Leios: Remittance Reimagined.
-Hello Soheeb! Can you introduce yourself and tell us your position within Leios before we start?
Hello. I am Soheeb Aziz, cofounder and COO of Leios International, Inc., which is the company behind Leios, an upcoming enterprise blockchain-based remittance system.
–What is Leios for someone who has never heard about it?
Leios is a full system that is culminating much of the recent advancements in blockchain technology into a fund transfer application for existing remittance services. The goal of Leios is to create an effective, accessible, and legally compliant system which can be used by businesses and companies for remittances from the United States to its top receiving locations, which currently are Mexico, China, India, the Philippines, and Vietnam. The system can be used by anyone through an intuitive app. This summary was written specifically to give an overview of how the entire system works.
-Why should a company switch from their current methods of remittance to the ones offered by Leios?
Leios provides a comprehensive solution to the point in which a remittance company that does not have existing corridors in the locations that we provide will still have the means to carry out full transactions in these new regions. Even for companies that have existing corridors in these regions, the Leios alternative provides compelling cost and convenience incentivizes to either switch or at least supplement their current ways. Using a blockchain back-end allows Leios transactions to be much cheaper than many competitors, including those who already have large cost-reduction advantages in the game, such as Western Union, PayPal’s Xoom, MoneyGram, Ria, and others. We also ensure that the entire process can begin and end in different fiat currencies, all from within our mobile app, which is something that not all remittance companies can offer and has not yet been realized by blockchain technology.
What is Leios doing differently than other crypto-remittance projects such as Bitspark or TransferB?
Leios focuses on helping companies interested in U.S remittance to switch to the blockchain. We believe this to be much more practical than trying to garner a user base from scratch, and trying to tackle the tough regulatory and licensing barriers which take years to clear. This will allow Leios to be practically applicable in the largest remittance markets via a much shorter time frame. From the technical end, we focused on matching the remittance experience to that which customers already know, including the act of ensuring that all transactions and balances cannot be traced via a public ledger while including internal accounting functionality for the hosting company.
– What stage of development is the Leios application currently in?
You can currently interact with our prototype on the Leios desktop website. Our goal is to release the Leios alpha application prior to our public token sale, demonstrating its transfer ability and blockchain integrations by late January. We also wish to begin early testing with various stablecoins and exchanges around this time as well, to ensure that the app we build has the compatibility to interlink these exchanges and blockchains in which we are designing our system around.
– Is remittance the only use case of Leios?
Remittance is the first and foremost use-case for the Leios system, and is the one in which our current revenue model is based. However, it is far from the only use case. We also believe that this same system can facilitate payroll, especially to international employees, in the same seamless manner. This option would give companies the ability to pay international employees in their individual local currencies, quickly via an automated system with enabled accounting and tax functionality. There are other use-cases which we are building towards, as well. These include building a privacy layer into the transactions of any blockchain assets which are added to the Leios system (ex: Bitcoin, Ethereum, etc.) and simplifying any cryptocurrency transaction via a familiar user interface. Furthermore, there are other use-cases which we are still exploring.
– What is Leios currently focusing on right now?
As our participation in this interview proves, Leios is moving into our first major marketing phase. We have recently hired a new marketing manager and we’re in the process of hiring an external marketing company to lead the campaign. We are actively inside of our seed round fundraising phase, looking to sell $250,000 worth of LEIOS tokens in order to further fund the development of our application and blockchain prior to the February ICO. This seed funding will also cover legal, marketing, contractor and other expenses.
– For those interested in purchasing Leios tokens, what use case do they have?
The LEIOS tokens being issued are an essential part of the Leios system. To quickly summarize, LEIOS token holders will stake their tokens as a means of transfer, a method to provide privacy, and a way to swap between different blockchain assets. They will provide liquidity for atomic swaps of stablecoins within the system, on both ends of the transaction. The stakers will be paid a fee for their participation: A quarter-percent (0.25%) of all remittance transaction will go to LEIOS stakers. We recently summarized everything about the token in this article.
– For any readers who want to learn more about Leios or partake in the token sale, how can they do it?
Our website is always the best place to start, followed by our blog, through which we try to summarize many aspects of the company and our project in the clearest terms possible. Our technical paper is available for a more in-depth review of our plan, and those interested in the seed round can check out our seed round document, which explains everything that one needs to know in order to participate. Anyone reading can also feel free to contact me directly at Soheeb@leios.io.