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LocalCoinSwap: A Decentralized Crypto Marketplace Owned by the Community

Samantha Mitchell

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LocalCoinSwap

The Only Exchange That Distributes All Of Its Profits Back To Its Token-Holders

LCS’s major focus is on the community that it hopes to create. There will be a professional support team in place to assist community members with anything they don’t understand. But the interface is very simple and has elements of social media in place to further the emphasis on community bond. There will even be a democratic system in place where members of the LocalCoinSwap community will be able to vote in favor of or against certain policies.

The best community-related feature is most definitely the fact that 100% of the platform’s profits goes back directly to the token holders, allowing the entire community to benefit from the platform.

There will also be complete transparency to financial announcements and changes on the site. The open source contract code is another way that LCS makes sure the community is incorporated every step of the way.

How it Works

How it Works

LocalCoinSwap aims to provide a simple yet effective service, whereby traders and investors can easily make exchanges and purchases in any Cryptocurrency. (LCS claims to have more coins available than on any other p-2-p exchange network). All traders need to do in order to make use of this facility is sign up with LCS. The sign-up process is simple, and the verification process is easy and straightforward. Traders can then search through the array of different Cryptocurrencies for the one that they’d like to buy. The next step is choosing a payment method and then entering into a trade. The payment is made between the two parties, and LCS holds the Cryptocurrency in escrow until the funds on both sides have cleared.

To ensure that payments are totally secure, LCS uses multiple signatures for each transaction, of which they make use of Blockchain technology and smart contracts. A massive 95% of funds are stored in cold storage, making it very difficult for cybercriminals to hack.

LocalCoinSwap’s Timeline

• The company was incorporated in December 2015
• By September 2016 the core team members of LocalCoinSwap had been chosen and established.
• Concept development started taking place in March 2017
• In August 2017 the exchange development officially began
• The official LocalCoinSwap White Paper was released in February 2018, when the Pre-ICO was also launched.
• March 2018 saw the first of the presale.
• The crypto share took place in April 2018

The Future of LocalCoinSwap

While LCS is still in its initial stag

es, it does have some big plans for the future. In May 2018 they hope to take submissions in for exchange listings for their site. By early June they plan on giving the early investors special access to the initial version of their platform and site.

July 2018 hopes to see the first Cryptoshare holder vote, in the first effort of making the platform totally democratic. August 2018 is the official launch date for the exchange to become accessible to the public. Later on,itself . in the year in October, the platform hopes to see the implementation of integrated REST API.

LCS’s furthest plans so far go into January and February 2019 where they plan to bring out a mobile app and do the very first share of the company’s dividends.

Payment Methods Available at LCS

A variety of payment methods is one of the areas where LCSitself. They offer payment methods that are safe, secure and compatible with their escrow process that is used in all transactions. The following payment methods are accepted:

• Cash exchange
• Cash deposit
• International Bank Transfer
• Paypal
• Asset Exchange
• Cash in the Mail

Upon request, new payment methods could possibly be added to the community in the near future.

Safety And Security

LocalCoinSwap holds safety and security of utmost importance, but unlike other exchanges out there they know that the Blockchain is not quite enough. They use a two-factor authentication system to assist them in the prevention of digital bank robbers. There are many types of 2FA, and the types that LCS offers is a mobile phone, email, PGP and Google Authenticator.

In an effort to keep their funds safe and sound, LCS keeps a vast majority of their funds in cold storage, so they are virtually impossible to be stolen.

There is support staff at hand 24 hours of each day to assist users in any security or otherwise related issues that they may face.

LocalCoinSwap

Some Of The Problems That LocalCoinSwap Hopes To Solve

Despite the major rise in Cryptocurrencies, ICOs and exchange platforms, there are still many issues facing the Cryptocurrency community. One such issue is the fact that the industry is overrun by massive monopolies. LCS hopes to be one of the exchanges to assist in evening out the playing field so to say. LCS also shows no discrimination and welcomes all traders, both big and small, to join their inclusive community.

The other problem with many exchanges is that they are very specific and do not have many coins on the platform. This leads many traders to have to use more than one platform. But LCS aims to be traders’ one-stop shop, their go-to for all their crypto exchanges and an exchange where even new coins will be listed with haste as soon as they’ve been background checked.

Another issue with all the current most-popular exchanges is that they have become less decentralized and now actually controlled by establishments and governments. LCS hopes to be just the opposite in where they give complete control over to the LCS community by letting them vote for or against certain policies and even feeding 100% of the profits back into the community.

Many crypto exchanges have also been hacked, leading them to be believed to be unsafe, as well as complicated with complex interfaces. LCS aims to be just the opposite of that, with providing a secure platform that is safe for users and has defenses up against cyber-criminals. On top of that, LCS hopes to be accessible and easy-to-use for any trader. The social media type structure to the exchange site hopes to engage traders and have them being able to navigate through the site easily.

The Token

Symbol: LCS
Total Supply: 100,000,000
ICO Availability: 70,000,000
Soft Cap: 500,000 USD
Hard Cap: 20,000,000
Price: 1 LCS costs 0.4 USD
Accepted currencies: BTC, ETH, LTC, BCH, DASH, ETC, USD, EUR, GBP, NZD, AUD, CAD
Transparency: Open Source
Token Burn: Unsold

Website | Whitepaper

LocalCoinSwap List Of Features

• Safe and secure system upon which transactions and trades are made
• Peer-to-peer exchange platform
• All profits of the exchange get funneled directly back to token holders
• Community involvement including voting and a democratic system
• Social media style platform to make for community involvement and easy interface
• An impressive array of crypto coins available to trade and buy

Benefits of using LocalCoinSwap

• A guaranteed share in the profits of the exchange
• The ability to access just one porthole but with everything you need from an exchange platform
• Having the chance to make your vote count and have your voice heard within the community.
• Users can receive advanced airdrops of new ICOs to give them a step ahead when it comes to investing in new ICOs.

Team

The Team

The team at LCS is young and fresh-faced with most leaders being in their 20s and 30s. This is commonplace for the crypto world which is practically run by millennials, who are sure to always have their finger on the pulse.

Nathan Worsely is LCS’s CTO. He has a bachelor’s degree in economics and was an early investor in both Ethereum and Bitcoin, so has been involved with crypto exchange and investing from the very beginning.
Thomas Underwood is the team’s CFO, and he really seems to fit the job description as he has had experience in financial analytics and business management – definitely two key features to a good CFO.

Lastly, we have Daniel Worsely, who is the Chief of Operations. The man has a degree in economics and has experience with trading and financial markets.

These three in charge are backed and supported by a range of experts, analysts and strategists to assist them in making the optimal decisions for their exchange platform.

LocalCoinSwap

In Conclusion

What is so great about LocalCoinSwap is that they have kept things simple while still having more than enough benefits to draw people in. The simplicity and social media aspect of the site should attract many new traders and those who want to see what this whole Cryptocurrency thing is all about.

Although simple, LCS’s direction and plans are mapped out in detail on their site and their whitepaper, leaving us knowing exactly what we can expect from the ICO.

It is very commendable how LocalCoinSwap aims to divert all its profits back to community members and token holders. The emphasis on community and growing together is great to see in a world that is full of selfishness and greed.

The future definitely looks bright for LocalCoinSwap as they have a great team in place to deliver all their ideas and projections.

Bitcointalk user: MarkSinn 

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