Website: https://www.localcoinswap.com/
LocalCoinSwap - a decentralised crypto marketplace, owned by the community
Directly trade any cryptocurrency, using any conceivable payment method, in any geographical location
Cryptocurrencies and other digital assets are revolutionising the financial ecosystem.
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 erification 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.
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 non-mainstream 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.
Giant monopolies now dominate the cryptocurrency exchange market counterintuitively to the very fundamental global economic inefficiencies that blockchain technology has the ability to solve.
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.
LCS Cryptoshares are not like traditional ICO tokens.
Cryptocurrency profits are paid to shareholders in the same cryptocurrencies in which they are made, allowing the investor to receive a regular stream of portfolio income. By holding a single Cryptoshare asset, the investor is entitled to a wide variety of cryptocurrency profits across the entire spectrum of the digital economy.
Cryptoshare holders are also entitled to receive airdrops of new tokens when ICO’s are listed on the LocalCoinSwap platform.
In addition, LCS Cryptoshares entitle the holder to voting rights in the platform’s decision-making process, such as the listing of new tokens on the exchange, the direction of new business ventures and design considerations or functionalities for the platform. Cryptoshares in LocalCoinSwap are more than just a stream of dividends, by investing you become an integral part of the future of the exchange itself.
Profits from the exchange are calculated and distributed at the end of each fiscal period. The total issuance of dividend and voting tokens will be the same as the total supply of LCS Cryptoshares. These tokens are then issued to holders of LCS Cryptoshares on a 1-to-1 ratio.
When dividend and voting tokens are redeemed they are destroyed by the contract they are broadcast to in order to prevent malicious attempts to claim extra funds or manipulate votes. LocalCoinSwap contracts holding non-issued Cryptoshares (such as the security bounty or venture-fund contract) automatically burn all voting tokens they are issued.
LocalCoinSwap will launch with as many of the most traded cryptocurrencies as development time allows. The initial launch aims for a minimum of the leading 10 cryptocurrencies. The platform will add new cryptocurrencies at a constant rate in order to encompass the majority of the cryptocurrency market.
LCS Cryptoshares will entitle users to a vote in the listing priority of new currencies through a direct democracy contract using their voting tokens.
LocalCoinSwap recognises that the cryptocurrency economy is a constantly changing environment with new assets emerging on a regular basis. By actively engaging with the holders of Cryptoshares, LocalCoinSwap will implement the coins which the community wishes to trade.
LocalCoinSwap provides a listing service for new ICO tokens to allow them to launch on the LocalCoinSwap platform or raise pre-ICO and presale funding.
The requirement for listing new ICO tokens is that holders of LCS Cryptoshares receive an airdrop of some proportion of the new tokens in advance. These airdrops are automatically distributed through the same mechanism as the dividend and voting tokens. The specific requirements for new ICO tokens to list on the LocalCoinSwap platform will be decided through the proof-of-stake voting system.
The requirement for new ICO tokens wishing to raise pre-ICO funding is that LocalCoinSwap users and Cryptoshare holders must be entitled to special discount offerings.
The expansion of LocalCoinSwap to provide a comprehensive listing service for new ventures to perform pre-ICO, presale and ICO is a fundamental priority for the platforms development after initial launch.
Cryptoshares owners are valuable members of the LocalCoinSwap community. As such, they are entitled to provide input in all facets of site development, new business ventures, as well as having complete ownership of their respective share of profits. These voting rights include uses of the sites revenue. No significant new ventures will be undertaken without a vote amongst holders of the public issuance.
All holders who wish to participate will vote in a proof-of-stake system handled by the issuance of a voting asset which can then be used in a public and transparent democracy contract. The democracy contract is open source and the outcome of votes publically tallied.
LocalCoinSwap will provide an open and transparent exchange to its shareholders. The blockchain itself will provide an unforgeable record of all dividend payouts to Cryptoshare holders. LocalCoinSwap will have a continuous, transparent, and blockchain-based overview of all cryptocurrency revenues generated and to be distributed.
Each monthly Cryptoshare holder announcement will detail developments of the exchange and issues which will be voted on by Cryptoshare holders before the next announcement. These issues will include new-venture projects, new coins added to the exchange, design considerations, and more. Cryptoshare holders may submit questions to be voted on through the platform’s integrated community forum.
The presale period will run with a bonus allocation of 40%. The presale will be closed immediately if 10,000,000 Cryptoshares are distributed. During the crowdsale period funding milestones have been set at each $5,000,000 increment.
As each increment is reached all existing purchasers of the crowdsale event receive an additional 5% airdrop of Cryptoshares to be distributed once the crowdsale closes. These airdrops are also distributed to presale purchasers, but not to Cryptoshares held by the development team, security/bounty fund & new venture fund.
Website: https://www.localcoinswap.com/
Whitepaper: https://www.localcoinswap.com/LocalCoinSwap_whitepaper_v1.0.pdf/
Facebook: https://www.facebook.com/localcoinswap/
Telegram: http://t.me/localcoinswap/
Twitter: https://twitter.com/localcoinswap_?lang=en/
Medium: https://medium.com/localcoinswap/
Likedin: https://www.linkedin.com/company/localcoinswap/
Reddit: https://www.reddit.com/r/LocalCoinSwap/
Steemit: https://steemit.com/@localcoinswap/
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