The problem
Although Blockchain is a young technology and cryptocurrencies appeared not so long ago, they have performed a real financial revolution lately. Fiat banking system has reacted to digital currencies in pretty a hostile manner which is expressed by various regulatory procedures of verification.
However, more and more people are adopting cryptocurrencies every other day because there are tremendous investment opportunities in this sphere. Numerous cryptocurrency exchanges exist on the market today, but most of them require potential users to expose their personal data in order to start an account. Some exchanges do not ask to pass a KYC procedure before registration, but as soon as you registered and made a deposit it turns out that you cannot withdraw your coins without KYC passed. These are the major problems of centralized exchanges.
Nowadays there exist some peer-to-peer (P2P) exchanges, but they do not allow to trade more than one cryptocurrency for fiat money simultaneously. It means that a user will anyway need to access a centralized exchange to get some cryptocurrency of top market capitalization first. And of course a user will pay transaction and withdrawal fees for every operation.
To sum up, I can say that the main problem of current situation on cryptocurrency market is that it lacks anonymity and transparency. It may sound like a nonsense, because Blockchain technology itself is about decentralization and staying anonymous. But if we take another look at it, it turns out that the market is controlled by major centralized exchanges which take full control of cryptocurrency rates. If they can control the rates, then they can control our profits. Also, some exchanges that require KYC are not registered as legal entities. This may end up in personal data exposure may lead to identity theft and fraud.
The solution
LocalCoinSwap is a decentralized marketplace which is a solution to existing problems of market centralization and control over the digital assets movement. P2P trade makes it possible to change assets without any involvement of mainstream institutions (centralized marketplaces). Peer-to-peer trading model can help user return the market back into their hands. Also, LocalCoinSwap will allow traders use any payment method and trade any coin directly and without any intermediaries.
LocalCoinSwap is a unique economical solution, because any person who gets some LCS tokens becomes a co-owner of the platform itself. Revolutionary decision, isn’t it? This is how the world’s first Cryptoshare system works. Economic model of LocalCoinSwap platform is very much alike a traditional join-stock company. The core difference is that this marketplace is powered by blockchain which provide a higher level of liquidity, safety and decentralization. LocalCoinSwap ownership and dividend structure is hosted on Blockchain, which makes all the payments and transactions fast and publicly auditable.
Let’s take a closer look at what a Cryptoshare is. An LCS Cryptoshare is a digital asset owned by a trader. It is expressed in percent and is corresponding to the share (of the entire marketplace) a trader owns. All the future profits of a user will be paid out in the same cryptocurrencies they bought the shares with. The amount of dividends will be calculated according to the size of the LCS Cryptoshare. In addition, every user as a shareholder will have voting rights in the platform’s decision making process (in any sphere of economic activity). The strength of a user’s vote will be calculated according to his Cryptoshare size.
Every user of LocalCoinSwap platform will have their own dashboard where assets could be managed. At the dashboard a user will see all the details of dividend distribution (dates or amounts). Also the amount of a user’s voting tokens could be found there. All the profits are distributed at the end of each financial period. Smart contract automatically burn all the redeemed assets (either dividend or voting tokens) in order to avoid voting manipulations or claiming extra assets.
Actually, the very first community vote took place in early April this year. It was suggested to change the price per LCS token from 0,0004 Eth to 0,4 Usd. With minor priority the community voted in favour of changing of the token price. This change was implemented shortly after the voices had been calculated. Voting system is an example of pure democracy and equality. If a country is ruled by its people, its economical and political situation will be favourable. The team expect the same thing to happen with LocalCoinSwap platform.
All the source code governing Cryptochares had been released and available at Github before the Cryptoshare crowdfunding started. Such a business model shows the developers’ level of trust to their community members.
Another feature of LocalCoinSwap is that the platform offers a crowdfunding service for new ICO tokens. It means that any ICO can be launched on the platform. It can be divided in some stages like presale, pre-ICO or crowdsale for example. Different stages can offer different bonuses. In general, the platform is highly customizable. The only requirement for new ICO tokens is to provide some discounts or bonuses for Cryptochare holders. Also, all the Cryptochare owners are granted to receive some airdrop tokens from every new ICO listed on LocalCoinSwap platform.
The Platform
Having started in August 2017, the development of LocalCoinSwap platform is planned for initial release in August 2018. This platform is symbiosis of the best features of existing platforms and innovative approach to organization of a marketplace.
For platform’s developers the security of users and their personal data is the priority. All the source code gets double- or even triple-checked before release. This is how team members try to keep their future community members from any technical vulnerability and fraud of any type.
User-friendly interface is the next priority for the team members.All the features of the platform are easy to find and use. The interface is pretty simple in order to make user experience smooth and pleasant. Massive, complicated and extremely colorful web-pages stayed in our past. An at present content quality is of top importance for users.
KYC procedure is not required for all the users. There will be no further restrictions for any user.
Also, the developers have integrated several social media elements in LocalCoinSwap in order to let the community stay in touch with each other within one platform.
Coins.
Every user will be able to change any coin to another one with no need to change them into top coins on the market (i mean Bitcoin, Ethereum, Litecoin and so on). It will significally decrease the amount of transaction fees and save users’ money and time.
LocalCoinSwap team are constantly working on the project trying to implement as many coins as possible before the initial launch. The original six choices were Ethereum, Bitcoin, Litecoin, Dash, Bitcoin Cash and Ethereum Classic. Now 11 more coins are added to this list, such as: Monero, Ripple, EOS, Tronix, Tether, VeChain, Binance, Power Legder, Decision Token, Golem, Walton. All together there are 17 coins available to trade with on LocalCoinSwap. Team members are doing their best in order to expand this list by the end of summer 2018.
The Team.
LocalCoinSwap was founded by a group of experts in the sphere of cryptocurrency and blockchain. While buying and selling their crypto assets, team members were frustrated by being not able to operate their coins easy and fast within one place. New exchanges and marketplaces were appearing on the market, but none of them was able to correspond all the needs of an advanced trader. This is how the idea to develop such a marketplace appeared. Also, as I have mentioned above, the requirement to expose personal data was becoming more and more common among existing exchanges. The cases of identity theft started appearing very often. All these circumstances have helped the team to decide what features the would NOT like to see on their future platform. This is how the concept of the platform was created.
LocalCoinSwap is the unique solution on the market. It is developed by crypto enthusiasts and for crypto enthusiasts.
Core team is represented by:
Aapeli Vuorinen — Lead Security Engineer — Bachelor of Mathematics (Major in Pure Maths);
Nathan Worsley — Chief Technical Officer — Bachelor of Economics (Major in Econometrics);
Thomas Underwood — Chief Financial Officer — Bachelor of Commerce (Major in Accounting and Finance);
Valéri Natanelov — Chief Marketing Officer — PhD, Commodity Futures Markets;
Taylor Scheel — Blockchain Developer — Bachelor of Science;
Kevin Sparks — Lead Developer — Developer degree in Computer Science
Also, the team are supported by a board of advisors which help them to develop the platform in the most efficient way.
The team have strong believe that LocalCoinSwap marketplace will bring back decentralization, anonymity and liquidity to the world of cryptocurrency.
For more information you can visit LocalCoinSwap official website: http://www.localcoinswap.com/
And read the team’s informative whitepaper, in which all the aspects of the cryptoshare crowdfunding are described: https://www.localcoinswap.com/LocalCoinSwap_whitepaper_v1.0.pdf
To become the fast-growing community you may join:
Telegram group: http://t.me/localcoinswap/
Twitter: https://twitter.com/localcoinswap_?lang=en/
Facebook: https://www.facebook.com/localcoinswap/
Linkedin: https://www.linkedin.com/company/localcoinswap/
Reddit: https://www.reddit.com/r/LocalCoinSwap/
Steemit: https://steemit.com/@localcoinswap/
Medium: https://medium.com/localcoinswap
Bitcointalk ANN Thread: https://bitcointalk.org/index.php?topic=2916403.0
Also, there is bounty campaign with generous rewards available at Bitcointalk: https://bitcointalk.org/index.php?topic=3009721.0
My Bitcointalk profile link: https://bitcointalk.org/index.php?action=profile;u=1433110