Everyone who has ever thought of buying some Ethereum fo example for several long-term prospects for himself has faced the problem of converting fiat money into crypto currency. You can search hundreds of exchanges for search queries. But there is virtually no reliable quality assurance for each of them. Thousands of scammers daily try to deceive a huge number of people, offering conversion at the most profitable rate.

At popular exchange points, the rate is very high, and the reason lies only in the fact that the seller wants to earn more, but also in paying additional commissions during the transactions. The percentage of the amount goes to pay for transactions, guarantor and a number of other organizational fees. A well-known fact: the more you exchange, the more profitable for you will be the course. Unfortunately, many of the centralized exchanges do not have trading pairs with fiat money, and when withdrawing dollars or euros to a card or to another payment system, a large trade commission is withdrawn.

The task that many participants of the crypto-currency market try to solve is to make the most transparent exchange system, which will become universal for the majority of users and will replace the existing exchange points.

It is important to make an equitable use of the ecosystem. This is possible in implementing a peer-to-peer trading system, known as P2P. But, it is important to ensure the security of the transactions conducted, for this purpose a conditional deposit is realized on the platform, thereby increasing confidence. LocalCoinSwap develops such a system.

Such an ecosystem is aimed at excluding monopolists from this market segment. Anyone can become a member of the platform. There are no overstated barriers to entries and there is no need to confine oneself to one or two verified sellers with whom it is safe to deal, but with overpaying due to overcharge course. There is healthy competition. Without intermediaries, sellers need to set a competitive price for the currency in order to attract the user to the exchange.

Let's consider the advantages for each side separately:

If you are a buyer

• You don't need to pass multi-stage authentication
• KYC is not provided. Now you don't need to send your personal data to the mail of unknown people and hope that your passport will not fall into the hands of scammers
• It is possible to buy crypto currency using any national currency. There is no need to limit only USD and EUR.

If you are an investor

In fact, you can do everything the same as every user of the ecosystem, but with additional bonuses:

• keeping on the balance the internal currency of the project, you receive dividends. It's like a deposit in a bank. Only here there is no fixed payment, in advance you can't know how much you can get for storage. It will be calculated based on the total profit of the ecosystem, and then divided proportionally to the amount of available tokens.
• the more your stock of crypto currency, the stronger your voice in making decisions within the ecosystem. Yes, you did not misunderstand, the decentralized platform allows to investors to change the rules of the game, make adjustments to the work and influence the adoption of a decision.

If you exchange a crypto currency

• You don't need to earn a reputation and compete with the major players of the market, the guarantee of cleanliness and security is assumed by the platform itself. The transaction occurs through the freezing of assets during the exchange.
• Fast registration and instant start of exchanges.
• A huge selection of ways to exchange, various services and wallets.

The main advantage of the platform can be called the opportunity to try on each of the three roles. There is no need to register each time in a new office in order to change the type of activity. In 2018, LCS already plans to provide a fully-fledged work product that will be able to make exchanges without any problems. The date of this event is scheduled for August. In June, we will be able to test the beta version and help the team find weaknesses and bugs.

The LocalCoinSwap team plans to create a project that can replace most existing services, become competitive in the crypto currency market. To do this, they need to follow a specific goal and solve the main problems of this market segment, namely:

• The number of currency pairs should be quite large, in the existing version of the product there are about 10 tokens. A decent choice will attract as many interested users as possible on the platform
• There should be a variety of ways to enter and withdraw funds to the platform, and they must be adapted to different national currencies.
• Ensuring a high level of security, the storage of currency should be carried out with the help of cold wallets, in order to prevent fraud and theft.
• restriction of monopolists, provision of peer-to-peer trade with the possibility of free choice of the opponent.
• minimization of the input of personal information, passport data or driver's license, which will protect against getting information to third parties
• attracting investors to the platform through a system of incentives and delegation of part of the total profit of the ecosystem
• simple and conceptual mechanism of ecosystem functioning
  

At the moment, the project team has already collected 55% of the amount they have planned. With tremendous experience and a clear goal, developers are moving towards the realization of their product and attracting a large audience.

LET'S WISH THE GOOD LUCK TO TEAM OF DEVELOPMENT!

More information can be found on the official sources of the project:

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Author: zokilnmet