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According to their website, DABTC plans to open their exchange for LEOcoin trading on November 28.
10am start to load or withdraw coins, 3pm start trading LEOcoin (all Beijing time)
source: dabtc.com
Sketches of LEOcoin (2)
An Interview with LEOcoin Foundation Executive Director Mihir Magudia
LF: LEOcoin Foundation
MM: Mihir Magudia
PART 2 of 3
LF: Recently the EU and the European Central Bank have given signals that are not particularly encouraging for digital currencies. As you have regular contact with member of the British parliament, can you share with us, where London sets different accents?
MM: I work with Governments all over the world to try and help them understand digital currency and blockchain technology. The LEOcoin Foundation is a member of a few different trade associations and groups and we play an active part in all of them.
Specifically, on the UK, the reaction from Government has been very interesting. As you’d expect this is still very new to members of parliament and Government officials. They are all too familiar with old stories about the bad things that digital currencies have been used for. They, like many people are going through a process of education and that’ exactly what the LEOcoin Foundation is doing. Whenever we meet with people, we spend the first half of the meeting educating them and the second half of the meeting talking to them about what we want to do. London has always been a global financial centre and as this new technology develops, we are encouraging the people who make policy decisions to do whatever they can to be at the heart of the global digital currency revolution.
Overall, the feedback has been very positive. People who are beginning to understand what this technology can do, are very excited about its potential and are keen to learn more from us about what they can do to help.
LF: On forums and other crypto world related websites LEOcoin is no longer regarded as a scam coin, connected with MLM pyramids, but slowly gets some acceptance; also, due to our membership of the digital chamber of commerce and participation on digital currency summits and events. What does that mean to you and how will this help LEOcoin development?
MM: There is a company out there which claims to have some relationship to digital currency but is running what looks like a fairly obvious scam with a fake digital currency that doesn’t seem to exist. My view is that when this company eventually collapses, like all scams do, it will leave countless people in severe financial difficulty or worse. Companies that prey on people like this are bad for the future of the digital currency economy and bad for direct selling companies.
On the other hand, LEOcoin is an established and openly available digital currency. Everything that the LEOcoin Foundation does is done transparently, we have a good relationship with LEOcoin users and participate in a few different industry bodies. Additionally, LEO takes regulation and transparency very seriously, that’s why it participates in Direct Selling Associations all over world and it is constantly working with its members to help educate them about this exciting technological revolution.
In terms of LEOcoin development, there are some exciting things in the pipleline. We have never published a roadmap for coin development but that is on the list of priorities after the new LEOxChange has been launched. There are so many ways of integrating new ideas and new ways of working into digital currencies and in the meetings I’m having with other sector leaders, lots of new ideas that could be added to LEOcoin. I won’t share more details now, but once the new LEOxChange is up and running, the LEOcoin Foundation will be turning our attention to adding new and frankly quite cool, features to LEOcoin and what it can do.
LF: The LEOcoin Foundation has about 10 million LEOcoin. Many people feel we would be hoarding too much and should spend more on advertising and raising awareness in the cryptocurrency world. Can you respond to that and tell us about some milestones in your work for the Foundation?
MM: The LEOcoin Foundation has 10 million LEOcoin. Some of this has been spent on marketing and advertising already. At the same time we don’t want to significantly deplete this stock so early in LEOcoin’s journey. The last LEOcoin is not due to appear until 2114 and my vision for the LEOcoin Foundation is that it will still be fulfilling a useful role even then. Digital currencies are a global revolution that can improve the way the world works. That’s why the LEOcoin Foundation is here and that’s the ambition we want to achieve.
LF: How do you see the LEOcoin price development after the switch to Proof-of-Stake (PoS) and for the near future?
MM: The anecdotal information that I have is that after PoS launched, a number of people are getting themselves to a specific level of LEOcoin so they can benefit from Proof of Stake. So, my information is that there are lots of people getting to 1,000, 5,000 or even 50,000 LEOcoins and then staking them. We’re delighted with the way that PoS is working and though it’s early days it’s creating very interesting dynamics in the LEOcoin economy. As a LEOcoin usage grows there are some projections that we can make.
As we know, an openly traded coin relies entirely on supply and demand to justify its price. One of the ambitions of the creators of LEOcoin was that it would become a truly mass market digital currency. That’s where the LEOcoin merchant programme comes from, that’s why we’re creating a LEOcoin debit card and doing whatever we can to explain digital currencies to people who aren’t familiar with them already.
This vision is about creating a flexible and exciting global economy, but one of the benefits of this achieving this ambition should be an increase in demand. That increase in demand combined with the impact that the tiered Proof of Stake system creates on supply could mean positive things for the LEOcoin price. However, that’s not why the LEOcoin Foundation is here. And speaking personally, I have zero interest in using digital currencies to get rich quick. To me, the profit motive on digital currencies, while completely understandable, is far too short termist and undersells the technological revolution of the blockchain.
This is a technology that can change so much about the way the world works. Look at the way Estonia is using blockchain technologies to transform public services, think about a world in which ancient institutions can’t create arbitrary barriers to stop someone doing business globally because they don’t like their passport, and we’re only at the very start of the journey. If I sound like an evangelist it’s because I don’t think that anyone in the world has yet worked out the full potential of a decentralised blockchain and digital currencies. I want the LEOcoin Foundation to be at the forefront of that discovery.
Final part in a few days