DECENTRALIZED FRAUD-PROOF, ESCROW-COMPLIANT EXCHANGE PLATFORM
Cryptocurrency trading and the blockchain innovation as a whole brought a new ray of technological light to the world. The opening of our eyes to vast opportunities that abound within the sector led to a latent rush into the industry. The constant rise in the value of the sector gives further prudence to the potentials of the blockchain concept and in a classic circular theory fashion, it in turn spurs further drive towards towards the industry.
UNTRACEABILITY - THE FRAUDSTER'S TOOL
Whilst there is considerable influx into the market, there of course would be an inevitable entry of certain bad eggs who harbour other sinister motives. These motives are what have given birth to cases of frauds, stolen funds and several occurrences of platforms "crashing down", albeit within suspicious circumstances.
One very sad feature of the current crypto platforms is the untraceability of transactions, especially fraudulent ones. As all actions on the blockchain are irreversible, many fraudsters take advantage of this to flee away with huge sums belonging to honest traders. As a result, it leaves the traders weeping over unrecoverable milk.
THE ESCROW CONCEPT
The Escrow concept refers to a system of handling transactions in which a special account is set up in form of third party surveillance. This account, known as the escrow account acts in the form of a guarantor for both parties and helps to ensure that all terms of contract are met by both sides of the ongoing transaction before payment is completely made. It is a verification agent which ensures that no fraudster can conveniently recieve crypto funds without duly paying equivalent fiat currency which was earlier agreed for the transaction. It is usually common practice for fraudsters to offer to buy or sell coins. They request the other party to make their payment before they fulfill their own side of the bargain. The deal usually is for the other party to fulfill theirs, and upon doing that, they fail to hear from the fraudster anymore.
LOCAL TRADE PLATFORM SOLUTION
With the Escrow scheme securely incorporated, the Local Trade platform would stand as surety for all crypto traders so that they can trade with peace of mind knowing fully well that all their funds are safely secured.
Trading experience becomes better when the fear of being scammed gets removed traders can expand their trading horizon and maximise the various investment opportunities that exist within the market.
USE CASE
Micheal Drew is a software developer. He enjoys designing certain applications which possess various applicabilities both within and outside the scope of the blockchain industry. Micheal has heard of how he could get potential clients on a freelancing site. The only difference is that he'll be paid in cryptocurrency. A tech enthusiast willing to try his hands on this new innovation he's read so much about, Micheal signs up. On the Local Trade platform, whenever Micheal is done with a job for a certain client, the client transfers the funds into the escrow account while Micheal does delivery of his project. Once the other party confirms receipt of the project, the escrow account then transfers the funds to the account of Micheal. That way, everyone goes home happy. We have Micheal, some currency rosh, and we have a satisfied client at the other end.
Token Sale Details
Start: Jul 1st, 2018 (9:00AM GMT)
End: Sep 5, 2018 (12:00AM GMT)
Tokens exchange rate: 1 ETH = 2000 LT
Acceptable currencies: ETH
Minimal transaction amount: 0.5 ETH
CONCLUSION
No one familiar with trading concepts can claim to be oblivious of the risks and dangers that scammers pose to the trading industry. Online, the risk doubles as these scammers become faceless, being represented by just figures and letterings within an online platform. With a surety in the form of Local Trader, all these fears would evaporate and once more, bring out the trustworthy platforms that would attract more customers and trade enthusiasts.
Important links
Website: https://www.localtrade.io/
Whitepaper: https://www.localtrade.io/whitepaper.pdf
Telegram: https://t.me/Local_Trade
Facebook: https://www.facebook.com/Local-Trade-2222389781110445
Twitter: https://twitter.com/localtradeio
Reddit: https://www.reddit.com/r/LocalTrade/
Medium: https://medium.com/@realsatoshi1310
Author: Ambiti0n
Btt Profile: https://bitcointalk.org/index.php?action=profile;u=2192942;sa=forumProfile
