LocalCoinSwap is a decentralised marketplace which allows buyers and sellers to trade directly in any cryptocurrency using any method of payment. LocalCoinSwap provides a safe, uncomplicated and fast peer-to-peer (P2P) trading platform, allowing users to freely exchange without unnecessary verification requirements or waiting times. The platform utilises a secure escrow system that solves the inherent trust issues of online P2P trading.
LocalCoinSwap's purpose is to give users more control over the platform. The creators claim their marketplace is “the most financially transparent exchange on the market”. The ultimate goal of LocalCoinSwap is to create a better p2p cryptocurrency exchange, which will solve the problems of today’s centralized and decentralized exchanges.
LocalCoinSwap is emphasizing cheap costs for traders. Users will facilitate peer-to-peer transactions, which means they don’t have to pay fees to an intermediary. LocalCoinSwap claims to support the more cryptocurrencies and payment methods than any other peer-to-peer exchange in existence. LocalCoinSwap plans to launch special support for ICOs and other new token projects. ICO creators can launch their projects on the platform, for example.
LocalCoinSwap is holding a crowdsale event of LCS Cryptoshares. Cryptoshares are a digital asset which will be used to facilitate distribution of all profits made by the LocalCoinSwap platform, in addition to all profits made by new business ventures under the LocalCoinSwap umbrella. Cryptoshare holders will additionally receive airdrops of new ICO tokens listed on the LocalCoinSwap platform.
The purpose of the project with examples
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.
The LocalCoinSwap infrastructure will close the 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 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 implementation of an exchange where the profits are distributed entirely through a smart contract Cryptoshare system.
How it works
Invest in LocalCoinSwap: Investor purchases LCS Cryptoshares during ICO using a variety of cryptocurrencies.
Receive LCS Cryptoshares: Once a payment is completed, smartcontract preminted LCS Cryptoshares are sent to the nominated ERC20 address.
Receive Dividend Token: At the end of the financial period exchange profits are calculated, and LCS dividend tokens are issued to LCS Cryptoshare holders.
Redeem Cryptocurrency Dividend: Investor signs LCS dividend token with corresponding cryptocurrency addresses to redeem dividends.
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.
The LocalCoinSwap platform is developed using a modular process. The platform’s development has been divided into 5 core systems and approximately 350 features. Each feature is developed individually and then reviewed by the entire development team before integration into the master branch of the project repository. Unit tests have been implemented to ensure that no element of the website is compromised by the addition of a new feature.
LocalCoinSwap Trading Platform
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.
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 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.
This is an independent report generated by a Coinschedule partner company. Coinschedule has no influence over its content and the views expressed may not reflect the views of Coinschedule. This is not investment advice, you are encouraged to do your own research and reach your own independent conclusions.