Hello guys,
I am so delighted to be among those participating in week number 1 of the crypto academy season 3 lectures. I have attended the lecture delivered by our very own professor in the person of @sapwood on the topic Non-custodial P2P Marketplace(Localcryptos). After attending the lecture, I will be writing my assignment task based on my understanding of the lecture. Please read through as you may learn a bit and also contribute to what I will be presenting.

Question 1:

How do you set up an Exchange niche(non-custodial) in Localcryptos? (Complete process & Screenshots needed)

To set up an exchange niche, you have to first and foremost have a registered account which can be done using an email or using Ethereum wallet. For the sake of this task I will be using an email to setup my account. The steps listed below will guide us towards setting up an exchange niche in localcryptos.

• Step 1, visit the official website and signup. www.localcryptos.com/signup

• Step 2, select account type. Here we have basically two types of account namely:

1. Normal account: Requires only email
2. External wallet account: Requires an external ethereum wallet address.

It is important to mention here that the recommended account for users is usually the normal account as this has the advantage of allowing users to have full access of the non-custodial platform.

• Step 3, you are required to fill in the required information which are the username, email and password respectively.

• Step 4, if all information are entered accurately, then a captcha will appear for verification and when it is verified correctly, then you will be logged in also after email verification is done completely then the medium will be ready for transaction.

Question 2

Indicate your non-custodial wallets (BTC, ETH. LTC, DASH) in Localcryptos? How do you secure the keys? Can you re-import the wallet of Localcryptos in other wallets(of different services) For example, Can you re-import your Locaclcryptos wallet in Trustwallet?

In the localcryptos platform, there are four available wallets. This include the BTC, ETH, LTC and DASH. This four different wallet have their unique address and have their separate keys to they use in their various transaction. The following steps are used to access this wallets.

• Once you are logged in to the localcryptos site, click on wallet option.

• After click on wallet, it opens the wallet menu containing the four different wallet, now when any of the wallet is clicked, it brings out all it's functionality about that very wallet.

How to Secure the keys?

In my opinion, the best way to secure your keys is to export them all and then print and save it offline. Now keeping the keys offline will help to prevent the account from being hacked or tempered with. Keeping the keys offline will keep one's asset save.

Can you re-import the wallet of Localcryptos in other wallets

In the case of re-importing other wallet into localcryptos it is possible in other words, the local crypto wallets can be re-imported in to other wallets using the the private of the wallet being imported. Recall that the wallet in question is decentralized in nature and hence the user in question has complete control over the entire wallet hence the user can actually move it to any similar wallet at any point in time.

Question 3

How many different fiat options available in Localcryptos?

In the localcryptos wallet, we have over 40+ fiat currency supported by the wallet worldwide. In other words we have over 40+ payment methods supported by the four different crypto present in the localcryptos I.e (BTC, ETH, LTC, DASH). Localcrypto actually have the P2P options where you can trade crypto for crypto and also crypto for fiat. In the case of crypto to crypto, it requires just your wallet addresses but in the case of fiat, it can be through Bank transfer, Cash deposit, International wire, Western union, MoneyGram, international wire etc. Note that the method of your fiat payment may differ from mine depending on your location.

Question 4

How secure is Localcryptos as a non-custodial P2P Market? How does escrow protection safeguard both buyers and sellers?

Due to the decentralized nature of the said localcryptos, I therefore conclude that the wallet is very secured. This is because only the own of the wallet has complete access to the wallet. Recall that the private key is solely owned by the user alone and as such he has the absolute power over the account in question. In other words who ever has the private key has complete control over the wallet. What am saying in essence is that if the said key is in any way not kept properly and it gets to the hand of a wrong person other than the original owner of the account it may cause serious damage to the owner because all his funds are at risk of been taken completely.

How does escrow protection safeguard both buyers and sellers?
There are so many ways in which the escrow safeguard both buyers and sellers and I will be listing few of these ways below.

• It gives traders the courage to go into trade knowing that the can not loss either their asset or fiat.
• Just like the P2P in Binance the seller only release the coin to the buyer when all transaction has been done completely.
• The escrow serves as an intermediate between the buyer and the seller and help settle any dispute that may arise between buyer and seller during the said transaction.
• Once a seller places an order and the buyer is not available after a stipulated time, the escrow service will time out and alert the seller so that he can in turn look for another buyer to trade with.
• The service provided by escrow in local crypto is in the form of smart contract.
• The buyer and the seller have the opportunity to chat together and also establish a relationship during the trade.

Question 5

Create an offer as Market Maker or Perform a real trade as Market Taker to demonstrate your real experience of non-custodial P2P trade(Crypto-Fiat)? (Hint- Trading DASH or LTC is cost-effective in terms of transaction and escrow fees)? How much fee in total did you incur in the entire process, if any? (Screenshots Needed)

To create an offer as a market maker you have to be a registered member. This is because market makers are either buyers or sellers in the platform hence all your details are needed for proper documentation.
Below are the steps to create an offer.

• click on offers.

• click on create a new offer.
• indicate the type of offer from the offer
  category. I.e either buy or sell.

• select which ever coin you wish among the 4 BTC, ETH, LTC, DASH
• indicate the location to be displayed in the offer, and the Currency you would like to trade-in.
• Choose a payment method from the available options.

• Next choose the type of rate to use. You have two options that is Dynamic rate and Custom equations rate. In this case I will be choosing dynamic rate.

• Next choose the configuration for the dynamic rate(in percentage) either above or below the price.
• Next choose title to be published.
• Fill in terms of the offer.
• Set the offer limit.

• Set Time zone
• set available hours
• Set Customer restrictions
• Set Customer location
• Finally, click post offer, the offer will be posted on the explore tab for other users to see the offer.

Conclusion

Finally, I can therefore conclude that the localcryptos non-custodian P2P market place provides a more reliable and more secured means of transactions compared to other means of transaction. The escrow feature in the local crypto wallet has made it even more reliable as both buys and sellers will confidently perform their trade with out any form of fear in them because they are certain that their asset is saved.
Thank you professor @sapwood for such an amazing lecture.