LocalCoinSwap: P2P Cryptocurrency Exchange
Cryptocurrencies and other digital assets bring the revolution in the financial ecosystem.
Only in 2017 digital currencies market capitalizations grew by 3171% to $700 billion.
Unfortunately, cryptocurrency growth provoked negative reaction from traditional banking system. Conservative institutions have closed traders accounts and exchanges, spread misinformation in the media, and forced the implementation of sophisticated procedures.
But in fact, cryptocurrencies open huge economic and investment opportunities. However, many people stay aside because of lack of information and security concerns. For example, opening trading accounts on exchanges can be quite a difficult task for “green” users. Many exchanges restrict new accounts registration or require users to pass verification procedures by submitting pictures of their passports online.
So, currently centralised cryptocurrency exchanges suffer from security risks, long waiting and unreasonable requirements. Thus, they are very difficult for potential users to enter, not to mention business malpractices, including insider trading, pump and dump, deceptive pricing.
As long as these problems exist, there will always be a demand for honest P2P marketplaces providing direct access between buyers and sellers, which is the truest free market trading form.
LocalCoinSwap (LCS) is a decentralised marketplace allowing buyers and sellers to trade directly in any cryptocurrency using any method of payment.
LocalCoinSwap provides a safe, easy and fast peer-to-peer (P2P) trading platform to freely exchange assets without unnecessary verification procedures.
The platform work is provided by Cryptoshares. This asset entitles investors to have regular dividend payments in all cryptocurrencies traded on the platform. The holders may also participate in the decision-making process of LocalCoinSwap company through democratic voting in a proof-of-stake system.
The protocol behind the LCS Cryptoshare provides dividend distribution and voting token with the special technology.
At the end of each financial period, all cryptocurrencies are calculated and published before being distributed back to LCS Cryptoshare holders.
After requiring the dividend tokens, holders can use them to sign a message with their wallet addresses to buy currencies they want. They broadcast their request and tokens go back to LocalCoinSwap’s decentralised contract address,where the dividend currencies are transmitted automatically to their wallets.
So, there is no obligation to redeem the cryptocurrency portfolio income into the private wallets of LCS holders. Instead, users may hold on to their dividend tokens and redeem their funds later or even liquidate the token on a market sale.
Cryptoshares owners are the members of the LocalCoinSwap community. They are entitled to provide an input to project development, analyse new business ventures, and have a complete ownership of their respective share.
All holders can vote in a proof-of-stake system handled using voting asset that can then be used in a public and transparent democracy contract.
LocalCoinSwap will provide an open and transparent exchange to its shareholders. The blockchain itself registers all dividend payouts to Cryptoshare holders.
LocalCoinSwap provides a listing service for new ICO tokens. Tokens will be launched on the LocalCoinSwap platform or raised at the pre-ICO or presale funding.
The requirement for listing new ICO tokens is that LCS Cryptoshares holders will receive some new tokens in advance proportionally. These shares are automatically distributed through the same mechanism as the dividend and voting tokens.
100,000,000: Total supply of Cryptoshares which issued in advance of presale. No more Cryptoshares can ever be created.
70,000,000: Maximum issuance of the Cryptoshares through the pre-ICO, presale and ICO period. Any unsold Cryptoshares will be destroyed to increase the value of remaining Cryptoshares.
10,000,000: Reserved for special community venture fund. These Cryptoshares will be frozen for 1 year.
10,000,000: Reserved for equal share between the core development team.
5,000,000: Allocated to security reward program.
5,000,000: Reserved for the bounty program.
Hard and soft capitalisation
Сryptocurrencies available for purchase of Cryptoshares:
- Ethereum (ETH)
- Bitcoin (BTC)
- Bitcoin Cash (BCH)
- Ripple (XRP)
- Tether (USDT)
Purchase via SWIFT transfer in fiat currency:
- US Dollar (USD)
- Euro (EUR)
- British Pound (GBP)
- Australian Dollar (AUD)
- Canadian Dollar (CAD)
- New Zealand Dollar (NZD)
SWIFT transfer can be made in other currencies. However this is subject to a standard exchange rate fee.
Initial pricing for the Cryptoshares is currently set at 0.4 USD per LCS. Other payment currencies are set at equivalent ETH value.
The softcap for the Cryptoshare crowdsale event is $500,000 USD in total value. Should this soft cap not be reached, all funds will be returned to investors.
The hardcap for the Cryptoshare crowdsale event is $20,000,000 USD in total value of all sale currencies. When this hard cap is reached the crowdsale will be closed and all remaining Cryptoshares will be destroyed. This limit was chosen to increase investment value for all of Cryptoshares holders.
Dear readers, I hope this article was useful for you, and if you are interested in participating in the project, you can find detailed information to these links:
Bitcointalk Username: CapnBDL
Bitcointalk profile link: https://bitcointalk.org/index.php?action=profile;u=212645
My Ethereum address: 0x577FA2553Af35908072Af7fc61270fd98022002b