From the very beginning of cheques, wire transfer and other forms, now comes the cryptocurrency. For the record, the market of the total digital transactions in general got going in the mid-1990s, according to the Bank for International Settlements, it is since the start of this decade that specialist online peer-to-peer (P2P) operators have been offering consumers a competitive rate of exchange for their money transfers. The remittances market alone is estimated by the World Bank to be worth almost $600bn. And when the crypto wave came, together with the growth of the cryptocurrency trading market, many exchanges are introduced to satisfy the P2P transactions demand. Yet soon enough, with news like hacks in MTGOX or Coincheck OR things like vulnerability in Binance API,etc has threatened the community. And all leads to the ultimate solution, as well as the right application of the blockchain technology itself: decentralization. Decentralized exchanges have surfaced as the future of the cryptocurrency market with its superior efficiencies.
Among that, the LocalCoinSwap is the one that offers the best services I've seen.
A general look at the LocalCoinSwap:
LocalCoinSwap (LCS) is a decentralized marketplace built on the Ethereum Blockchain which aims to ultimately connect supply and demand in P2P exchange specifically in every cryptocurrency using a wide range of payment currencies and methods as much as possible. And what’s even more? The profits are totally distributed back to LCS token holders.
Problems that the platform aims to solve:
The absolute decentralization (of profits and power, to the community): It's ridiculous that in the cryptocurrency world with the foundation of decentralization, we need to access to it via centralized exchanges, where some central party govern everything from regulations to the profits that the community generate. Moreover, exchanges don’t give you the private keys of your funds. Instead, they just credit appropriate crypto numbers against your order, meaning that you don't actually in control of your funds on centralized exchanges
- Security: centralized exchanges are susceptible to malicious attacks and hacks because of their centralized counterparts. There have been a number of high-profile hacks on major centralized crypto exchange platforms that show just how susceptible they are to digital attacks.
- Transparency: centralized exchanges are operating with the providers' computer network system, whose codes are a secret. Nobody has access to them but the site company itself, so it can do whatever it wants without being caught as manipulation since there is no firm evidence to accuse.
- Platform performances: there are many point breaks in the currently existing centralized computer network used to run platform server which could perform poorly with evidence like long wait for page loading or funds withdrawal.
- Anonymity: many exchanges require unreasonable KYC compliance and identity document submission that one has to do while using such centralized services. , from which your personal information can be leaked due to the weakness of security mentioned above
- Accessibility and Availability: most exchanges have just a few number of cryptocurrencies, payment choices of units and methods, which decreases the accessibility and availability of the project to people around the world. Besides, users waste an amount of the funds for unnecessary transactions fees when they need to change their inferior cryptocurrencies to superior types like Ethereum and Bitcoins before purchasing their intended cryptocurrencies.
The LoalCoinSwap platform feature to not only solve those problems….
The absolute decentralization: LocalCoinSwap is the only marketplace which distributes 100% of its profits back to its holders community of Cryptoshares on a 1-to-1 basis, through a blockchain-based decentralized dividend application, and allows the community to vote democratically to drive the company with the Cryptoshare voting system. It is a community-focused, and community-owned marketplace.
- Security: Besides the fact that every decentralized exchange has no single point of entry, just like a blockchain and as such, a hacker will need to compromise more than half of the network to be able to commandeer the system, they also have a wide selections of offered 2FA including email, mobile phone, Google Authenticator & PGP. Moreover, The LocalCoinSwap is armed up beyond that with features like Multi-signature transaction options available for supported currencies and on a site-wide level, 95% of site funds kept in offline cold-storage wallets from which all outgoing transactions are manually authorised by their 24/7 support staff after verifying the integrity of the transaction. In addition to that, scenario-tested escrow system and global support team creates trustless trades between users.
- Transparency: This project is also financially transparent with regular public announcements detailing exact revenue and expenses, all wages, and all forms of income. All contract code used by LocalCoinSwap is open source and publicly viewable on their GitHub.
- Platform performances: just like other blockchain-backed projects, The LocalCoinSwap offer a smooth exchange experience thanks to the computational infrastructure from the Ethereum network.
- Anonymity: In the LocalCoinSwap platform, there is no discrimination, no verification required, no centralized bank accounts and no restrictions on trade, only instant signup.
- Accessibility and Availability: LocalCoinSwap will open with a minimum of the 10 most traded cryptocurrencies, expanding continuously to integrate more. One of the use of funds raised in the crowdsale is allocated to increase the selection of currencies supported at launch. To further the site accessibility and availability, LocalCoinSwap supports the most diverse range of currencies and payment methods out of any peer-to-peer exchange in existence.
...but also offer more than that:
- Free airdrops when localcoinswap will add a new token: When new ICO’s are listed on the platform, all LocalCoinSwap Cryptoshare holders receive a small amount of that token in return for each Cryptoshare they own
- Support new business ideas, especially blockchain projects with a venture fund
- Social media experience: several social media aspects are integrated into the site such as trending coins, interactive charts & graphs, achievement badges, custom profile pictures, and a fully integrated forum, to make the platform enjoyable for the user, which would expand the use of the LocalCoinSwap marketplace and increase the project valuation.
Team and advisors
According to their website, their team consists of 8 members together with a 10-member advisory board. Considerably, 2 of their team are Daniel Worsley - Chief Operating Office, and Thomas Underwood - Chief Financial Officer have passed the ICO KYC report on ICObench, which is a trustworthy ICO rating site rated by experts in the field.
Token Info:
Token symbol: LCS
Price: 1 LCS = 0.0004 ETH ( 1 ETH = 2500 LCS )
Total supply: 100,000,000
Available through pre-ICO/presale/ICO: 70,000,000
Token freeze: 20,000,000
Token burn: All unsold tokens will be burned.
Payment currencies: ETH, BTC, USDT, BCH, XRP, USD,EUR, GBP, AUD, NZD,CAD & more
Soft cap: 500,000 USD
Absolute hard cap: 20,000,000 USD(remaining tokens destroyed)
Token allocation:
- 100,000,000: The total supply of Cryptoshares which are minted in advance of presale. The contract for the Cryptoshare locks this limit as unchangeable so no more Cryptoshares can ever be created. This limit was chosen to give higher possible future values to individual Cryptoshares. This contract is open source and publically available on the LocalCoinSwap Github repository.
- 70,000,000: The maximum issuance of the Cryptoshares through the pre-ICO, presale and ICO period.
At the end of the crowdsale period all unsold Cryptoshares from this portion of the issuance are destroyed to increase the value of remaining Cryptoshares. - 10,000,000: Reserved for special community venture fund. These Cryptoshares and associated dividends are frozen for 1 year. After the end of the freeze LCS Cryptoshare holders may vote on the use of these funds and dividends for the purposes of developing the company. Staff members are ineligible from voting on the use of these funds. This fund provides an incentive for holders of Cryptoshares to participate in the community aspect of the platform.
- 10,000,000: Reserved for equal share between the core development team. These Cryptoshares are frozen for 1 year to incentivise staff to grow their value.
- 5,000,000: Allocated to security reward program. This will increase the security of the platform by incentivizing malicious actors to report any exploits found rather than taking advantage of them.
- 5,000,000: It is reserved for the bounty program. This program will assist with the promotion and marketing of the platform users. These bounties will be paid out for services such as translation, content creation and brand development.
Use of funds:
- PLATFORM DEVELOPMENT
Used for further development and expansion of the platform. This will enhance the scalability and the number of features which will be offered on initial launch. - SECURITY
Allocated to increase the security of the platform. LocalCoinSwap offers trading in a large variety of digital assets. To protect against all possible threats. A large allocation of revenue from the local security provider LocalCoinSwap is a safe platform on which to trade. - BUSINESS DEVELOPMENT & MARKETING
For business development, marketing & advertising. LocalCoinSwap will implement broad marketing & advertising strategies to increase the user base of the platform upon launch. These strategies are refined and focused campaigns based on data and analytics gathered during the Cryptoshare issuance. - COIN ADDITION
Allocated exclusively for the addition of new coins. LocalCoinSwap aims to provide the maximum diversity of trading options upon launch and will hire dedicated staff solely to investigate and implement new cryptocurrencies. - ADMINISTRATION
Allocated for administration costs incurred during the final development of the platform.
Links:
. Website: https://www.localcoinswap.com
. Whitepaper: https://www.localcoinswap.com/LocalCoinSwap_whitepaper_v1.0.pdf
. Telegram link: https://t.me/localcoinswap
. Reddit link: https://www.reddit.com/r/Localcoinswap/
. Twitter profile: https://twitter.com/Localcoinswap_
. Facebook page: https://www.facebook.com/localcoinswap/
. Linkedin company link: https://www.linkedin.com/company/11448963/
Citations:
https://www.ft.com/content/c1cbe5cc-bfcb-11e7-823b-ed31693349d3
