What is LeaCoin (LEA) Crypto Beginner’s Guide
LeaCoin is a platform that supports a global cryptocurrency that is completely decentralized and doesn’t depend on a central authority in order to exist and run. The platform enables instant and secure payments to anyone anywhere in the world through its digital coin, the LeaCoin (LEA). LEA is based on Bitcoin but aims to differ from Bitcoin in several ways, including offering faster transactions times (with two-minute confirmations). The average block target is just thirty seconds.
LeaCoin was developed “straight from the heart”; the cryptocurrency was created in honor of the developer’s youngest daughter. The project emerged from his personal efforts to master basic skill and knowledge of cryptocurrency and additional programming. By studying mining pools and other equipment that’s needed in order to mine digital tokens and sustain them, he felt confident to be able to create his own.
Lea was born; LeaCoin was, too. On March 30, 2015, LeaCoin was officially and successfully launched. The LeaCoin network is currently on track to produce 2 billion coins, with the first billion planned for the first five years of the coin’s existence, and the second billion during the next forty-five years. On top of being established in honor of his daughter, the developer of LeaCoin has a goal to donate the 10 million LEA that were created during the pre-mine of the cryptocurrency, to needy children all around the world.
Features of LeaCoin
LeaCoin is a PoW-based currency that utilizes the SHA256 algorithm. Proof of Work is a consensus algorithm that is used to confirm transactions that are conducted, and to produce new blocks to the chain. PoW is what enables users to mine cryptocurrency, so LeaCoin requires the active participation of its users in order to function and keep up with the production of its cryptocurrency.
The SHA256 algorithm is a cryptographic hash that generates 256-bit signatures for text. SHA256 is a standard algorithm for many cryptocurrencies, and is a classic technology that LeaCoin utilizes.
The LeaCoin Token (LEA)
The LeaCoin platform supports its own form of cryptocurrency, the LeaCoin token (LEA). LEA is available on several cryptocurrency exchanges, such as coinmarketcap.com, Yobit Exchange, and Cryptopia. The production of LEA has a hard cap set at 2 billion, with the first billion produced during the first five years of the coin’s existence, and the rest produced over the next forty-five years.
As a decentralized, traditional crypto coin, LeaCoin is a successful cryptocurrency that honors a sweet daughter. It was a great gift from a father to one of his kids and aims to not only benefit needy children around the world from its pre-mine, but also tries to be an example of what cryptocurrency can do and mean. Its creator proclaimed on LeaCoin’s website, “I know there are many fathers in this world who feel the same about their daughters, fathers who would do anything to make their little darlings smile, to protect them from harm and do all they can to make their lives a fairytale. I take this opportunity to greet them all and wish them much success!”