This will be a comprehensive overview of the most important things to note about Leofinance and the LeoFinance ecosystem.
Leofinance is a decentralized publishing platform built on top of the hive ecosystem. It allows writers and readers to come together under one platform to share content and earn rewards while doing so.
Let's have a look at what we'd be looking at in this article:
What is LeoFinance?
Who created LeoFinance?
Why is it based on Hive?
How do you earn LEO tokens?
What is the LEO token?
Where can you store LEO?
Where can you buy LEO?
What is LeoFinance?
LeoFinance as earlier stated is a decentralised publishing platform built on the Hive blockchain. it allows users to reward writers in LEO tokens, and these writers also earn HIVE tokens for their efforts. it's like a layer on top of Hive that allows users to earn even more rewards and build the ecosystem gradually.
Who created LeoFinance?
LeoFinance was created by Khaleel Khazi, a rather prolific startup builder who has been responsible for a few startups to this point, LeoFinance being his latest creation. He is very much public and can be found here on Linkedin.
Why is LeoFinance based on Hive?
For those who don't know, Hive is a decentralised and censorship resistant publishing platform that focuses on incentivising the production of quality content by allowing readers to curate rewards. It has its own blockchain called the hive blockchain, and that is where leoFinance takes its foundation.
LeoFinance is built on Hive because it is censorship resistant and very customizable to fit the needs of the creators. There are also zero fees for transactions, and transactions are lightning fast. In addition, the platform follows in the beliefs of LeoFinance, so it doesn't make much sense to build your own blockchain from scratch when you can just build on one that's already established.
How do you earn LEO tokens?
LEO tokens are earned through either of two processes:
Writing
Curating content
When you write an article (like this one), readers can upvote or downvote your content based on how they feel about it. on LeoFinance, the magnitude of that upvote or downvote depends on how much LEO the curator has staked in LP.
When you have your content curated and you see an earned amount, not all of the earned amount comes to you. Only 50% of it is yours, and the other 50% belongs to the person who voted for the post. That way, you both earn on your content. This keeps readers active and on the lookout for great content, and keeps writers on their toes to keep producing great content.
What is the LEO token?
The LEO token is the native token of the LeoFinance ecosystem and serves as a means of payment, as well as a representation of voting power. LEO is available on the Binance smart chain as bLEO, as well as on the Hive blockchain as just regular LEO. We also have LEO on the Ethereum blockchain as wrapped LEO.
Where can you store LEO?
LEO can be stored in decentralized wallets like hive Keychain. Alternatively, it can be converted to bLEO and saved on any BSC supporting wallet. It can also be converted to Wrapped LEO and stored on any Ethereum blockchain wallet like Metamask.
Where can you buy LEO?
LEO can't currently be bought with fiat, but you can pick up some BNB with fiat from Binance or any other source. You can then use this bNB to buy some LEO on the CubFinance exchange. bLEO is basically LEO for the Binance Smart Chain.
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