What is LEO (UNUS SED LEO) in simple words: history, course and how to buy

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2019-08-21 00:00:00:

The emergence of civilization has led to activities such as trade, which involves some form of payment. The first type of settlement was gold, later fiat money, and then the society “appreciated” the advantages of plastic cards. However, the listed types of calculation are characterized by centralization, that is, they are controlled by banking institutions, which, accordingly, take commissions for the services provided. Over time, this system became more complicated, more risky and more expensive. In view of this, Satoshi Nakamoto asked himself the question: "Could it be possible to create something else?" When creating the worlds first cryptocurrency, it was this thought that became fundamental. However, this article will not talk about bitcoins, but about UNUS SED LEO, which is briefly referred to as LEO .

What is LEO cryptocurrency

"What is LEO?" - the question is quite relevant in light of the current situation on the cryptocurrency market. So, UNUS SED LEO is an electronic coin of the LEOcoin digital currency system, which is decentralized. This system is designed to store the registers of transactions on the PC of its users, excluding any possibility of interference by any intermediaries. The principle of operations is here in the transfer of funds between two participants in the system, while control by the central authority is not provided. Of course, the fact that there are no regulatory bodies in the financial sector is twofold, since on the one hand, this eliminates unnecessary spending, and on the other, it increases risks. The reliability of transactions is ensured by a system of transparent registers that store information about transactions on each PC in the LEOcoin network. At the same time, a special security technology is provided in the blockchain, which guarantees the safety of system users, as well as the security of electronic currency. 

LEO history

LEOs history dates back to challenging times for Bitfinex. So, in 2018, she went through a very difficult period associated with financial fraud. The company was accused of hiding a large sum of funds - $ 850 million. The prosecutors office was the New York Attorney Generals Office, which pointed to the transfer of this amount to the Panamanian office of Crypto Capital Corp, which is engaged in digital transfers. Clients exchange-traded funds suffered a lot of damage, as most of the funds were withdrawn from them. According to the prosecutors office, the deficit was bridged through the reserve allocation fund - Tether Limited. It is noteworthy that the aforementioned company is controlled by iFinex. It is worth noting that this story is still unresolved, an investigation is underway.

If you look at this situation from the side of Bitfinex, then all accusations are denied by its employees. According to them, the funds are in a frozen state for an indefinite period, and they are not withdrawn from the accounts. It is planned that later this money will be spent on the development of the exchange. Of course, the community reacted negatively to this news. Insiders claim that a total of about 450,000 Ethers were withdrawn from the exchange , as well as 18,000 Bitcoins in just a few days. This was the main reason for the collapse in the value of these coins.  

The current situation needed an urgent solution, so the exchange thought about issuing a special internal token that would be able to cover the formed budget deficit. May 2019 - iFinex included Unus Sed Leo Limited, a company specializing in the creation and development of the token.

The initial offer of the new token was held in a closed format. In total, 1 billion coins in denomination of 1 dollar were released for sale. It is important that the White Paper of the project notes a special fact - these are monthly expenses in the amount of 27% of income carried out by the creators of the LEO cryptocurrency in order to buy back tokens and then burn them. This will ensure the return of funds to the exchange budget. The exit option is somewhat dubious, however, it has the right to exist. It is known that the tokens with which users of the system will receive discounts on trading commissions will also be destroyed.

Additional LEO destruction mechanisms include the following:

1. A little earlier, a large amount was blocked in the accounts of Crypto Capital, the reason for which was a lawsuit in the United States. iFinex, together with its subsidiaries, pledged to allocate 95% of the funds as they return to the ransom and the subsequent destruction of the coins of their own cryptocurrency.
2. A similar situation has affected the Bitcoin system. Before the incident, the Bitcoin exchange was also defeated by the actions of scammers. A similar principle applies here - 80% of the returned BTC tokens will be spent on the redemption of LEO coins and their further destruction.

Of course, taking into account the development of its services and the increasing demand for cryptocurrency, its rate should significantly increase and make the coin profitable from an investment point of view.

In addition, the experts noted that they had included in the project plan a possible failure of the above solution and, accordingly, developed an alternative way to replenish the budget. According to it, the companys debt will be repaid in full in 48 months, subject to the full return of its main income against debt.

Many users have shown and continue to show distrust in relation to the decisions made by the developers, which is quite normal. In turn, the developers, wishing to prove the absence of reasons for concern, announced the regular posting of information regarding the purchased and burned tokens on the official website https://leo.bitfinex.com in the appropriate section.

By the way, the launched token is not only an element that will help replenish the exchanges budget, but also investment attractiveness.

Distinctive features of LEO currency

The main distinguishing feature of the LEO currency is its "duality". What does this mean? LEO is both a service and investment coin. In other words, the coin also acts as a bond that was issued by iFinex. The company will redeem those electronic coins that some users now own. Of course, this creates high pressure and provokes an increase in the value of tokens. At the same time, the list of advantages provided by an electronic coin is increasing for coin holders.

The versatile approach to LEO creates a constant demand for it, while the company is currently in no hurry to buy back and, as promised, burn coins for the purpose of commercial circulation.

It is also worth highlighting that most of the LEO tokens are issued by the Ethereum blockchain (65%), and the less significant - EOS (35%). Thus, most tokens exist on the basis of the ERC20 standard from Ethereums, while having a version and assets on EOS. This feature allows coin holders to transfer coins between the two networks. 

And although the LEO token was created in a conditional framework with a highly specialized value, namely, ensuring the popularization of the exchange, it is unique, since it can be used for different purposes.

How LEO differs from other cryptocurrencies

If you think about such an unusual name for a cryptocurrency, you can find an interesting fact. It is based on the expression from the famous fable of Aesop "The Sow and the Lioness" - "Unus Sed Leo". She tells that the pig promotes large families and asks the lioness about whether she has children. However, the lioness answered affirmatively: "There is one, but a lion!" What does this mean and how does it relate to the name of the cryptocurrency? Quite simply, Unus Sed Leo stands for quality over quantity. This principle will certainly become fundamental when the future value of LEO is established.

It is also worth noting the fact that the LEO coin pursues not one main purpose, but several, which once again indicates its universal property.

So, the main goals of LEO:

• replenishment of the budget of the Bitfinex exchange;
• empowering investors in the cryptocurrency market ;
• development of the cryptocurrency ecosystem, as well as blockchain technology .

The first goal was discussed in more detail above and it consisted in the subsequent "burning" of the acquired tokens. This is how the funds are returned to the exchange budget.

As you already know, LEO is a native Bitfinex token, which additionally provides many advantages for its holder. Among the main ones, one can single out large discounts on paying commissions, withdrawing tokens, using margin trading tools, discounts for keeping a certain number of tokens in the system, and others.

The benefits that a LEO holder receives are as follows:

1. Reducing the size of commission payments for trades by 15%. This privilege is valid for all pairs of "cryptocurrency-stablecoin" and "cryptocurrency-cryptocurrency" format. To trade with a discount, you must have a minimum amount of 1 LEO on your e-wallet account.
2. An additional discount of 0.05%, which is charged every 30 days for every 10 thousand USDT held in the coin.
3. Large investors with more than LEO 50 million in their account receive an additional 25% discount applied exclusively to coin withdrawals. Also, large holders can use the margin trading tool.
4. The possibility of using the LEO token when participating in IEO campaigns held on the IFinex platform, the EOSfinex decentralized exchange, as well as when trading futures contracts.

It is worth noting that large investors and LEO coin holders have already had the opportunity to hit the jackpot when they took part in the Unus Sed Leo private token sale. However, private cryptocurrency holders can also make good money by investing in LEO. This is due to the fixed emission of the cryptocurrency, as well as the regular burning of a certain number of tokens, which will lead to an increase in the LEO value.

How LEO works

The principle of operation of the token is extremely simple, which is its uniqueness. So, the IEO LEO process was 100% limited. There were no discounts, “bonuses” or other privileges for investors. In such a difficult situation, "free" tokens were not issued even to the exchange itself. According to Bitfinex CTO P. Ardoino, the amount received was secured through legions of external and internal users, each of whom contributed over $ 1 million. The largest contributors are highlighted - these are industry giants and private organizations, which have invested more than $ 100 million.

It is noteworthy that with the aggravation of the situation on the exchange, the LEO cryptocurrency was closed for acquisition for users living in certain countries. These include Canada, Crimea, USA, Cuba, Syria, North Korea, Pakistan, Venezuela and Iran.

As defined by WhitePaper, every month iFinex, together with its affiliates, must acquire LEO cryptocurrency and then burn it. The volume of coins to be burned is influenced by iFinexs gross revenue for the previous month. At the same time, monthly must be burned at least 27% of the proceeds received. It is also important that this buyout should take place on the market. This decision will have a beneficial effect on the formation of the value of the cryptocurrency, as it will exert additional buying pressure. In this way, the Bitfinex exchange plans to redeem all tokens.

And in order to prevent the fears of users, the exchange thought in advance about the formation of the process of burning tokens in the access open to customers. To this end, on June 14, a message appeared on the Bitfinex website that a buyback program with the burning of LEO coins every three hours was launched. The UNUS SED LEO Transparency Initiative was also launched.

There is one flaw in this positive picture - the length of the repayment process. According to the calculations made, the current rate of repayment allows us to determine the approximate completion date of this procedure, in principle, it is about 50 years.

The advantages and disadvantages of LEO

The main advantages of the project include the following points:

• reinforcing the perception of cryptocurrency users by the giant exchange, which has been occupying a leading position in the cryptocurrency market for more than 6 years;
• the dynamics of the value of the token is noted as positive, which stands in contrast to the constant correction of many cryptocurrencies;
• the absence of additional emission of LEO leads to the exclusion of inflation, and also favors the continuation of the positive dynamics of the token rate;
• the use by the creators of 27% of their own profits for the redemption of the cryptocurrency also has a positive effect on the dynamics of the coin rate;
• increasing the overall profit indicator by traders through discounts and bonuses that they receive as part of the exchange program.

With such positive factors of the LEO project, one cannot fail to note the presence of some shortcomings in it.

The main disadvantages of the project are the following points:

• the coin does not provide for the availability of useful technical solutions and a large-scale idea, since it acts exclusively as a loyalty tool, which was created to attract users to Bitfinex;
• the launch of tokens was carried out by an offshore company that is not included in any decent rating of the cryptocurrency market;
• the team is in private access from the community;
• the creators are not disclosed, no information about them is available;
• the ambiguity of the reputation of the Bitfinex exchange, which is based on scandals, hacks, which ensured the departure of most investors;
• among the users of the system there are rumors about the probable bankruptcy of iFinex.

These factors can play a cruel joke with cryptocurrency and negatively affect the future of LEO.

Is LEO mining possible?

Mining cryptocurrency LEO (UNUS SED LEO) is absolutely impossible. This is due to the fact that the coins of this version have been issued and continue to be issued at this time exclusively by the developers, namely the people who founded the presented cryptocurrency. To date, the number of coins issued is 100% of the total amount of UNUS SED LEO currency.

LEO mining is not provided even for PoW and PoS mining. Coins are distributed immediately during the sales process, which are closed. Those tokens that have not yet been burned remain in circulation.

How to buy or sell LEO?

It should be noted that the only way to buy or sell UNUS SED LEO cryptocurrency is to participate in specialized exchanges.

First of all, transactions with LEO coins are carried out on the Bitfinex exchange, which also uses leverage (the ratio of the deposit to the result obtained). This resource hosts about 75% of trades from the total volume of LEO cryptocurrency. Here you can carry out various operations (buying, selling), only after confirming your identity. At the auction, UNUS SED LEO coins are exclusively paired with EOS, BTC , USD, ETH, USDT.

It is also worth highlighting the Gate.io exchange, which also provides the opportunity to purchase cryptocurrency. Here, the token is traded alongside USDT. Verification is a prerequisite for taking part in trading. However, its need depends on the amount that is set by the system algorithms. To trade in the long term, experts recommend going through personal identification immediately, and doing it in two options at once - KYC and KYC2.

Delta.exchange has also included cryptocurrency in its asset list. This service does not provide for verification. LEO coin is traded in pairs - together with USD. Also, the exchange provides a leverage of x20. It is noteworthy that replenishment of the balance and withdrawal of funds are carried out in Bitcoins.

In addition, experts identify the following exchanges where you can buy tokens:

• OKEx;
• IDEX;
• DragonEX;
• C2CX;
• BigONE.

Considering the services mentioned above, it is worth noting one big drawback - the difficulty of passing verification, which must be presented in the form of KYC. However, there is still one platform that does not require personal identification - this is Delta.exchange.

LEO rate to ruble

In order to conduct a decent assessment of the investment risks that are interconnected with certain types of electronic (virtual) payment systems, it is first of all necessary to analyze the LEO cryptocurrency exchange rate against the ruble. Such an analysis will help solve the problem of coverage and capitalization (value) of UNUS SED LEO coins, as well as determine what the costs of buying, selling or exchanging them will be. It is also important to remember that it is necessary to compare the course in a few days. As of 08/05/2019, the LEO exchange rate against the ruble is 86.59 rubles.

LEO rate to dollar

Investors who want and have the opportunity to cooperate with foreign partners need to be aware of the LEO rate to the dollar . Today it is possible to track it using the course chart, which shows:

1. The value of the cryptocurrency on different days that show its rise or fall.
2. Initial (starting) course on the required date.

After analyzing such a chart, you can predict the dynamics of the UNUS SED LEO cryptocurrency rate for the next period of time. Also determine what is more profitable: sell or buy, what is the best price. As of 08/05/2019, the average LEO rate is 1.33 USD.

LEO rate to euro

According to the charts of the exchanges, you can determine the rate of the LEO cryptocurrency against the euro. He, like other courses, has its own periods of growth and decline. Investors should always track the value of coins in relation to the rates of world currencies. It is worth noting that on 05.08.2019 the rate of one LEO was about 1.18 euros.

Where to store LEO

The LEO cryptocurrency has an ERC20 format. Therefore, there will be no storage problems. Most crypto wallets accept coins:

• Lender Nano S - the most popular hardware wallet that works on specific hardware devices, it additionally provides the ability to use it both on PCs and on mobile devices;
• Trezor - a hardware wallet that offers maximum protection for digital assets (if the device is lost, this does not affect the funds on it); balance is restored using passwords and keys;
• Jaxx - multicurrency wallet can be used in several versions, namely desktop, mobile and browser;
• MeEtherWallet is a browser-based wallet that operates within certain hardware devices, and also has an internal exchange service;
• MetaMask is a browser extension designed for hot storage of tokens and is most often used in combination with other currency e-wallets. In the very near future, the developers of such wallets for storing cryptocurrencies are planning to support the EOS format.

There is one drawback worth paying attention to. In order to get a discount when paying a commission, you must store LEO exclusively in the Bitfinex crypto wallet, having an account there. If all the conditions are met, the investor can receive privileges and discounts on the commission.

How many LEO

The Bitfinex exchange, which owns the UNUS SED LEO cryptocurrency, has issued tokens in total about one billion. After the coins entered the auction, they climbed several times and took 13th place in terms of total capitalization, bypassing NEO (NEO), Monero (XMR) , Dash (DASH) tokens .

Emission LEO

UNUS SED LEO was created specifically to issue LEO cryptocurrency (tokens). The name suggests that the main developers focus on quality, not quantity of coins issued. UNUS SED LEO operates under the auspices of iFinex, which is registered in the British Isles.

What is provided by LEO

The new LEO token is only bearing fruit thanks to a running business represented by the largest cryptocurrency exchange. This is the only reason why LEO coins, "standing" behind a well-known company, have a chance to take the highest positions in the ratings.

UNUS SED LEO is backed by a team that, according to Bitfinex, has approximately 100 members. They are located in different parts of the world. But today no one can say for sure who is behind the development of LEO tokens.

Thanks to popular exchanges, cryptocurrency is sold, bought and exchanged. In this she is helped by resources such as:

1. The Gate.io exchange is another place where you can buy and sell LEO. It only paired with USDT. This exchange also requires a data verification check. The amount at which this process takes place is calculated using the algorithms of the system. For long-term trading, it is recommended to pass identity verification immediately at the beginning of trading
2. The Delta.exchange exchange is available for cryptocurrency trading. Verification and confirmation of data and identity is not needed here. LEO is paired with USD. This exchange resource provides a leverage ratio of 1 to 20. It is possible to withdraw or replenish funds only in Bitcoins.

Experts advise to pay attention to other resources, thanks to which you can buy or sell LEO cryptocurrency:

• C2CX;
• OKEx;
• BigONE;
• IDEX;
• DragonEX.

One of the big problems is the difficulty of going through verification.

The future of LEO

Cryptocurrency experts make forecasts for the UNUSSED LEO cryptocurrency. They consist in the fact that the currency has every chance of becoming a leader, since it has one of the best characteristics in the economic sphere among other cryptocurrencies existing today (you can read about the future of cryptocurrencies here ).

It is noteworthy that after the launch of the new LEO tokens, the coins almost doubled in price. And this is just one month.

The LEO cryptocurrency platform aims to be fully expanded and accepted by the whole world. It provides its investors and users with favorable conditions for using its assets in digital format. Experts are not sure about the full perspective of the project and have a number of doubts about the ideas that the developers and investments offer for the long term.

The functions of LEOcoin coins are quite limited, despite the fact that they have a sufficient number of advantages and differences from other cryptocurrencies. Such a flaw can limit the work of the project at the global level. Conversion, fast transactions, confidentiality, communication with your users - these factors are characteristic not only for the work of the UNUS SED LEO platform. They can also influence the further development of this cryptocurrency in a positive way.

Doubt is caused by the sphere of purchase and sale of luxury real estate in mass use, which uses the LEOcoin currency. The use of digital coins has a positive effect on the purchase of goods in stores and companies. But experts in this area find disadvantages here as well. It is worth paying attention to the fact that there are suspicions in the functions of UNUS SED LEO of signs similar to pyramids.

Considerable interest was aroused by the statement that the developers and founders of the platform are cooperating with partners from 130,000 organizations, firms and companies in which the cryptocurrency operates. This undoubtedly generated particular interest among potential investors. Quite a few inquiries have been made that have never been confirmed.

The availability of technical documentation for the LEO cryptocurrency has not been confirmed either. The developers have indicated certain advantages of it in relation to bitcoin, but there is no confirmation of this again. Developers are making good marketing moves and running large-scale campaigns.

LEO cryptocurrency problems

The cryptocurrency today has several serious problems, which experts prefer not to be silent about.

So, one of the important problems of the token is the conflict, based on numerous squabbles between Bitfinex and the United States regulators. This may well negatively affect the stability of the cryptocurrency, as well as the growth of its value. If the regulators achieve the cessation of the functioning of the crypto exchanger, then this will contribute to the collapse of the price of the token. However, experts say that this scenario has a small degree of probability. The reason to think so is the full observance of US rules by the Bitfinex exchange.

However, it must be remembered that the investigation of the Attorney General of New York continues to this day. It is possible that NYAG will provoke a confiscation of funds from Crypto Capital. This will lead to the fact that frozen assets, whose size is $ 850 million, will be attracted to buy out the LEO cryptocurrency.

Another problem should be identified - this is the vulnerability of the LEO smart contract. They were discovered by the crypto-research laboratory Cointelligence. In simple words, an investor, on whose balance there is a Bitfinex LEO ERC20 token, is able to mine new tokens, and their number is not limited. Also, the investor has the ability to delete other peoples coins. According to experts, using a special code, manipulations associated with the token become quite possible. It is not excluded even to make changes to the owners address. Such actions can be performed through code functions (for example, destroyTokens).

The Bitfinex exchange has already been exposed many times to accusations of possible mining USDT, which does not have a special backing for fiat currency. However, the vulnerability that was discovered here could radically change the situation, negatively affecting the value of the cryptocurrency, as well as the companys reputation.

Supplementing the list of LEO problems would be correct and the possibility of exchange hacking, since it should not be ruled out either.

LEO value drivers

When token sales were closed, their cost was $ 1 per coin. However, on May 21, 2019. an alcoin was released on the market, which was already offered at a cost of $ 1.05. By the end of the same month, the coins value gradually increased to $ 1.35. It is noteworthy that the market capitalization at that time was due to several tens of millions, while the LEO coin took its start starting from the 271st line in the important CoinMarketCap rating. 

In early June, OKEx announced that it was planning to list LEO. As a result of this statement, the coin rate immediately rose and amounted to $ 1.98. It is interesting that today this indicator is a historical maximum. Capitalization has already exceeded a billion dollars. Many users were surprised by the fact that the correction period did not affect market quotes in any way. What are the reasons for such fast market dynamics? There are several main reasons:

1. The high popularity of the Bitfinex exchange. Even if we take into account the presence of constant conflicts and the somewhat damaged reputation of the platform, it still continues to be the largest and most authoritative among users. This is what explains the positive attitude of customers when they issue their own electronic currency. This confirms the fact that a billion tokens were sold in just a few days.
2. The loyalty program is very attractive to users. Of course, the decrease in commissions had a positive effect on the popularity of LEO, many users appreciated such a broad gesture. This not only did not increase the interest of clients in the project, but also provided stimulation of market dynamics. The daily trading turnover is at $ 10.3 billion, which is incredible for an asset that has existed for only 30 days. In addition, the developers have warmed up the public with the emergence of new bonuses and discounts.
3. Show interest in whales. It is known that preferences at the maximum level, aimed at large investors, are able to ensure the monopolization of the market by whales. However, one cannot fail to emphasize that it is the favorable conditions for trade that attract these whales, which in the future are very actively buying the coin. Of course, this approach provides an increase in the value of the currency and, accordingly, capitalization.

All of the above factors make it clear about a variety of contradictions in the functions of UNUS SED LEO. The project has been created and developed for a long period of time, has its own user base, as well as good potential. But it is not possible to draw a conclusion about the prospects of the project, since there is competitiveness, rather doubtful, as well as the risks of pyramids.

It is worth concluding that it is necessary to invest with caution in the LEO cryptocurrency. Experts advise to carefully check documents for short-term and long-term investments; demand for the digital currency itself on the exchanges. Investments will only be profitable when there is constant control over the LEO course. It is important to spot jumps and serious breaks in the course on time.

It is noteworthy that, nevertheless, most analysts have come to a common opinion - the UNUS SED LEO cryptocurrency has not bad potential.