The Localcoinswap ICO is going strong with the website showing that they've already surpassed their softcap.
Check their website
For a long period of time, the idea of using cryptocurrency on a more local level was something that just did not happen as it was often regarded as being too complex and difficult to achieve. However, with more altcoins, along with a wider acceptance of cryptocurrency in general, there is certainly more of a call for digital currency to be used in a wider array of markets. Thanks to this, we have localcoinswap coming along with what they claim is a decentralized local market that is perfect for both buyers and sellers. The only question is whether or not they have a service that will prove to be useful on a larger scale.
What is Localcoinswap?
The localcoinswap website is a cryptocurrency exchange platform which, it states, has the intention of providing individuals with greater control over what occurs on the platform as well as their exchanges. In fact, the people behind the exchange claim that they are providing the most transparent exchange in the world, which is quite a hefty claim to make when you think about it.
This transparency is important in this instance for not only the trust but also because they are going to give 100% of the profits back to the community. Clearly this would not work if they were found guilty of hiding things, so it does force them to be as clear as possible.
Overall, they hope to create a platform that provides the perfect P2P cryptocurrency exchange experience, and considering there are so many other exchanges out there then this is yet another big ask.
The Technical Aspect of Localcoinswap
The first thing to mention is that they do provide a decentralized marketplace. They are going to incorporate escrow into their platform to help decentralize the currency exchange and to provide a greater feeling of security at the same time.
This is all helped by there being no centralized bank accounts used, there are no restrictions on the trade that is allowed on the platform, and there is also no verification process leaving it open to anybody that wishes to use it. Also, they have built their platform on Ethereum bringing with it that sense of stability and security that you clearly need to have when people are using your exchange service.
Their information also points out that they are going to hold perhaps the widest range of cryptocurrencies when compared to other exchanges out there. Often, there will be limitations on the currencies that are available so they want to undo that by opening up their platform to as many people as possible.
From a technical perspective, the exchange is done without any intermediary as it is all P2P with both parties knowing where they stand in the exchange thanks to the use of Smart Contracts. Also, this reduces the costs to the traders which is another bonus when compared to other exchanges where the fees can sometimes be on the high side. Obviously, their token is then used as the fuel and for the fees that occur for using the service which is where the value of holding then tokens will come into play.
The Advantages of Using Localcoinswap
What is apparent from the outset is that there are a number of advantages associated with using localcoinswap that could very well help you in making your decision about using this exchange in the first place.
Obviously the low fees will prove to be popular as is the way in which intermediaries are left out of the equation. Everything is obviously secure enough thanks to Ethereum and the Smart Contracts, but with each transaction placed on the blockchain, with complete transparency, then there is no way in which any fraud can occur.
The Financial Aspect and the ICO
Looking at the financial side of things, we get to see a better picture of the potential for the coin, as set out by the creators. First, there is both a soft and hard cap with the soft cap set at $500,000 and the hard cap at $20,000,000 which is a huge difference. Also, there will be a total of 100 million coins created and 70 million of them are going to be made available throughout the ICO.
Throughout the ICO, they are willing to accept a number of different currencies including BTC, ETH, fiat and XRP. You should also note that there is a minimum investment figure if you wish to take part in the ICO with this being set at 0.1 ETH.
With the ICO, there is also a set price per coin. At this moment, for 1 LCS, it is going to cost you $0.4 providing you with some insight into what they perceive to be the value of the ICO.
Overall Conclusion About Localcoinswap and the ICO
The project is seeking to resolve a number of issues that people tend to have when it comes to cryptocurrency exchanges. They will not exclude you, make it easy to register, and reduce the fees while also being willing to share 100% of the profits with the community.
By seeking to introduce a wider range of cryptocurrencies, it will also mean that people are not forced to change their altcoins into something larger and more well-known to then change it again as this is cumbersome as well as time-consuming and should clearly be avoided. Localcoinswap and the approach that they are taking will certainly result in this problem being resolved in an instant.
The one thing that stands out about the platform is that they have spent time trying to get to the bottom of the major complaints that people have regarding cryptocurrency exchanges and sought to rectify them as best they can. They are certainly not going to be perfect, but they do appear to be on the correct track. From an investment point of view, it will certainly be worth your while considering it although the potential success is going to depend on the level of trading that they will be able to achieve in a short period of time.
Check out further details on their website.
https://www.localcoinswap.com
https://www.localcoinswap.com/LocalCoinSwap_whitepaper_v1.0.pdf
Check my other ICO Reviews:
https://steemit.com/crypto/@dan90/proof-of-toss-ico-review
https://steemit.com/crypto/@dan90/sharpay-ico-review
https://steemit.com/crypto/@dan90/world-wifi-ico-review-wifi-on-the-blockchain