Topic: ANN - LEOcoin - Official LEOcoin thread (moderated by LEOcoin Foundation) (Read 90467 times)

Latest update from LEOcoin Foundation chairman, Dan Andersson:

"LEOcoin update The new LEOcoin token provides its holders with a ‘Holder’s Reward’ similar to the previous LEOcoin staking mechanism reward, without requiring you to keep your wallet open or active for staking. To participate, you must own a minimum of 1,000 LEOcoins on a specific LEOcoin token address. The reward system will be keeping daily snapshots of your total LEOcoin tokens in your address throughout the month. Your Reward will be calculated based on the average of all these snapshots. To register for the LEOcoin Holder’s Reward, any LEOcoin holder may use the official page, available at: https://reward.leocoin.org/
 
There is a new suggested wallet for LEOcoin – Trust Wallet. Trust Wallet is the premier mobile Ethereum wallet which works with any ERC20, ERC223, and ERC721 tokens, and puts the security and anonymity of users first. Now anyone can have LEOcoin3 on their iPhones or iPads too. "

When I was checking through your data, I saw your ATH and I was thrilled by it, but as of now, it seems to have plunged a great deal. Well, that might have also been affected by the general market conditions.

I think new measures need to be put in place in order to achieve this great fit again. I am looking forward to big new updates from you.

Not at the moment, but we are in contact.

Nice. Cant wait. Any new exchanges?

The mechanism is developed and works and is now in the last phase of testing. Website, user guide and the like are being prepared. Very likely in June the Holding Reward mechanism will be functioning.

LOL, put down the pipe.

How far is development for new reward mechanism?

Maybe he is. Although I think I got some intel on this guy I cant deny nor confirm the first part coz its virtually impossible to validate him as the same person who just logged into CryptoDevil account. However Im dead sure the guy is connected to Cicada 3301 and may be an established member of anonymous crypto community employed to blindside online detectives investigating their ties with cryptodevil.

About 130m ERC20 LEOcoin have been created, you can see that on the contract address.

Anyone with LEOcoin² who upgrades has gotten/ will get the same amount of LEOcoin³ tokens in return. The swap is 1-on-1. As far as I am aware off, the 'old' coins go to a 'burn-address' to get parked there. LEOcoins can only be upgraded once.

Tokens that are not 'converted' will first stay on hold, in case LEOcoin holders that missed the time-frame in which conversion is open, later wish to exchange them. I think Dan has said, this period is currently six months. Livecoin e.g. already upgraded and only uses ERC20 tokens for deposit and withdrawal. Other exchanges will follow soon.

My guess is that we could extend the conversion period, when deemed needed. In fact, we still offer conversion from LEOcoin original coins to the X11 chain (PoS LEOcoin²), so theoretically, one could still upgrade coins that originate in script-jane mining to X11 and then again to ERC20 standard. Nevertheless, I advice to upgrade your LEOcoin² for tokens, at the latest when the LEOcoin Holder's Reward is activated, so you can get maximum stake reward from your current LEOcoin2 and then immediately add the LEOcoin³ to the reward programm, provided that you qualify. The reward overview and qualifications will be published in the white paper that the LEOcoin Foundation will publish next week, but there is not much changed compared to the conditions for stake reward.

Hi,

sorry, not at all my intention. I am only trying to understand this exchange process.

To make it more clear. Does it work like this ?:

We have Leocoin, a real crypto currency with a POS mechanism.

We want to move to a ECR 20 token.
ECR20 tokens must be created.

According to the token contract, there is exactly one address/person( first question: who : Leocoin Foundation?) that has the right to create tokens.

As you said correctly, we have about 130 million Leocoins, so 130 million tokens were created, right?

In a next step, everyone with a Leocoin gives its Leocoins to the token creator and will get tokens back , right?

What happens to the Leocoins that were exchanged against a token? Are they destroyed? Or listed, so that they can not be exchanged once again (2nd question)?

Thank you!
Best wishes

As you can see on CoinMarketCap, there are about 129,367,839 LEOcoin² issued on the current X11 blockchain. In order to 'swap' them, we accordingly need around 130m of LEOcoin³ tokens on the Ethereum chain, so all users can swap. For that they can make use of exchanges - who swap the old coins for the new tokens - or do it themselve at the LEOcoin upgrade website, that you can find here: https://upgrade2erc20.leocoin.org/.

I find your description of fairly normal upgrade/swap preparation highly peculiar, as if there would be something fishy. Yet when you are about to change 130million for 130 million, you need these available on both blockchains, right?

Thank you for your reply.

Who minted the first 130 million tokens and exchanges them against Leocoin ?
The Leocoin Foundation ?

The LEOcoin Blockchain is not dumped. It is working and if anyone would wish to continue the old chain, that is certainly possible. As the community is not donating, or adding technical assistance that much, being on the Ethereum blockchain has certain advantages, as it means that the first layer of network security, blockchain confirmations and supporting distributed nodes is already established. Why twice invent the wheel?

There has been no blockchain vote, but the plans have been made public by the LEOcoin Foundation a very long time in advance. No objections have reached us, the major concern was if a staking reward would be offered and with the upcoming LEOcoin Holder's Reward, something similar will be offered.

As the transition from the old to the new ledger is already on its way, the move is no longer an option. The board of the Foundation - and I - are in regular contact with large LEOcoin holders, so if there would be disconsent, we have not heard about it. As LEO probably manages a majority of the LEOcoin on their own internal platform, a vote would probably not make much sense. Many of the smaller holders are not very interested in the technological side anyway; they just want to be able to trade, stake and keep LEOcoin. And that they can do on the Ethereum chain without any restrictions.

Thank you for your quick reply.

The more I investigate ECR20 tokens, the more I am wondering if it is a good idea to dump the current LeoCoin blockchain.

Is there any forum etc where this is dicussed by Leocoin holders? I couldn't find anything.

And how will this move be decided? Shouldn't the Leocoin holders decide it? Will there be a blockchain vote?

Best wishes

For now, the Ethereum platform has no proof of stake system, so we cannot write much about PoS on Github until Casper or other PoS proposals are developed.

However, we are finalizing our concept for the ERC20 token, which will offer similar rewards as stake did previously. This new smart contract based mechanism is called 'LEOcoin Holder's Reward' (LHR). It will be implemented as soon as possible. We are testing the website at the moment. The coding of LHR itself has already been finished by our team.

When you own a lot of LEOcoin, it is advised to further stake in your current LEOcoin² wallet, until the LHR mechanism is implemented and online.

Hello,

before I change my Leocoin to the ECR-20 token:

Is the POS system working for the token ?
I checked the source code on github but couldn't find somethin about POS.
Thank you!

@cryptodevil

As said many times, this thread is about LEOcoin and not about Learning Enterprises Organisations Limited (LEO Ltd) or other third party business. I see you, me and others have a different opinion. For now and for this board, I do not see much gain for the LEOcoin community to explore juridical issues. The people dependent on LEO can inform themselves in this regard with the publicly available information, I see no use to make this forum another instance of what is available elsewhere.

@all

With regard to LEO and other matters of third parties that might concern LEOcoin, I will try to keep you posted. I see no avail in commenting or discussing legal matters between the co-founders of LEOcoin. Anyone can use Google, I guess. It is sad, when people cannot find a way out of a disagreement together (which by the way is not about LEOcoin at all). It is sad, when people perhaps might lose their jobs of when debts are not paid of or when people lose the funds they invested.

This said, the LEOcoin Foundation has never sold digital currencies or any other products or services and thus we feel not responsible for the acts of others, that concern buying or selling digital currencies or any other products or services. We hope some kind of turn-around can be made, so we can all focus again on the LEOcoin ecology and its community.

Well, I will ask Mihir in this regard, as I am involved with community management and not with finances.

But, iff (if and only if) Mihir Magudia did certify, that the LCF did not spend any money at all in 2016 and 2017, then, your impression that the LCF finances the development of Leocoin was obviously false.

On the website, the Foundation does state, that the "LEOcoin Foundation is ... the guardian of LEOcoin and the architect behind the development ...". We strive to fulfill that duty. As our funds - as a not-for-profit social enterprise - are limited, in order to do so, we strongly depend on gifts and we gladly embrace the support of third parties when, e.g. an event is organized. Good for us, is that - for the most of it - thinking, presenting, representing and brainstorming is for free ...  

As Foundation, we are very happy, with what has been achieved over the last few months and we sure do hope, that it will be of benefit to all LEOcoin holders.

Dear LeoCoin Foundation,

I have a question about the work of the Leocoin Foundation:

Mihir Magudia certified that the LCF did not spend any money at all in 2016 and 2017.

I don't understand that. I was under the impression that the LCF finances the development of Leocoin, organizes events etc.

Could you shed some light on that?
Thank you.

Leocoin is so underrated!
One of the best promissing crypto for long term for sure.
Congrats to all holders 🚀🌕