Cryptocurrencies are a growing market for years. They are created to make transactions cheaper by removing the middle man and provide decentralized payment methods. And they are doing it pretty well in their own networks. There is no middle man it Bitcoin to Bitcoin transaction as well as there is no middle man in Ethereum to Ethereum transaction. But what to do when we want to make a transaction between Bitcoin to Ethereum, or between fiat currency and Ethereum? We just go to some shady guy pretending to fairly and transparently give us the right amount of wanted currency in exchange for our currency? Of course we do not. Usually for these types of transactions people are going in exchanges. Expectedly the exchanges are keeping some percentages of the transaction for themselves to generate profits, but there is the problem. These exchanges are turning into monopolies, controlling the market, killing the idea of decentralized currency. Local Coin Swap is different, so let’s explain how…
Local Coin Swap is an exchange platform for cryptocurrencies to cryptocurrencies and cryptocurrencies to fiat money. They are unique, because they are making the connection peer to peer style. They are connecting client who want to trade for instance Ethereum for fiat to user who wants to buy Ethereum with fiat. They are doing that anonymously, to keep users privacy. They are keeping the currency of the one side safe while waiting the other side to make the transaction, then giving each side their currencies. The data for the transaction is written anonymously on the blockchain to ensure everything is transparent.
Other difference in comparison with other exchanges is the ownership and profit distribution. Here comes the role of the token. 100% of the profits from the exchange are fairly distributed to the token holders. If a token holder holds 1% of the tokens – he got 1% of the profits. The decision making for the future of the exchange is also decided by the token holders. It is happening trough a voting in a fully democratic way. I like that because it means that every token holder means something. In terms of transparency and fairness the voting system is based on the blockchain, which means that the system can’t be manipulated and the only way someone to get more influence is to get more tokens, which actually keeps everything fair.
Something very interesting is Local Coin Swap’s dividend payment method. First of all dividends are paid every quarter. As already said they are equal to percentage of held tokens. They are not paid in one currency, instead they are paid in all currencies traded on the platform for the quarter. That makes Local Coin Swap very interesting investment, because for holding one crypto asset you are getting multiple others assets including the most popular cryptocurrencies and tokens as well as some entirely new ones, which can be super beneficial if they grow in the future. This is also a layer of stability, because even if one currency falls other one grows, making it a very stable investment. The platform is going to start with at least 10 of the most popular cryptocurrencies and tokens and slowly expand into as much ones as possible. I like that because is cool, interesting and definitely different experience than other exchanges.
The organization of the team is really very interesting and different then the majority of the companies. Nowhere for nobody in the team can be found the title CEO. That is because there is no one. All important decisions are made in team meeting by everyone. The team’s core is bought together by their own needs and interests. The team started with a bunch of people having the same problems – inefficient fiat to cryptocurrency mechanisms. Soon after some research a larger team of specialists and professionals have been assembled.
The most important members of the team are Nathan Worsley – CTO, Thomas Underwood – CFO, Daniel Worsley – COO and Valeri Natanelov – CMO. They as well as the other members of the team are great specialists in their spheres, with a lot of experience and the best education behind them. The team is multinational, which means that different viewpoints and frames of mind are colliding into the creation of the project to achieve a successful platform.
Links to each team member’s social networks can be found in Local Coin Swap’s website.
Speaking of social networks… Local Coin Swap is having pretty big and consistent growing community in them. And also are having great coverage of the mainstream and not so mainstream ones. But maybe some numbers will be more helpful… In Twitter Local Coin Swap are having the good number of around 4200 followers, closely after that is Instagram with around 4800 ones, traditionally Telegram is having a bigger number with around 6600 members, and leading is Facebook with over ten thousand followers. As I mentioned smaller platforms are also covered ones of them are SteemIt, YouTube, LinkedIn and Medium. Additional information can also be found in forums like Reddit. Overall the community of Local Coin Swap is pretty big and spread across different platforms.
Local Coin Swap’s website is pretty well made. The theme is neutral white or black with contrasting cyan and purple colors as accents. This contributes to the extravagant theme. The layout of the website is very convenient, with some of the themes moved to their own pages. These themes are the ICO details, bonuses, roadmap and team. Everything is easy to find, with convenient places for every link. The information presented on the website is not too much but just the right information so the user can have a good idea of what are the goals and positives of the project. For user’s convenience the website is fully scalable with any devices and translated to several languages including Spanish, Dutch, Russian, Chinese, Korean and more. Overall the website is very well built, very convenient for the user and most importantly informative.
The whitepaper of Local Coin Swap is very serious document to read. The volume of presented information is pretty big and the most of it is explaining of how the platform is working in financial side of things. The whitepaper contains 13 main themes in 30 pages, whit less illustrations and small fonts, so the volume of information is certainly not small. The most of the information is contained in four themes over 20 pages of the document. The language used in it is very professional, with a lot of terminology and can be considered not the easiest material to read for someone who does not have financial education. Overall the whitepaper is very professionally, but a bit hard for non-financier, written. That could be considered good or bad, depending on the target group, but accepting the target group is mostly entrepreneurs with financial education – job well done!
The history of the company starts in December 2015 with the incorporation of the company. Three quarters later the main team is established and after that to August 2017 the concept of the project is created, so the development can start. To April 2018 they are ready to and launching their ICO, continuing work on the platform and tools around it. The development is planned to continue to February 2019, or at least then are planned to be the first dividend distributions. Based on that Local Coin Swap are having good idea of what are they doing, because of the years of perfecting the idea on which the platform is based. They have given themselves the time to think, but also are catching the perfect time for functional launching of the project. They also have a good amount of time to develop the platform too. I would say they have greatly divided their time to make the best of it. Overall the whitepaper is well-made and is showing good time management and priority to the planning.
Local Coin Swap is issuing 100 000 000 LCS, 70 000 000 of which will be available through token sale. The rest are divided for the development team, bonuses and community venture fund, while unsold tokens will be burnt. The bonuses will be two types – security (given to community members helping for improving platform’s security) and crowdsale bonuses (for early participating in the crowdsale). The bonuses are pretty generous and can be seen in Local Coin Swap’s website. Something pretty cool that they have done is the publishing of all the smart contracts used on the platform in GitHub. That way everyone can look at them to ensure everything is fair and transparent. I really appreciate that level of transparency. Good work here guys!
Local Coin Swap is one very cool project, with interesting investment capabilities and innovative profit distribution. The system is dealing with the problems in new decentralized and democratic way. The appearance of the project in social networks is pretty good. The team working on it is working democratically and is driven by their own needs for such a platform. They are showing dedication and a lot of professionalism in the project to build the best platform they can. Local Coin Swap’s website is very good and pretty informative, but even more informative is the whitepaper, which is super professionally written in details. Overall Local Coin Swap is one amazing project, which can change the way we are looking on exchange platforms forever.
⚠️Disclaimer & Disclosure: None of what I provide in my articles is investment advice. Please do your own due diligence. A link to the article will be sent to the ICO team and they may issue a reward for it.