LocalCoinSwap review of ICO
LocalCoinSwap aims to create the largest market in the world. Find out how this will work in my review. Go!
What is LocalCoinSwap?
LocalCoinSwap, which is located at LocalCoinSwap.com , is a currency exchange, the purpose of which is to give users greater control over the platform. The creators claim that their market is "the most financially transparent exchange on the market".
Why is this transparency important? Why should you care about the transparency of the exchange? Because the exchange promises to distribute 100% of its profits to the community.
The community is also allowed to democratically vote on all aspects of the market.
The ultimate goal of LocalCoinSwap is to create the best exchange of p2p crypto currency. This will solve the problems of today's centralized and decentralized exchanges. It will have a escrow service to facilitate decentralized exchanges of crypto-currencies, which makes it more decentralized.
How does LocalCoinSwap work?
Obviously, there are already hundreds of crypto-exchange exchanges available today. What makes LocalCoinSwap different from its competitors?
LocalCoinSwap allocates small expenses for traders. Users will support peer-to-peer transactions, which means that you do not need to pay contributions to the intermediary.
LocalCoinSwap also claims to support more crypto currency and payment methods than any other exchange between the parties:
"For other exchanges, it is usually typical to maintain only a single currency or a small basket of the most popular currencies. LocalCoinSwap will cover the most extensive offer of crypto currency and payment methods, with the development team after launch, the sole purpose of which is to introduce new currencies. "
LocalCoinSwap also plans to launch special support for ICO and other new token projects. For example, creators of ICO can launch their projects on the platform.
Overall, LocalCoinSwap considers itself to be a "true" P2P trade, where users can trade assets that they have to get the assets they want. They can pay low commissions for sharing income earned by the platform.
What problems does LocalCoinSwap seek to solve?
LocalCoinSwap is a decentralized crypto currency exchange that addresses the majority of problems that we associate with centralized and decentralized crypto-exchanges, including all of the following:
- Centralized exchanges often restrict the registration of new users or require users to disclose personal identification information before committing a trade.
- Centralized exchanges are subject to fuzzy rules based on the countries in which they operate.
- Existing decentralized cryptographic
exchanges are highly fragmented and not independent - Decentralized exchanges are particularly problematic for those who trade less popular fiat currencies or crypto currencies - Many users are forced to convert their less known crypto currency into more known crypto currency (for example, BTC or ETH) before, in the long run, buy the crypto currency they wanted to buy initially
- In addition, today's exchanges share with users any profit generated by the platform
LocalCoinSwap aims to solve all these problems.
How does LCS Cryptoshares work?
LocalCoinSwap will sell tokens for LCS Cryptoshares. In fact, LocalCoinSwap tokenize its platform, and then sell tokens through the ICO.
The technical document does not attempt to hide the fact that you are buying ordinary shares:
"The LCS Cryptoshare system uses blockchain technology to replicate traditional company ownership through shares in a more secure and decentralized manner. Like the issuance of regular shares and profits distributed through dividends, LocalCoinSwap issues Cryptoshares, which entitle holders of regular dividends. "
The entire tokenization system is located on the blockroom, providing users with a publicly audited and non-transparent financial history of the company.
The LCS Cryptoshares system is scheduled to be launched by August 2018.
When the system is started, the holders of the tokens will have guaranteed rights to 100% of the total profit from the LocalCoinSwap exchange through dividends that will be paid by the crypto currency. The entire payment system is based on a transparent block, which allows you to see exactly how the system works.
As the owner of the LCS token, you also have the right to participate in the decision-making process of the platform.
ICO Details LocalCoinSwap
The sale of LCS tokens began with a pre-sale on March 15, 2018. On sale there is a $ 500,000 co-op and a $ 20 million hardcard.
The total number of tokens will be 100 million LCS tokens, with 70 million available through pre-ICO, presey and ICO combined. The remaining tokens are distributed to the venture fund of the community, for which use was voted by investors (10%), the development team frozen on a smart contract for 1 year (10%), bounty (5%) and reward program to improve platform security (5%).
Tokens will be sold in the ratio 1 ETH = 2500 LCS.
LocalCoinSwap LCS Features
The LocalCoinSwap platform emphasizes all of the following functions. In general, the developers have built a platform with three basic principles: they want the platform to be safe, easy and fun.
Numerous coins are offered :
LocalCoinSwap pays great attention to adding a variety of coins to the platform. They want to offer more coins than any other decentralized exchange.
Escrow system:
LocalCoinSwap has an escrow system that acts as an intermediary between buyers and sellers. When trade between traders begins, LocalCoinSwap acquires possession of part of the transaction related to the crypto currency, while payment is made directly from the buyer to the seller.
Once the payment has been made and the seller can confirm that the transaction is received, the crypto currency is issued to the buyer. The escrow system will not allow blocking user funds during unstable market periods, releasing time constraints for each step of the contract process.
Support for multiple signatures:
LocalCoinSwap will have a transaction with several confirmations to improve security.
Dispute Resolution:
If a dispute arises, the escrow release is suspended and documentation is requested from each side for mediation in the settlement.
User feedback and community participation:
LocalCoinSwap attaches special importance to an active community where users can easily send feedback to the platform.
Security:
LocalCoinSwap will have a permanent security target group. 95% of deposits with crypto-currencies will be stored in self-contained purses to minimize potential losses due to hacking.
Simplified collection structure:
LocalCoinSwap will charge a fee based on comparable exchanges, in order to compare or avoid these exchanges. This fee is currently set at 1%.
Who is behind LocalCoinSwap?
LocalCoinSwap is led by Aapeli Vuorinen (lead security engineer), data analyst, hacker and developer of a large number of projects with more than 10 years of experience.
Other key team members include Nathan Worsley (Chief Technical Officer), Thomas Underwood (Chief Financial Officer), Valeriy Nathanelov (Chief Marketing Officer), Daniel Woresley (Chief Operating Officer) and Kevin Sparks (lead developer).
LocalCoinSwap's headquarters are in Wan Chai, Hong Kong. The company was founded in 2015.
Road map
Conclusion
On the sites of LocalCoinSwap it is mentioned that "this is how exchanges should be built". The goal is to create the best currency exchange, which solves the problems of today's centralized and decentralized exchanges. This is "the world's broadest decentralized market for crypto-currency".
For more information about LocalCoinSwap (Cryptoshare LCS) please visit the links below:
Website: https://www.localcoinswap.com/
Whitepaper: https://www.localcoinswap.com/LocalCoinSwap_whitepaper_v1.0.pdf