Cycle

• POW: Mining is hard on your hardware and it reduces your hardware’s life cycle. A decent GPU will cost you about 300$ and a RIG will take several of these! Also additional memory might have to be installed when the n-factor goes up. Used hardware loses its market value extremely fast because of new and faster performing update-models. Next to energy, hardware and maintenance are the main cost factors.
  POS: There is no significant impact on your computer’s lifespan because only very little computation is done when staking. Nor do you need a very fast pc to stake LEOcoin.
  

3.   Probability of Reward

• POW: Pay-out become less rewarding due to increase in difficulty (n-factor increase)
  POS: Reward is based on the LEOcoins held in your wallet(s).

4.   No Industrial Computer Farms - More egalitarian distribution

• POW: Prone to compute-power centralization.
  POS: Every LEOcoin that you own, has a chance to earn more LEOcoin.
  

5.   Malware Attacks – botnet viruses

• POW: Prone to malware taking advantage.
  POS: Botnets can’t leverage computers to mine a Proof of Stake LEOcoin.
  

next update tomorrow ...

asapnem ti ga nekam..

Hope POW stop asap!

Re. POS

As far as I understand, there is a new wallet scheduled for the end of next month. With this wallet, it will be easy to stake once POS is started. I have not seen official announcements from the development team about when the POW mechanism will be switched off.

I will soon post some reasons why the LEOcoin development team made their proposal, but the easiest answer is that LEOcoin already was a CC with a POS mechanism from the start. As such it is not really new. The same goes for the pro and cons that both POW as POS have, there are simply no perfect mining mechanisms.

Own 100k so 20k extra a year is good!

Hahahahah you gotta LOVE this part.....AS THEY.....hahahhaahah 

Buy on exchange and stake after POS start in 1 month as they promised!

Well i never invest in leo only mine it when it was profitable now the price is very very low.

OK, coming back to the discussion on LeoCoin:

Is worth to invest here ?
And how ?
Mining ? Buying ?

Wouldnt know about sitetalk, but i heard things, cant confirm em, so i wont comment on them. But by the looks of it, LEO is a lil better "sitetalk",so what i can comment on is LEO and its attitude towards LEOMembers and LEOcoin. It sucks  Get into our pockets, take out money, give 0 shits what we think or what we could do to help LEO grow. Their main objective is MLM....Selling "training videos" on how to sell....nothing  And thats why we came here, to warn people not to invest in LEO. But anyone can do what he / she wants, we are just talking from experience.

One of the links shows a blog where someone writes about a meeting with Dan Anderson for its former company 6 years ago.
And he too complained about unfished software:

More or less, but what they dont say here, is that they are giving away coins with those "packages" + "shares", witch are then / or can be converted to coins. Recruit more people, more $$, more free coins, get merchants to sing up to do nothing, they / you  get free coins. Coin is in a worse state then when it started. They had big plans, not 1 was done like they promised, and most of the thing done to lift the coin, was done sloppy, at its best. And by the looks of it, their main goal is / will be MLM. Coin is just a bait....

I just found this old review of LEO:

http://behindmlm.com/companies/leo-review-personal-development-dvds-recruitment/

Not sure if it is (still ?) accurate.

hahahahaha im sorry to say /ask this , but are you fine? i mean, your health? mental health? Go read your posts and comment them (to youeself...) 1 min is "LEO is the BEST, next BITCOIN" then 2 min is "LEO IT team, sukks, this and that sukks, your hurting LEOCoin"....
Boy make up your damn mind...

And anyway some day 1 LEOcoin will worth more then 100£ and we wil say thats LEO members. Lets go leo

Who cares!

I see people having really difficulties understanding this all LEO idea... It seems you do need to know few basics about MLMs and business... I'm not an expert on any of those fields but if you participate in something long enough, you get the picture... Direct selling industry is not new and it's where all started.
Dan and Atif had some experience from the past that didn't work so they made new one with better idea. How about a product that doesn't need production line, no logistic problems, no expenses at all... But how to make it interesting? Lol..easiest thing for naive people, big rewards! So they made LearnEarnOwn platform. Problem was, once you got in and bought few of those tutorials, no one invested anymore. Here is where CC jumps in... Premine loads of coins, give them to people as joining rewards and add a way to the whole system for sweet unregulated money flow...
From here on, any website they have have its purpose and so does LEOcoin. And wherever you sign in your name and probably your bank account, you're part of that network.
LEOxChange have on one pair about 50k+ traffic/day... 1% fee? You do the math...
And every person involved in any of the LEO_*.*____, are members of LEO, with probably very high ranks. Ofc they are not employees of LEO.... I'm not neither but still am Platinum member and I can get payed from system... So they formally work for free? yes. So who pays the development and developers? Dont ask...
And it makes you wonder, if this virus/bot mining was damaging LEO, wouldn't they done something already by now? It's big thing but they rather invested time in X2? No hurry for basic tools that would enable merchants to actually trade?
Who cares! As long as I have the LEOcoins right?
I really wish everyone of you to make fortune out of this... Because if you will, so will I.
But there are many that don't just invest in LEOcoins, but in LEO, and there is real money involved.
What can you actually get out of LEO? If they convince every single person in the world to join and buy all that can be bought, you'll get a world of direct sells-men called entrepreneurs with no one to sell to and nothing new. Than what? You see, there's nothing they actually produce that's worth investing in. Now, this is why LSU, i mean LEOcrowd, was so interesting... This would actually give them something they can show and sell. I'm sure people feel comfortable posting ther ideas there.
But than again... who cares!

How did you find that site?

I don't see any link on the Leocoin/LEO site to it.

So I guess the site is still under development and not yet intended to be used by the public.

Development? Like what? Its all the same since the day LEO started. Except crowdfunding....Witch is a total fail, site was most likely built by the same "IT team" that build the LEOmarket. (so sad )  LEOXchange? ;DWhere are the APIs?....."Virus / bot" mining ? thats been going on for a long time, but they did "upgrade" their MLM tho...

hahahaahahah good one .....

They work for free!