LocalCoinSwap: The Community-Owned Decentralized Crypto Marketplace

Financial ecosystem has been revolutionized by the cryptocurrencies and digital assets, the market capitalizations of all digital currencies grew by 3171% to 700 billion in 2017 alone. The market of cryptocurrency is fast approaching a 1 trillion ($1,000,000,000,000) USD market cap, with a total capitalization that has peaked over 700 billion ($700,000,000,000) USD. This growth has been exponential in nature, and this trend is expected to continue, as cryptocurrency adoption becomes increasingly mainstream. The increases in market capitalization are also reflected in trading volume across major exchanges. In 2017 the average 24 hour trading volume across the entire market was 120 million ($120,000,000) USD. In early 2018 the average 24 trading volume was already approaching 50 billion ($50,000,000,000) USD, the same as the New York Stock Exchange.

The banking system troubled with fiction to the growth of cryptocurrency economy, their aggressive regulatory environments and conservative institutions have closed the accounts of traders and exchanges as a whole, spread controversy in the media, and forced the implementation of tedious verification procedures due to which the privacy of the community have been transgressed. Huge economic and investment opportunities has been created with the rise of cryptocurrencies, but due to different problems many people remain on the sidelines and opening up trading accounts can be an especially difficult task for users on exchanges.

LocalCoinSwap is a decentralized marketplace allowing its buyers and sellers to trade directly through any method of payment and directly in any cryptocurrency. Its users are allowed to exchange freely without unnecessary verification requirements or waiting times and provide a safe, uncomplicated and fast peer-to-peer (P2P) trading platform which utilizes a secure escrow system to solve the inherent trust issues happen on online P2P trading.

The development of a robust P2P exchange which supports a diverse choice of cryptocurrencies is the basis on which the future of the digital currency ecosystem relies. Offered by LCS Cryptoshares, the innovative distributed ownership model will bridge this gap in the market, while delivering the profits of the platform back into the hands of its users. And LocalCoinSwap will act as a catalyst for expansion of the cryptocurrency market by eradication of all barriers and enabling the entry to new users in the market.

LocalCoinSwap provide solutions to the problems and represents a return to the most fundamental system of asset exchange without reliance on mainstream institution. LocalCoinSwap allows its users to trade directly in any cryptocurrency with the use of any method of payment in any geographical location and by enabling the P2P trading of all digital currencies. It will close the gap in cryptocurrency market which creates an unserviced demand by tokenizing ownership of the exchange itself into the hands of its users through the world-first Cryptoshare system and also by offering a P2P exchange for all cryptocurrencies. The system utilizes the blockchain technology which will replace the traditional company ownership through shares in decentralized and more secured manner.

It will issue Cryptoshares which entitle holders to regular redeemable dividend tokens, not like a traditional financial organization the ownership and dividend structure of LocalCoinSwap is hosted entirely on the Blockchain, providing an unforgeable ledger of the company’s financial performance which will be publicly auditable. LCS Cryptoshares will provide an opportunity to all traders on the exchange to take ownership in the platform they are trading on. With the initial launch planned by August 2018, it is the first ever implementation of an exchange where the profits are distributed entirely through a smart contract Cryptoshare system.

LCS Cryptoshares unlike the traditional ICO tokens will entitle the holders to guaranteed rights to 100% of the total profits through the cryptocurrencies dividends from the LocalCoinSwap exchanges. Investors will be allowed to receive a regular stream of portfolio income and the profits of cryptocurrencies are paid in the same cryptocurrencies to the shareholders in which they have made the transaction. Holders of the LCS Cryptoshares will also be allowed to have voting rights in the platform’s decision making process such as the listing of new tokens on the exchange, design considerations or functionalities for the platform and the direction of new business ventures. By investing on this platform users will become an integral part of the future exchange, the cryptoshares in LocalCoinSwap are acting more than just a stream of dividends which will be more beneficial for its users.

At the end of each fiscal period the profits from the exchange are calculated. The total supply of LCS Cryptoshares will be same as the issuance of dividends and voting tokens and will be issued to its holders on a 1-to-1 ratio. The initial launch of LocalCoinSwap aims for a minimum of the leading 10 cryptocurrencies. Later on platform will add new cryptocurrencies at a constant rate in order to encompass the majority of the cryptocurrency market. The users of LCS Cryptoshares will be entitled to a vote by using their voting tokens, in the listing priority of new currencies through a direct democracy contract. It will also provide its users to get airdrop in listing of new ICO tokens in the same proportion of the new token in advance.

With the decentralization of ownership, cryptoshare owners will be having complete ownership of their respective share of profits are entitled to provide input in all facets of site development and new business ventures. It will also provide a transparent and open exchange to its shareholders and blockchain-based overview of all cryptocurrency revenues generated and to be distributed among the shareholders.

LocalCoinSwap will issue all its digital assets under ERC20 compliant and will include other mainstream standards wherever possible. With this LocalCoinSwap derived assets will be enabled to be accessible across a wide variety of secondary exchanges, and be transacted by as many Ethereum wallet programs as possible. To conform to industry standards all reasonable efforts will be undertaken in smart contract which will include independent auditing to increase security if necessary. With extensive whitebox and black-box testing of all individual units on private testnet before public deployment for contract development process will be modified where technically possible and all code additions are independently reviewed by all technical members of the development team as the security of financial systems is critical to the company.

ICO:

Token Code: LCS

Price will be 0.40 USD

Maximum total supply of LCS: 100,000,000

Total availability through pre-ICO, pre-sale and ICO: 70,000,000

Token freeze: 20,000,000

Payment currencies: Eth, BTC, USDT, BCH, XRP, USD, EUR, GBP, AUD, NZD, CAD and more

Soft Cap: 500,000 USD

Hard Cap: 20,000,000 USD

Bonus structure: Community based

Transparency: Open source (public Github)

All the remaining tokens will be destroyed.

Allocation of Cryptoshares:

70% allocation will be made to the investors through the entire crowdsale, 10% will be allocated to a community venture fund and its use will be voted on by investors, 10% will be allocated to the development team (it will be frozen by contract for one year), 5% allocation given to the bounty program for community engagement and remaining 5% allocated to reward program for users who increase security of the platform.

Bonus Structure:

Bonus allocation of 40% will run during the presale period. The presale will be closed immediately if 10,000,000 Cryptoshares are distributed. During the crowdsale period funding milestones have been set at each $5,000,000 increment. As each increment is reached all existing purchasers of the crowdsale event receive an additional 5% airdrop of Cryptoshares to be distributed once the crowdsale closes. These airdrops are also distributed to presale purchasers, but not to Cryptoshares held by the development team, security/bounty fund & new venture fund.

· On reaching of $5,000,000 funding, all the existing Cryptoshare crowdsale investors will receive 5% additional Cryptoshares.

· On reaching of $10,000,000 funding, all the existing Cryptoshare crowdsale investors will receive 5% additional Cryptoshares.

· On reaching of $15,000,000 funding, all the existing Cryptoshare crowdsale investors receive 5% additional Cryptoshares.

· On reaching of $20,000,000 of funding, all the existing Cryptoshare crowdsale investors receive 5% additional Cryptoshares. After that residual tokens are then destroyed to increase total value to all investors.

Use of raised funds:

The main use of all funds raised from the crowdsale is to magnify the features of the platform and support addition of new coins. The exact allocation of funds between platform development, security and coin addition will depend on the amount of investment made. It will always a primary consideration to increases to security of the platform during budgeting considerations.

30% of raised funds will be used for platform development, 30% will be allocated to increase the security of the platform, 20% will be used for further development and expansion of the platform, 15% will be allocated for business development, marketing and advertising and remaining 5% will be kept for the administration cost incurred during the final development of the platform.

So this was all about the LocalCoinSwap project, if you find this project interesting and wants to know more about this project or want to become a part of it then you can get more information through its official website and the whitepaper, and other useful links which are given below:

Website: https://www.localcoinswap.com/

Whitepaper: https://www.localcoinswap.com/LocalCoinSwap_whitepaper_v1.0.pdf

Medium: https://medium.com/localcoinswap

Facebook: https://www.facebook.com/localcoinswap/

Twitter: https://twitter.com/localcoinswap_?lang=en/

LinkedIn: https://www.linkedin.com/company/localcoinswap/

Steemit: https://steemit.com/@localcoinswap/

Reddit: https://www.reddit.com/r/LocalCoinSwap/

Author’s BTT Profile: https://bitcointalk.org/index.php?action=profile;u=1993237