Today I'm gonna discuss about peer to peer exchange platform that will basically allows users to trade any cryptocurrency they want while giving them the security of an escrow system.
The name of the ICO or the project that I'm gonna discuss about today is LOCAL COIN SWAP. It is very similar to localbitcoin.com where buyers and sellers can transact between each other on or off the platform. Now the difference with Local Coin Swap is they are offering multi-cryptocurrency . The other cool thing about LocalCoinSwap is its the only exchange which distributes the 100% of the profits back to the token holders. So if you join this ICO and you required tokens and you stake them and you hold them and the end of every quarter you'll get back dividends or profits based on the transactions fees that occurs between buyers and sellers platform.
Here is a basic review of how the platform works..!
Well you jump on LocalCoinSwap . You sign in without any unnecessary verification requirements. No hoops to jump through. You search through the ads and find the best deal. Then you go ahead and place you're trade. You agree on a payment method and enter into the trade. The platform Local Coin Swap holds the crptocurrency which ever one you're about to trade in an escrow account. All the payments has been made and once the seller is confident and everything is gonna go through, they can go ahead and release that cryptocurrency to the buyer.
The name of the token is Crypto shares. The way crypto shares work is those who invest in ICO earn a profit from the fees that take place during the transaction on the platform. At the end of every quarter a 100% of the profit is then distributed to each cryptoshare holder accordingly. If the investor holds 1% of LCST token or the crypto share token you'll receive 1% of the total profit
Whenever they say new ICO listed on the platform Local token holders will receive a amount of those tokens in return for each crypto share token that they currently hold. So as long as you are a token holder its a continuous stream of income in multiple different currencies just simply by holding the assets. Now you're not just paid in Bitcoin or Ethereum , you're actually paid in whatever cryptocurrencies the platform is currently trading. So you actually get a share of each cryptocurrency available on the market.
So hypothetically you can trade any type of cryptocurrency using any type of considerable payment methods any geographical location. They're trying to eliminate all of the barriers. Obviously it's decentralized it's community owned, community focused, community funded, completely transparent, there'll be tons of different coins available, there're is instant sign up, no verification required.
While reading the white paper it was interesting that I saw that the original operation or the original platform was actually a private hedge fund owned by two of the staff members before actually developing into this type of exchange they are offering now. They were incorporated in 2015.
Now why is LocalCoinSwap so different?
Well there are still other existing peer to peer marketing platforms out there. They all tend to monopolize and make the creators very wealthy. LocalCoinSwap claims that they do not look to monopolize and they look to be a place that is fair and just for the digital economy. That's why LocalCoinSwipe wants to give 100% of their profit away to the token holders into their community.
A couple details about the ICO
- They are ERC-20 token
- They are based on Ethereum platform
- There're will be a max total supply of 100,000,000 tokens available
- Their soft cap is of 5000000 USD
- Their absolute hard cap is equivalent to 200,000,000 USD
Any unsold tokens will be burned.
Overall I think this platform has what it takes to make a big splash in the world of peer to peer exchange. They are offering multi-cryptocurriencies along with a secured escrow service. They want to be completely community focused and community owned, which is pretty refreshing to see. The team looks pretty solid and looks like they have a diverse background and know what they are doing. They have a solid advisory board and for being the brand new ICO it fairly good mix of social media. I like to see a good 3-5 minutes promo simplifying what they are trying to do and explaining to the average user how easy their system really would be. They definitely need to focus on their social media and really ramp that up to get a community adoption. Other than that I'm looking forward to seeing what this product really puts out.