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LocalCoinSwap: A Revolutionary View to the Financial Ecosystem

RoonyBlackMay 27, 2018, 6:55:21 PM

What is LocalCoinSwap?

First of all we need to go back to the problem for which LocalCoinSwap has a solution.

For many decades centralized banks placed insanely high transaction fees between continents, countries and even cities. Transactions were and still are difficult because many banks still place unreasonably high fees. That is why, just like five decades ago, people often look for other, more primitive, and riskier ways of doing transactions such as using a third party with a smaller user fee that can deliver the money by hand. But as we all know this course of action needs to be accompanied by a bag of trust but there is still a high risk of both parties losing the money or being scammed by an untrustworthy buyer/ seller/ third party. This what needs to be eradicated, because as long as we need to trust someone there is a chance of them betraying us and running off with a large portion of our investment!

History has many examples of things changing for the better, two great examples are the Industrial revolutions that have changed our lives in such a way that we cannot even imagine going back.

And just like how the Industrial revolution changed our life-style from being able to work only while the sun is up to having a full 24 hour work day. From having dimly lit streets and unsafe home environment to being able to live life and enjoy all 24 hours of the day. LocalCoinSwap changes the financial ecosystem in a way that we are no longer forced to rely on trust and hope for our transactions to be completed.

Nowadays there is a lot of buzz around the whole personal data thing and people have the right to complain about their personal information being sold to advertisement companies. Many ICO`s and blockchain based platforms require some kind of personal verification which often times is in the form a photo of the persons passport or other kind of document that contains personal data thus creating a weak point in their system that hackers can easily manipulate and “steal” some ones identity. And as the LocalCoinSwap crew say: as long as these problems exist there is going to be a need for a P2P marketplace that exist directly between sellers and buyers and have no use of a third party.

LocalCoinSwap gives us safety and accuracy by creating a P2P trading platform which we can use to trade pretty much any kind of currency that there is. Allowing us to freely exchange without any complications nor shady verifications that may help any potential identity theft.

I`m going to go back to the Industrial revolution example for a second: Everyone knows that both of the revolutions came because there was a growth in the population which in turn required a boom in industrialization and thanks to new technology that was available at the time, both revolutions came to be. Similar to what happened oh so many years ago, cryptocurrencies and digital assets had a massive growth over the past few years, many system however wish to stop or at least slow down this growth thus they have closed the accounts of some traders and spread false information via the media.

Even so, the rise of virtual assets has opened many investment and economic opportunities for people to chase. The sad part about all this is that many people are still unable to get close to these opportunities due to them being uneducated or just plain impatient. Of course there are many more reasons and some are hesitant to go after those opportunities because of security concerns because of the before-mentioned shady verification methods.

And again here comes LocalCoinSwap they do not rely on the mainstream institutions and by using the P2P trade system they have returned ALL control in the hands of the user thus giving them the freedom to engage in transactions using any payment method in any geographical location.

All this is going to be given to the public in the form of a platform which is constructed in such a way that it will be easy to use, secure and reliable. The platform developers have these three objectives in mind and have set their minds on accomplishing them so that we, as users, can experience the best of the LocalCoinSwap platform.

The project itself:

Thanks to the roadmap we can see that the company was incorporated in December of 2015 and from that point onward the roadmap stretches to the near future of 2019 when they will start the dividend distributions. Overall the project is estimated to take 5 years to complete, which compared to other ICO roadmaps is rather decent. Some do manage to reach their goal a lot faster but with something as complex as LocalCoinSwap there is really no mystery as to why they need 5 whole years. Three years have passed since the beginning of the project and for now they are giving the submission for the exchange listing but as the end of May approaches we can say that they are on their way of accomplishing their milestone for June which is giving early access to their platform.

Of course LocalCoinSwap didn`t just come out of the blue to give us a financial revolution, no it is founded by Nathan Worsley who has a Major in Economics, he is a successful developer of a number of trading algorithms. Right now he is the CTO of LocalCoinSwap and thanks to his experience I think that he is capable of leading the team.

Another member of the team is Daniel Worsley who is has a Major in Quantitative Methods and logically a bachelor of Economic considering that he is COO of LocalCoinSwap. He is very experienced in business strategy, operations and quantitative analysis and is definitely a good addition to the team.

Overall the team looks well balanced with developers, marketers and so on. I`m actually surprised as to how many of them are so young but have this much experience in their spheres, because of their age and mentality, seems like a pretty good thing considering that this makes them more energetic and obviously more motivated to succeed. And of course they have a couple of advisors that are sure to keep the team in line.

Every ICO needs a way to present itself and in short they managed to express themselves in the website pretty well. The design is elegant, easy on the eyes and kind of interesting. If the platform is as easy to use as the site I can say that people will be very pleased.

The Whitepaper consists of 31 pages full of useful information about pretty much anything that you need that concerns the ICO.

LocalCoinSwap has created a token to be used on their platform called LCS which has a value of 0.4 USD. As of today they have sold over 37 million LCS which means that they are well over their soft cap of 500 000 USD. They are trying to reach their Hard cap of 20 000 000 USD. Considering other projects these values are quite similar to those of similar projects.

The graph below shows the use of funds from the Cryptoshare issuance and I must say that things look very well balanced, there are a lot of funds allocated for the security and this can help make people feel safer and thus bring some of the more shy people into the cryptocurrency world.

My opinion

I think that giving so much control over the whole platform to the users is one rather simple yet exceptional idea because this way the platform can keep growing in a constant positive matter. I`m talking about how LocalCoinSwap have given the power of voting whether or not to add a certain cryptocurrency into the system. They can also vote on adding features that may benefit the society or remove features that are “toxic” to the platform.

 As I said this is a rather simple idea but I have never seen any other ICO even attempt of doing something like this. LCS Cryptosharers allow every single trader on the exchange to take ownership in the platform they are using. It`s simply brilliant! Another thing I like is how you can invest using one currency and be able to get your income in the same currency allowing you to keep yourself ahead in the market of the currency.

I almost forgot to mention how all the digital assets that are issued by LCS are going to be ERC20 compliant and will include as many popular standards as (if) possible. This is good because this will let LCS derived assets to be used by as many Ethereum wallets as possible.

Because of all this innovation I referenced the Industrial revolutions, because when LocalCoinSwap succeeds we are going to be facing a new age for financial ecosystem.

Disclosure: This article is participating in the ICO Bounty Media Campaign for reward. Please be advised that everything written in the article is my personal opinion and it is NOT investment advice. 

The Website can be found here: https://www.localcoinswap.com/index.html

And the Whitepaper here: https://www.localcoinswap.com/LocalCoinSwap_whitepaper_v1.0.pdf

Username at Bitcointalk: RoonyBlack

Profile at Bitcointalk: https://bitcointalk.org/index.php?action=profile;u=1702358