Categories: EducationFAQ

What Is LocalCoinSwap?

There have been some unique takes on the concept of exchanges and trading platforms. This is especially true in the cryptocurrency industry, where most exchanges are leaning toward issuing their own native tokens. LocalCoinSwap is no different in this regard, although it is set up in a somewhat unique way.

The Idea Behind LocalCoinSwap

Building a community-owned peer-to-peer exchange is not all that easy. Doing so will require a proper infrastructure and sufficient funding. Right now, the funding aspect is being handled through an initial coin offering. The infrastructure, on the other hand, still needs to be built out. With a main focus on distributing profits back to token holders, LocalCoinSwap has a lot of merit.

How Does it Work?

There are a few key aspects of LocalCoinSwap to take into account. It is designed to let traders purchase any cryptocurrency directly by signing up for an account. Unlike other trading platforms, there is no verification requirement in place, although the exact details remain to be determined. It is a project designed to facilitate trustless transactions, with LocalCoinSwap holding one’s cryptocurrency in escrow until their transaction is completed.

Perhaps the most appealing aspect of LocalCoinSwap is that it will seemingly support any cryptocurrency and any conceivable payment method. This sounds like a more advanced version of LocalBitcoins and ShapeShift, although it remains to be seen how this will pan out exactly. Having more payment options without extra verification steps can only be considered a positive development.

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With multisignature transactions powering all trades, LocalCoinSwap is certainly heading in an interesting direction. Additionally, the project will keep 95% of all coins in cold storage to prevent hacking attempts. It is a pretty interesting strategy overall, although it’s difficult for new trading platforms to gain any sort of traction in this competitive industry.

The LCS Token

As one would expect, the LocalCoinSwap project cannot operate without first issuing a native token to be sold in an initial coin offering. The LCS token will entitle holders to dividends in multiple currencies, airdrops of new ICO tokens, and so forth. 100% of the profits generated by LocalCoinSwap will be turned over to its users. This raises the question of how this project will stay afloat, but it seems that is what the ICO funds will be used for.

The Road Ahead

Plenty of work lies ahead for the LocalCoinSwap team. For the time being, the ICO is the top priority, and exchange listings will be pursued later on. The exchange’s launch is scheduled for August of this year, with mobile apps coming in early 2019. Dividends will be issued come February of 2019.

JP Buntinx

JP Buntinx is a FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he aims to achieve the same level of respect in the FinTech sector.

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