Local Coin Swap

"Local Coin Swap" - The Only Exchange Which Distributes 100% Of Profits Back To Token Holders

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LocalCoinSwap (LCS) is a decentralised marketplace which allows buyers and sellers to trade directly in any cryptocurrency using any method of payment. LocalCoinSwap provides a safe, uncomplicated and fast peer-to-peer (P2P) trading platform, allowing users to freely exchange without unnecessary verification requirements or waiting times. The platform utilises a secure escrow system that solves the inherent trust issues of online P2P trading. LocalCoinSwap is holding a crowdsale event of LCS Cryptoshares. Cryptoshares are a digital asset which will be used to facilitate distribution of all profits made by the LocalCoinSwap platform, in addition to all profits made by new business ventures under the LocalCoinSwap umbrella. Cryptoshare holders will additionally receive airdrops of new ICO tokens listed on the LocalCoinSwap platform.

The platform implements a novel approach to traditional company ownership by utilising blockchain technology to distribute the entirety of the site's profits to holders of LCS Cryptoshares. 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 proofof-stake system. This replicates the dividend payments and shareholder voting of traditional companies, with the added benefits of blockchain technology and decentralisation.

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LocalCoinSwap Cryptoshares

Cryptoshare overview

LCS Cryptoshares are not like traditional ICO tokens. Instead of a vague promise of possible future returns or idealistic visions which may never eventuate into product, Cryptoshares entitle the holders to guaranteed rights to 100% of the total profits from the Localcoinswap exchange through cryptocurrency dividends. Cryptocurrency profits are paid to shareholders in the same cryptocurrencies in which they are made, allowing the investor to receive a regular stream of portfolio income. By holding a single Cryptoshare asset, the investor is entitled to a wide variety of cryptocurrency profits across the entire spectrum of the digital economy.

Cryptoshare holders are also entitled to receive airdrops of new tokens when ICO’s are listed on the LocalCoinSwap platform. In addition, LCS Cryptoshares entitle the holder to voting rights in the platform’s decisionmaking process, such as the listing of new tokens on the exchange, the direction of new business ventures and design considerations or functionalities for the platform. Cryptoshares in LocalCoinSwap are more than just a stream of dividends, by investing you become an integral part of the future of the exchange itself.

Dividend and voting tokens

Profits from the exchange are calculated and distributed at the end of each fiscal period. The total issuance of dividend and voting tokens will be the same as the total supply of LCS Cryptoshares. These tokens are then issued to holders of LCS Cryptoshares on a 1-to-1 ratio. When dividend and voting tokens are redeemed they are destroyed by the contract they are broadcast to in order to prevent malicious attempts to claim extra funds or manipulate votes. LocalCoinSwap contracts holding non-issued Cryptoshares (such as the security bounty or venture-fund contract) automatically burn all voting tokens they are issued.

Currencies offered as dividend payment

LocalCoinSwap will launch with as many of the most traded cryptocurrencies as development time allows. The initial launch aims for a minimum of the leading 10 cryptocurrencies. The platform will add new cryptocurrencies at a constant rate in order to encompass the majority of the cryptocurrency market.

LCS Cryptoshares will entitle users to a vote in the listing priority of new currencies through a direct democracy contract using their voting tokens. LocalCoinSwap recognises that the cryptocurrency economy is a constantly changing environment with new assets emerging on a regular basis. By actively engaging with the holders of Cryptoshares, LocalCoinSwap will implement the coins which the community wishes to trade.

Airdrops of new ICO token listings 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. The requirement for listing new ICO tokens is that holders of LCS Cryptoshares receive an airdrop of some proportion of the new tokens in advance. These airdrops are automatically distributed through the same mechanism as the dividend and voting tokens. The specific requirements for new ICO tokens to list on the LocalCoinSwap platform will be decided through the proof-of-stake voting system.

The requirement for new ICO tokens wishing to raise pre-ICO funding is that LocalCoinSwap users and Cryptoshare holders must be entitled to special discount offerings. The expansion of LocalCoinSwap to provide a comprehensive listing service for new ventures to perform pre-ICO, presale and ICO is a fundamental priority for the platforms development after initial launch.

Decentralisation of ownership

Cryptoshares owners are valuable members of the LocalCoinSwap community. As such, they are entitled to provide input in all facets of site development, new business ventures, as well as having complete ownership of their respective share of profits. These voting rights include uses of the sites revenue. No significant new ventures will be undertaken without a vote amongst holders of the public issuance. All holders who wish to participate will vote in a proof-of-stake system handled by the issuance of a voting asset which can then be used in a public and transparent democracy contract. The democracy contract is open source and the outcome of votes publically tallied.

Transparency

LocalCoinSwap will provide an open and transparent exchange to its shareholders. The blockchain itself will provide an unforgeable record of all dividend payouts to Cryptoshare holders. LocalCoinSwap will have a continuous, transparent, and blockchain-based overview of all cryptocurrency revenues generated and to be distributed. Each monthly Cryptoshare holder announcement will detail developments of the exchange and issues which will be voted on by Cryptoshare holders before the next announcement. These issues will include new-venture projects, new coins added to the exchange, design considerations, and more. Cryptoshare holders may submit questions to be voted on through the platform’s integrated community forum.

Cryptoshare ICO Issuance

Allocation breakdown

• 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 incentivise staff to grow their value.
• 5,000,000: Allocated to security reward program. This will increase the security of the platform by incentivising 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.

• 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.

• 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 are 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.

LocalCoinSwap Trading Platform

Platform overview

Development on the LocalCoinSwap platform began in August 2017 and is estimated to be ready for initial release by the end of August 2018. The platform borrows the best elements and features of existing platforms but has been redesigned with an enhanced focus on user experience, coin additions and incorporation of social media interactivity. The core development philosophy for the LocalCoinSwap platform is: safe, easy, enjoyable.

Primarily the platform has been developed with the security of the user in mind. Careful attention has been taken to implement intrusion detection mechanisms and segregation of critical components. Extensive research was conducted on previous hacks and the security models of comparable exchanges before development began.

The ease of use of the platform was the second most important design consideration. It is important that the user has a smooth experience, can quickly find and use the features they need, and is not burdened by excessive pages or complicated interfaces. Where possible the focus has been on offering as many features as possible while maintaining visual simplicity. The signup process has been streamlined with no identity verification required for registration. Users are able to quickly access the platform and begin trading immediately with no restrictions.

The final consideration, and of equal importance, is that the platform is enjoyable for the user. The development team is integrating several social media aspects to the site designed to enhance the community element of the experience. This includes trending coins, interactive charts & graphs, achievement badges, custom profile pictures, and a fully integrated forum.

Coins offered

LocalCoinSwap aims to offer trading on the majority of cryptocurrencies and digital assets to benefit the greatest number of users. The platform will open in stages due to development budget, opening with the widest possible selection of coins and continuously integrating more. When there is uncertainty as to whether certain crypto assets should be implemented, or the order in which cryptocurrencies should be implemented, a vote amongst Cryptoshare holders will take place. LocalCoinSwap has a non-discriminatory attitude towards coin coverage. The platform’s focus is on servicing the needs of the greatest number of users possible, rather than providing preferential treatment to any single cryptocurrency.

Escrow system

The LocalCoinSwap escrow system acts as an intermediary between buyers and sellers to create a trustless solution to the inherit trust issue which hampers P2P transactions. LocalCoinSwap will implement a multi-signature transaction option for users in currencies where this is possible. This will allow users to exchange with zero platform risk.

When a new trade is initiated between traders, LocalCoinSwap takes possession of the cryptocurrency portion of the transaction, while the fiat currency payment is made directly from the buyer to the seller. Once the payment has been made, and the seller can verify the fiat currency transaction has been received, the cryptocurrency is released to the buyer. To prevent users funds from being locked up during volatile market periods, time limits for each step of the contract process can be specified by the buyer or seller and are agreed to in advance.

Dispute resolution

If a dispute occurs, the escrow release is paused and supporting documentation is requested from each party to mediate the settlement. LocalCoinSwap has scenario-tested all reasonably foreseeable instances where disputes may be initiated and has created stringent processes to fairly deal with each individual case. A global support team will ensure that staff members are available to mediate trading issues at all times.

User feedback

User feedback about buyers and sellers is an important component to maintain a community of reliable traders. Both parties have the opportunity to leave feedback and respond to it after the transaction is complete. Traders additionally may view feedback before deciding whether or not to accept incoming trades.

Community engagement

A key catalyst to user disenchantment of many cryptocurrency exchanges has been the lack of active community engagement. To ensure LocalCoinSwap users are fully aware of all important changes or news regarding the platform, regular contact will be disseminated through frontpage updates and announcements from the operations team. Additionally, LocalCoinSwap will engage with the trading community through its public Telegram groups, Slack channel, social media accounts, and integrated forum.

Security

A full-time dedicated security team has been enlisted to safeguard all vulnerable information at all times. 95% of cryptocurrency deposits will be stored in offline wallets to minimise potential loss due to hacking. Regular security audits by penetration specialists have been scheduled to ensure the security system is fully up to date. In addition, third party monitoring systems have been implemented for all servers with automatic shutdown mechanisms in cases of detected intrusion.

Simplified fee structure

LocalCoinSwap only charges commission to the market maker of the transaction (the trader advertising their services on the platform). The price advertised is the price paid, without withdrawal or deposit fees, and no other hidden charges.

For sellers who regularly engage in high volume trades, a special pro-trader status will be awarded, conferring lower trading fees and an official ‘trusted’ banner on their profile. Fees for trading will be set based on comparable exchanges, with the aim to match or beat the fees offered by any competitors (currently this is 1%).

Development overview

The LocalCoinSwap platform is developed using a modular process. The platform’s development has been divided into 5 core systems and approximately 350 features. Each feature is developed individually and then reviewed by the entire development team before integration into the master branch of the project repository. Unit tests have been implemented to ensure that no element of the website is compromised by the addition of a new feature.

The LocalCoinSwap non-technical staff work independently as bug finders on the development website. Additionally, an independent contractor with experience in penetration testing continuously attempts to find vulnerabilities in the websites security.

New business ventures

In the event of a highly successful crowdsale there will be several new community ventures immediately available for a vote by LocalCoinSwap Cryptoshare holders. In the event of a less successful crowdsale the votes will be undertaken as soon as sufficient revenue has been made by the platform to expand. Holders of Cryptoshares are encouraged to submit ideas for new ventures to be taken to a vote. These could include but are not limited to :

• Full integration of all ERC20 tokens through a dedicated development team.
• Translation, marketing, and support staff for the platform in new geographical locations where English is not a primary language.
• Enhanced token listing services for new ICO’s including rating systems and seed funding.
• Customizable themes and trading interfaces.
• Secondary atomic-swap marketplace built on top of P2P platform.
• Strategic partnerships within the cryptocurrency community.

Roadmap

Value Proposition

Value overview Of significant interest to investors in this project is both the potential returns and initial valuation of the company. The exact valuation of the company will be decided by the public through the crowdsale event. As 70% of the Cryptoshares are available on market, and the hard cap for the crowdsale event is 20 million ($20,000,000) USD, the maximum initial valuation of LCS through the token generation is 28.57 million ($28,570,000) USD. This limit was primarily chosen so that Cryptoshare holders could be assured of attractive potential dividend return on their initial investment, and also because it is unnecessary to raise further funding for initial platform development.

This initial evaluation also allows room for the market capitalisation of the company to rise naturally, through demand for Cryptoshares on secondary markets. The following research has been conducted so that investors may have some idea of potential dividend returns of their Cryptoshares. All research is speculative so the following projections should be considered optimistic (though still reasonable) as a good-case scenario.

Cryptocurrency markets - Sector analysis

The cryptocurrency market is fast approaching a 1 trillion ($1,000,000,000,000) USD market cap, with a total capitalisation that has peaked over 700 billion ($700,000,000,000) USD. This growth has been exponential in nature. This trend is expected to continue, as cryptocurrency adoption becomes increasingly mainstream.

As of writing there are 1426 cryptocurrencies in circulation, with an average of more than one cryptocurrency being created each day. The increases in market capitalisation are also reflected in trading volume across major exchanges. In 2017 the average 24 hour trading volume across the entire market was 120 million ($120,000,000) USD. In early 2018 the average 24 trading volume was already approaching 50 billion ($50,000,000,000) USD, the same as the New York Stock Exchange.

P2P markets - Industry analysis

Since Bitcoin’s inception in 2009, P2P exchanges have been a key instrument in its dissemination and popularity. Trade volume for Bitcoin has increased exponentially alongside the overall cryptocurrency economy. The week starting 23rd of December 2017 saw over 130 million ($130,000,000 ) USD worth of Bitcoin change hands via Localbitcoins.com – comprising the largest week of P2P trade in Bitcoin’s history. LocalBitcoins.com currently hold the title of the world’s largest P2P Bitcoin exchange. LocalBitcoins.com has no plans as of writing to support additional cryptocurrencies.

Revenue projection

The following revenue projection is based on current trading volume data taken primarily from “Coinmarketcap.com. Bitcoin P2P market share was calculated using LocalBitcoins.com data taken from Coindance.com. A full breakdown of calculations is contained in the appendix to this whitepaper. Care has been taken to base the following analysis on justifiable and realistic assumptions.

Core development team

Aapeli Vuorinen

Lead Security Engineer

Bachelor of Mathematics (Major in Pure Maths)

Data analyst, white-hat hacker and full-stack developer. Over 10 years of experience in software development and systems administration. Experienced with a wide variety of technologies including Python, Java, C++, Javascript, Pandas, HTML5/CSS/Javascript, Go, Matlab, Git, Linux, and SQL. Exceptionally talented at understanding and utilizing network and software protocols.

Nathan Worsley

Chief Technical Officer

Bachelor of Economics (Major in Econometrics)

Early investor in Bitcoin and Ethereum. Developer of a series of successful trading algorithms based on Triangular Arbitrage between cryptocurrencies. Original founder of company as a cryptocurrency investment fund based in Hong Kong: Digital Assets Management Ltd. Experienced high volume P2P trader on LocalBitcoins.com. Development experience includes C/C++, Python, R, Matlab, PostgreSQL, Git, Bash & Linux.

Thomas Underwood

Chief Financial Officer

Bachelor of Commerce (Major in Accounting and Finance)

Experienced business development manager and financial expert. Managing director of a successful private equity company with a diverse portfolio across several asset classes. Customer acquisitions regional manager at TradingView.com.

Valéri Natanelov

Chief Marketing Officer

PhD, Commodity Futures Markets

Entrepreneur. Founder and CEO of growAbric (knowledge brokering and design thinking company). Lifelong blockchain enthusiast. Extensive international business experience with a strong passion for design thinking and solving complex problems. Has lived on every (habitable) continent. Fluent in four languages.

Taylor Scheel

Blockchain Developer

Bachelor of Science

A clinical molecular genetic scientist working in a laboratory before a passion for the Blockchain and disruptive technologies led to him becoming a digital nomad and full-time solidity developer. Experienced in Solidity, Javascript, Matlab, Git and Linux.

Kevin Sparks

Lead Developer

Developer degree in Computer Science

Experienced full-stack Python and JavaScript engineer with a bias for action and proven experience in delivering reliable software. Over 13 years of experience across a wide variety of web-development and software projects. Passionate about learning and is particularly fascinated with collecting and analyzing data. Values people, relationships, communication, and Vim.

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