Localcoinswap: decentralized exchange owned by the community

Today I'm here to explain a project that personally struck me a lot for various reasons and given the lack of a whitepaper in our own language, I thought to briefly summarize the salient points of Localcoinswap , a project that is currently in the Initial Coin Offering phase ( ICO). For those who are fond of cryptocurrencies like myself, it could be a pleasant discovery.
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Photo kindly granted upon written authorization

Localcoinswap

Localcoinswap is a decentralized peer-to-peer (P2P) exchange that allows users to directly negotiate any cryptocurrency with any payment method. No identity verification procedure is required for users when registering, in fact users will be able to access the platform quickly and start trading without restrictions. 
The main feature will be the fact that the profits generated by the platform will be redistributed to LCS Cryptoshares token holders.

The platform

The platform design is following three fundamental principles for any user: safe, easy, enjoyable .
  • Safety: attention has been focused on the mechanisms of intusion detection and the isolation of critical components.
  • Ease of use: it is important for a user to have a simple interface and to use the necessary tools without too many disturbing elements.
  • Pleasant experience: the team is integrating some aspects related to social media within the site in addition to fundamental tools such as coins, interactive charts and diagrams, profile photos, badges related to the achievement of objectives.
Localcoinswap is set to offer trading on most of the cryptocurrencies in circulation. The platform will start listing according to the development budget and will gradually add new ones.
The platform will work as an escrow between the two users. An escrow is an intermediate user between the seller and the buyer in which the goods exchanged are deposited until the fulfillment of the terms of both parties. This means that when a trade is initiated between two users, the platform will take possession of the portion of the transaction, allowing users to exchange their assets at no risk.
There will also be feedback from various users to maintain a community of trustworthy traders.
LocalCoinSwap will only charge commissions to those who have initiated the transaction, in addition there will be a status of "pro-trader" for users who consistently engage in high volume trades, giving them a banner of "trusted" in the profile. The rates for trading will be established with the aim of matching or beating the rates offered by any competitor (currently 1%).

LCS Cryptoshares

LCS tokens are not like most tokens released in ICO. Instead of a promise of a possible future return, Cryptoshares assure holders the right to receive 100% of the total profits of the exchange through cryptocurrency dividends. 
In addition, LCS token holders are also entitled to receive new token airdrops when new ICOs are listed on Localcoinswap. 
Another feature is that the token will also give a voting right on some processes, such as the listing of new tokens or considerations on the functionality of the platform.

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Photo kindly granted upon written authorization

ICO

The total supply of LCS Cryptoshares tokens is 100,000,000 and is divided as follows:
  • 70% allocated to investors through the entire crowdsale with burn of not sold tokens.
  • 10%: assigned to a venture capital fund, the use of which is voted by investors.
  • 10%: assigned to the development team (frozen for 1 year).
  • 5%: assigned to the bounty program.
  • 5%: assigned to the reward program for users that increase platform security.
The price per token will be:
  • 1 LCS = 0.0004 ETH or 1 ETH = 2500 LCS
While for soft and hard-cap:
  • Soft-cap: 500,000 USD
  • Hard-cap: USD 20,000,000
At the moment we are in the phase of presale with the maximum number of available tokens equal to 10.000.000 of which 87% of tokens already sold! For the bonus structure refer to the figure:
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Photo kindly granted upon written authorization

Use of funds

The funds collected during the crowdsale will be used primarily to expand the functionality of the platform and support the addition of new tokens. In particular, the funds will be distributed in this way:
  • 30%: allocated to increase platform security.
  • 30%: allocated for the addition of new coins.
  • 20%: used for the development and expansion of the platform.
  • 15%: for marketing and advertising.
  • 5%: allocated for management costs due to the final development of the platform.

DISCLAIMER

This is a personal article containing my opinions and therefore can not and should not be considered a financial advice.

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