LocalCoinSwap - The Community Owned P2P Exchange

heetoc (26)in #localcoinswap • 6 years ago

ICO or Initial Coin Offering lately more incessant progress. a lot of developers are using this method to raise funds for the sake of developing their projects. The funds collected can reach millions of US dollars.
They collect funds from their Project by selling their ICO Coins, exchanged with Ethereum coin or Bitcoin in a very different ratio.

And if you want to buy Coin from their Project you must have Ethereum / Bitcoin balance and must have ID or Passport.

Today there are so many Investors from around the world who invest their money into a Project that they think Project is very good and useful for now and in the future.

Well on this occasion the Markas Coin IND will give you information on the LocalCoinSwap ICO Project.

Projects and Team of Projects ICO LocalCoinSwap are very great. And after I'm the analysis of this Project is very useful in the Future. I have also invested in this project.

If you want to find out about the LocalCoinSwap project. You can search for them by reading their whitepapers, roadmaps, and websites. And if you want to ask you can join their Telegram Group.

Okay before you visit the official site or read their whitepaper, it would be nice if you read a little article Markas Coin IND about the LocalCoinSwap Project. Let's talk about LocalCoinSwap Project together.

Problem Overview
Cryptocurrencies and other digital assets are revolutionising the financial ecosystem. In 2017 alone the market capitalizations of all digital currencies grew by 3171% to 700 billion ($700,000,000,000) USD (source: coinmarketcap.com) .

Unfortunately the growth of the cryptocurrency economy has been fraught with friction from the banking system. Hostile regulatory environments and conservative institutions have closed the accounts of traders and exchanges en-masse, spread contention in the media, and forced the implementation of onerous verification procedures which have transgressed the privacy of the community.

The rise of cryptocurrencies has created huge economic and investment opportunities. However, many people remain on the sidelines due to lack of patience or tech-savviness, inefficient and lengthy subscription processes, and security concerns. Opening up trading accounts on exchanges can be an especially difficult task for users. Many exchanges restrict the registration of new accounts or require users to expose themselves to identity fraud and theft by submitting pictures of their passports and personal documents online. Users are regularly asked to transfer funds overseas to companies in countries with no legal oversight.

Existing P2P markets are also highly fragmented and non-inclusive. Traders who wish to buy and sell outside the top few cryptocurrencies must access both a P2P exchange and a centralised mainstream exchange. At present there lacks a single mainstream P2P marketplace which allows more than one cryptocurrency to be traded for fiat currency simultaneously.

This has created additional onerous fees for users whose only desire is to purchase a nonmainstream cryptocurrency with fiat cash as their starting point, as they must utilise more than one exchange and pay all associated fees to complete their purchase. They must also pay the transaction fees involved in withdrawal from one marketplace to another. This increases not only user inconvenience and wallet software requirements, but also user exposure to platform failure or hacking.

In addition, the centralised ownership and clandestine company structure of mainstream exchanges allows little investment opportunity for the typical individual. Top exchanges have daily volumes in the billions of dollars, and investors have no mechanism through which they can share in the profits. Giant monopolies now dominate the cryptocurrency exchange market counterintuitively to the very fundamental global economic inefficiencies that blockchain technology has the ability to solve.

Creating the Solution
The digital ecosystem is here to stay, and the mainstream economy is beginning to embrace the ideas of decentralisation and unrestricted trade.

LocalCoinSwap represents a return to the most fundamental system of asset exchange without reliance on mainstream institutions - the P2P trade. By enabling P2P trading of all digital currencies LocalCoinSwap will put the market back into the hands of its users, allowing them to directly trade any cryptocurrency using any conceivable payment method in any geographical location.

There is currently a gap in the cryptocurrency market creating an unserviced demand. Across community forums and social media sites in which traders participate, it is a common frustration that users are unable to quickly or easily purchase non-mainstream cryptocurrencies. Users also express repeated concerns about overseas banking transfers and onerous verification procedures.

The LocalCoinSwap infrastructure will close this gap in the market, not only by offering a P2P exchange for all cryptocurrencies, but by also tokenizing ownership of the exchange itself into the hands of its users through the world-first Cryptoshare system.

The LCS Cryptoshare system utilises blockchain technology to replicate traditional company ownership through shares in a more secure and decentralised manner. Much like the issuance of regular shares and profits distributed through dividends, LocalCoinSwap issues Cryptoshares which entitle holders to regular redeemable dividend tokens. Unlike a traditional financial organization the ownership and dividend structure of LocalCoinSwap is hosted entirely on the Blockchain, providing a publicly auditable and unforgeable ledger of the company’s financial performance.

LCS Cryptoshares allow all traders on the exchange to take ownership in the platform they are trading on. Despite the straightforward nature of this concept, LocalCoinSwap is the first ever implementation of an exchange where the profits are distributed entirely through a smart contract Cryptoshare system, with the initial launch planned by August 2018.

Information ICO
Token LCS
Price 1 LCS = 0.4 USD
Platform Ethereum
Accepting ETH, BTC, XRP, Fiat
Minimum investment 0.1 ETH
Soft cap 500,000 USD
Hard cap 20,000,000 USD
Country Hong Kong
Whitelist/KYC None
Restricted areas North Korea, Iran, Sudan, Syria

Technical information
All digital assets issued by LocalCoinSwap will be ERC20 compliant and will include other mainstream standards where possible. This will enable LocalCoinSwap derived assets to be transacted by as many Ethereum wallet programs as possible and be accessible across a wide variety of secondary exchanges. All reasonable efforts will be undertaken to conform to industry standards where possible in smart contract development. This will include independent auditing if necessary to increase security. Contracts used by LocalCoinSwap in the Cryptoshare issuance, dividend tokens and voting tokens are open source and all code is publicly viewable on the LocalCoinSwap Github. The contract development process is modulated where technically possible, with extensive whitebox and black-box testing of all individual units on private testnet before public deployment. Because the security of financial systems is critical to the company, all code additions are independently reviewed by all technical members of the development team.

LocalCoinSwap Trading Platform
Platform overview
Development on the LocalCoinSwap platform began in August 2017 and is estimated to be ready for initial release by the end of August 2018. The platform borrows the best elements and features of existing platforms but has been redesigned with an enhanced focus on user experience, coin additions and incorporation of social media interactivity.

The core development philosophy for the LocalCoinSwap platform is: safe, easy, enjoyable.

Primarily the platform has been developed with the security of the user in mind. Careful attention has been taken to implement intrusion detection mechanisms and segregation of critical components. Extensive research was conducted on previous hacks and the security models of comparable exchanges before development began.

The ease of use of the platform was the second most important design consideration. It is important that the user has a smooth experience, can quickly find and use the features they need, and is not burdened by excessive pages or complicated interfaces. Where possible the focus has been on offering as many features as possible while maintaining visual simplicity.

The signup process has been streamlined with no identity verification required for registration. Users are able to quickly access the platform and begin trading immediately with no restrictions.

The final consideration, and of equal importance, is that the platform is enjoyable for the user. The development team is integrating several social media aspects to the site designed to enhance the community element of the experience. This includes trending coins, interactive charts & graphs, achievement badges, custom profile pictures, and a fully integrated forum.

Coins offered
LocalCoinSwap aims to offer trading on the majority of cryptocurrencies and digital assets to benefit the greatest number of users. The platform will open in stages due to development budget, opening with the widest possible selection of coins and continuously integrating more. When there is uncertainty as to whether certain crypto assets should be implemented, or the order in which cryptocurrencies should be implemented, a vote amongst Cryptoshare holders will take place.

LocalCoinSwap has a non-discriminatory attitude towards coin coverage. The platform’s focus is on servicing the needs of the greatest number of users possible, rather than providing preferential treatment to any single cryptocurrency.

Escrow system
The LocalCoinSwap escrow system acts as an intermediary between buyers and sellers to create a trustless solution to the inherit trust issue which hampers P2P transactions. LocalCoinSwap will implement a multi-signature transaction option for users in currencies where this is possible. This will allow users to exchange with zero platform risk.

When a new trade is initiated between traders, LocalCoinSwap takes possession of the cryptocurrency portion of the transaction, while the fiat currency payment is made directly from the buyer to the seller. Once the payment has been made, and the seller can verify the fiat currency transaction has been received, the cryptocurrency is released to the buyer.

To prevent users funds from being locked up during volatile market periods, time limits for each step of the contract process can be specified by the buyer or seller and are agreed to in advance.

Dispute resolution
If a dispute occurs, the escrow release is paused and supporting documentation is requested from each party to mediate the settlement. LocalCoinSwap has scenario-tested all reasonably foreseeable instances where disputes may be initiated and has created stringent processes to fairly deal with each individual case. A global support team will ensure that staff members are available to mediate trading issues at all times.

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