What do the ten horns or ten crowns represent in this prophecy?
The ten horns or crowns symbolize ten distinct nations and their ten leaders—prime ministers or equivalent rulers—while the seven heads are seven distinct heads of state. Some of these ten nations are likely too small and weak to possess their own separate head of state.
Les explains that horns in prophecy stand for kings or emperors, using Daniel’s Medes and Persians ram with two horns as an illustration: those horns were individual kings. In this prophecy, the empire has seven heads and ten horns, meaning seven distinct heads of state but ten crowns—ten distinct nations. Three of those nations will probably not be large or powerful enough to have their own head of state, yet from the ten nations come ten distinct leaders, prime ministers, or whatever they might be called. Les also notes this empire is a Satanic consortium headed by Satan, not God, and though outwardly it may not appear intrinsically evil, inwardly it is corrupt to the core.