You take one last look on the glistening shoes placed pretty precisely in the rack. They fit you perfectly and almost look like what you’ve seen online so you decide to buy them and turn back to find that your salesperson nods approvingly asking you “How will you be paying? “Do you freeze, meticulously going deep inside the struggling thought of how are you going to pay? And what are your total payment options, weighing the relative economic and social costs as well as multiple queries and self-confusion involved in writing a check, paying cash, or simply making a transaction?
Probably not. Because it’s the product occupying the space of your head so , you go ahead and perform a quick calculations and estimation figuring out (“How much money is in my wallet?” “What’s the balance in my checking account?”) And promptly relay your decision to the waiting salesperson that is still waiting for your final answer for how you will pay.
Nowadays, consumers can use debit and credit cards, cash, checks, smart cards, traveler’s checks, and money orders. Not to mention ATM transactions, direct payments via the automated clearinghouse (ACH), and telephone- and PC-based home banking. What is often referred to as “the payments system” is actually a collection of many individual payments mechanisms, each operating to ensure the timely and orderly transfer of value. The vast majority of people know little about the complexity of the payments services they use every day. To nearly everyone, payments seem to “just work.” But without reliable and accessible mechanisms, the most commonplace transactions of everyday life would become more time-consuming, cumbersome, expensive, and risky. Block chain technology does not settle for time consuming, unsafe and less reliable procedures and so it comes up with efficient, safe and more reliable methods likewise for payments and currency exchange methods. It has now launched “LOCAL COIN SWAP” a project specially designed for buyers and sellers to trade directly in any crypto currency using any method of payment. It is a safe, uncomplicated and fast peer-to-peer (P2P) trading platform, allowing users to freely exchange without unnecessary verification requirements or waiting times.

Introduction to LocalCoinSwap:

It is very much visible that Cryptocurrencies and other digital assets are revolutionizing the financial ecosystem. For example in 2017 alone the market capitalizations of all digital currencies grew by 3171% to 700 billion ($700,000,000,000) USD.
Development on the LocalCoinSwap platform began in August 2017 and is estimated to be ready for initial release by the end of August 2018.LocalCoinSwap (LCS) is a decentralized marketplace which allows buyers and sellers to trade directly in any cryptocurrency using any method of payment. LocalCoinSwap provides a safe, uncomplicated, convenient and fast peer-to-peer (P2P) trading platform, which allows users to freely exchange and pay without unnecessary verification requirements or waiting times.
The specialty of the platform is that it makes use of a secure escrow system that solves the inherent trust issues of online P2P trading.. The platform implements a novel approach to traditional company ownership by utilizing block chain technology to make payment methods and exchange of currencies easier than ever. Escrow system the highlight of this project is basically a system that acts as an intermediary between buyers and sellers to create a trustless solution to the inherit trust issue which hampers P2P transactions.
This asset entitles investors to regular dividend payments denominated in all of the currencies traded on the platform. Holders of the Cryptoshare may also participate in the long run vision and decision making of the company itself through democratic voting in a proof of-stake system which replicates the dividend payments and shareholder voting of traditional companies, with the added benefits of blockchain technology and decentralization.

Funds raised from the crowdsale event are used to expand and speed up the development of the LocalCoinSwap platform and increase the number of cryptocurrencies which the platform is able to support on release.
When we consider some serious issues such as Centralized cryptocurrency exchanges in their current form are fraught with inefficiencies, security risks, long wait times and unreasonable verification requirements. This results in high barriers to entry for a huge number of potential users. Commonplace also are unethical business practices including insider trading, front running, and deceptive pricing. As long as these problems exist, there will always be a demand for P2P marketplaces as p2p marketplace provide direct access between buyers and sellers, which represents the truest form of free market trading. The future of the digital currency ecosystem relies on the development of a robust P2P exchange which supports a diverse choice of cryptocurrencies.
The innovative distributed ownership model offered by LCS Cryptoshares will bridge this gap in the market, while delivering the profits of the platform back into the hands of its users. In addition, LocalCoinSwap will be the catalyst for expansion of the cryptocurrency market by enabling new users through the elimination of all barriers to entry. Some of its remarkable benefits include:

• Direct trade of cryptocurrency: Directly trade any cryptocurrency, using any conceivable payment method, in any geographical location
• Customer Focused: Presence of Dedicated support team, integrated social media features 24/7.
• Customers are the owners100% of profits distributed to users through the blockchain
• Fair and Democratic system: Operated through voting in a proof-of-stake system.
• Easy, convenient and efficient exchange: Instant signup, no verification & no restrictions.
• Transparent, safe and secure: Public financial announcements, open-source contract code
• Biggest coin coverage: More cryptocurrencies than any other peer-to-peer exchange.
• Cutting edge security: Multi-signature transactions. 95% of funds in cold-storage
• Feasible Token Utility: Dividend profits in multiple currencies. Airdrops of new ICO tokens.

Service enhancing features:

• Decentralizing the Exchange: LocalCoinSwap decentralizes the most crucial part of the exchange: the profits. Cryptoshare holders receive guaranteed rights to 100% of the profits from trades on the LocalCoinSwap exchange.
• Minimum one asset is required for the exposure of entire portfolio: Cryptoshare holders receive profits in all of the cryptocurrencies traded on the exchange, an income stream denominated across an entire portfolio of digital assets.
• Believe in running a fair and democratic system operated upon voting of cryptoholders: An open source democracy contract hosted on the blockchain publicly tallies votes on user-submitted issues to decide the operation of the exchange
• ICO delight in the form of receiving additional airdrops :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. When new tokens are listed Cryptoshare holders receive an advance airdrop, as well as access to special offers on new listings.

ICO DETAILS:

• Token code: LCS
• Price per LCS: 0.40 USD
• LCS maximum total supply: 100,000,000
• Available through pre-ICO/presale/ICO: 70,000,000
• Token freeze: 20,000,000
• Token burn: unsold
• Payment currencies: ETH, BTC, USDT, BCH, XRP, USD, EUR, GBP, AUD, NZD, CAD & more
• Soft cap: 500,000 USD
• Absolute hard cap: 20,000,000 USD
• Bonus structure: Community based
• Transparency: Open source (public Github)

• 100,000,000: Total supply of Cryptoshares which are minted in advance of presale. The contract for the Cryptoshare locks this limit as unchangeable so no more Cryptoshares can ever be created. This limit was chosen to give higher possible future values to individual Cryptoshares. This contract is open source and publically available on the LocalCoinSwap Github repository.
• 70,000,000: Maximum issuance of the Cryptoshares through the pre-ICO, presale and ICO period. At the end of the crowdsale period all unsold Cryptoshares from this portion of the issuance are destroyed to increase the value of remaining Cryptoshares.
• 10,000,000: Reserved for special community venture fund. These Cryptoshares and associated dividends are frozen for 1 year. After the end of the freeze LCS Cryptoshare holders may vote on the use of these funds and dividends for the purposes of developing the company. Staff members are ineligible from voting on the use of these funds. This fund provides incentive for holders of Cryptoshares to participate in the community aspect of the platform.
• 10,000,000: Reserved for equal share between the core development team. These Cryptoshares are frozen for 1 year to incentivize staff to grow their value.
• 5,000,000: Allocated to security reward program. This will increase the security of the platform by incentivizing malicious actors to report any exploits found rather than taking advantage of them. 5,000,000: Reserved for the bounty program. This program will assist with the promotion and marketing of the platform users. These bounties will be paid out for services such as translation, content creation and brand development.

Crowdsale bonus structure:

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.
• $5,000,000 of funding reached: All existing Cryptoshare crowdsale investors receive 5% additional Cryptoshares.
• $10,000,000 of funding reached: All existing Cryptoshare crowdsale investors receive 5% additional Cryptoshares.
• $15,000,000 of funding reached: All existing Cryptoshare crowdsale investors receive 5% additional Cryptoshares.
• $20,000,000 of funding reached: All existing Cryptoshare crowdsale investors receive 5% additional Cryptoshares. Residual tokens are then destroyed to increase total value to all investors.

Usage of Funds:

The primary use of all funds raised from the crowdsale is to expand the features of the platform and support addition of new coins. The exact allocation of funds between platform development, security and coin addition will depend on the amount of investment made. Primary consideration is always given to increases to security of the platform during budgeting considerations.
• 30%: Allocated to increase the security of the platform. LocalCoinSwap offers trading in a large variety of digital assets. To protect against all possible threats multiple layers of redundancy have been implemented in wallet systems, and security critical processes abstracted to separate servers. A large allocation of crowdsale revenue towards security will provide users assurance that LocalCoinSwap is a safe platform on which to trade.
• 30%: Allocated exclusively for the addition of new coins. LocalCoinSwap aims to provide the maximum diversity of trading options upon launch and will hire dedicated staff solely to investigate and implement new cryptocurrencies.
• 20%: Used for further development and expansion of the platform. This will enhance scalability and the number of features which will be offered on initial launch.
• 15%: For business development, marketing & advertising. LocalCoinSwap will implement broad marketing & advertising strategies to increase the user base of the platform upon launch. These strategies are refined and focused campaigns based on the data and analytics gathered during the Cryptoshare issuance.
• 5%: Allocated for administration costs incurred during the final development of the platform

Use of revenue on the LocalCoinSwap platform:

• 80%: Distributed through the dividend system equally to all holders of LCS Cryptoshares.
• 9%: Used for administration costs which consists primarily of staff wages and fees paid to contracted workers? LocalCoinSwap staff is paid a maximum of a market wage in line with their relevant qualifications and experience. All salaries and contracted rates will be detailed in LocalCoinSwap’s financial announcements to increase the transparency of the platform.
• 6%: For maintenance of the exchange platform. This includes costs of servers, replacement of physical equipment and fees paid to technical services.
• 5%: Allocated to enhance security of the platform. These expenses include security audits, penetrations testing and costs of implementing additional protection measures.

Roadmap:

Click below to see the offcial roadmap

Conclusion:

The core development philosophy for the LocalCoinSwap platform is to become a platform that is safe, easy and enjoyable. That is why Extensive research was conducted on previous hacks and the security models of comparable exchanges before development began to serve the best services to the best customers .

OFFICIAL LINKS:

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Author: Ahtsham
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Ether Address: 0x66EF10B68C2e765E9CbF5994D2d8CAd7F9b0E748