LeoCoin (LEO) is a decentralized platform which allows sending and receiving of LeoCoins anonymously and privately. The transactions will be recorded in the ledger, but they’re not assigned to a person until the user comes down and turn them into some fiat currency. How LeoCoin works are considered to be extremely anonymous. The network of the architecture of the software behind LeoCoin is 100% secure.
How LEO works?
According to Dan Andersson, Leo coin’s founder, one of the biggest problems he encountered about the different cryptocurrencies sprouting out from the year 2009 is that it’s not understandable for new users, this has pushed him to design LeoCoin to be completely user-friendly.
Leoncoin video explanation
The LeoCoins can be mined; the mining process is explained by the founder Andersson as a metaphor to describe the process where someone has a computer, the user engages with that computer in supporting the whole mining process. In other words, for a transaction to go through from one person to another person, the prior person should get into that open source software that has to be verified by some computers, so basically, the processing is called mining.
To understand the mining process, you should just be thinking about plugging your computer, clicking on things, while supporting the LEO community and getting a reward in return. For users to get started, they will be required to download a wallet. The wallet should have some LeoCoins. The wallet will be usable when they go to the shopkeeper, flash out their mobile phone, then just need to tap into how much money they want to transfer from their wallet to the shopkeeper’s wallet.
Andersson further added that is easy as “click, click, click.” Once the transaction is done, it is done. It will make the process simpler than electronic banking procedure. The whole thing will be done securely and safely with the use of the peer-to-peer network.