On Wednesday of this week a new alternative to Bitcoin was launched in London, United Kingdom with official trading for the new cryptocurrency on the block beginning during next week at a global exchange based in Hong Kong.
The company behind LEOcoin are based in Oxfordshire UK and are called Learning Enterprises Organisation (LEO) which were traditionally providing learning services to the business community.
They have claimed that their product has already been promoted to their current client base and that there are over one hundred and thirty thousand registered businesses set to use LEOcoin.
If these claims are true it gives this coin the potential to be the number two cryptocurrency in the world almost instantly, and a challenger to the undefeated world heavyweight champion of digital currencies, Bitcoin.
LEOcoin has its own exchange as well called LEOxChange which will go live this coming April 2nd, and it is claimed other exchanges will be recognising it also, although no names of which ones have been revealed as of yet.
The key features of LEOxChange are:
Instant transactions: direct trading between LEOxChange members (which includes suppliers and retailers) means there are no intermediaries so you can set your own bid and offer prices and the volume you want to trade
Zero Commission: no commission or transaction fees on purchases, but a small commission on sales.
Transparent and easy to use: easily understood bid and offer prices and quantities are on display. Full details of the trades completed are visible on an online ledger.
Secure: high level encryption systems keep all transactions and records secure, keeping your trading environment and personal data safe.
The total amount of LEOcoin is set to be one Billion over aperiod of ninety nine years, with a maximum of 28,800 coins released daily.
The team behind LEOcoin designed and commissioned a survey to highlight the borderless nature of cryptocurrencies focusing on one thousand senior decision makers from small to medium sized businesses.
Dan Andersson, co-founder of LEOcoin at an event held at the Tower on London, on Wednesday morning said:
"The launch of LEOcoin today is an important chapter in the evolution of the global digital currency market and is a big statement about the future of the sector against a backcloth of scepticism to date.”
"The industry needs to do much more to establish its credibility - this was borne out by the YouGov study which showed that whilst SMEs find transaction fees a concern when doing business abroad, 85% indicated they were unlikely to use a digital currency. Also it revealed that whilst awareness is very high at some 86%, only two percent already accept a digital currency.
"These numbers don't surprise us given the negative publicity many of the digital currencies have had. We believe this has been down to such currencies being complicated, inaccessible and not user friendly.
"We aim to address these issues to give users confidence by providing a transparent and straightforward operating system. We have also focused on developing a currency that is intended to be used by everyone.
"Consequently we anticipate that within five years, individuals and casual users will have increased exponentially as ordinary consumers start to see the benefits of privacy and security offered by LEOcoin, whether trading at home or abroad.
"This is a very dynamic and fast moving area in financial services and we are aiming to bring digital currency into the mainstream."
Personally I wish the team behind LEOcoin the best of luck with their new venture, but I don’t hold out any faith of it even getting a few jabs at Mike “Bitcoin” Tyson in the ring.
Bitcoin in my opinion has too much of a dedicated community behind it, hashing power, venture capital backing, as well as some of the best and most creative developers in the world working on its future infrastructure and applications, for any coin to be able to properly challenge its undefeated title for the foreseeable future.
Then again stranger things than this scenario have happened in the crypto-world before, although I personally won’t be buying a ringside seat to watch in this case as I just don’t see the competition there.