Token/Symbol
LCS
Type
ERC20
Platform
Ethereum
Accepting
ETH, BTC, USDT
Token Count
100,000,000
Price
1 LCS = 0.0004 ETH

What is LocalCoinSwap?

Agree there are too many exchanges on the internet for exchange cryptocurrencies. 

But what differentiates LocalCoinSwap (LCS) from others is that LocalCoinSwap is the one and only decentralized marketplace which allows buyers and sellers to trade directly in any cryptocurrency using any method of payment.

It is a platform that allows users to freely exchange without unnecessary verification requirements or waiting times. A platform that offers and implements an approach to traditional company ownership using blockchain technology to distribute the entirety of the site's profits to holders of LCS Cryptoshares. Such a decentralized cryptocurrency marketplace is what LocalCoinSwap is trying to achieve with its ecosystem

Scope of LocalCoinSwap

  • Exchange any cryptocurrencies
  • PEER to PEER trading system no central bank accounts no verification
  • Theft prevention – where LCS  holds the crypto portion of the transaction until the payment arrives
  • Distributes 100% of its profits to its holders on a one to one basis.

LCS CRYPTOSHARE Overview

One unique thing about LCS is that they are not like the traditional ICO tokens. Instead, they are into this concept called Crptoshare. 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.

CRYPTOSHARES – The Working Cycle



Allocation of CryptoShares


Use 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.

Use of Revenue on LCS Platform

LocalCoinSwap will detail a breakdown of all expenses each financial period, to provide full transparency to its investors. The figures above provide an estimate that will depend on the exact amount of revenue made by the platform. In exceedingly profitable financial periods a lower percentage of site revenue will be used for administration and maintenance expenses.


Team


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 financial analyst and business development manager, with roles at major Australian and international private companies. Professional skills are well rounded, within all accounting and financial roles, with proven abilities to create solutions for start-ups and cryptocurrency-related companies. Professional development includes passing CFA level 1. Australian Regional Manager for TradingView.com


Daniel Worsley  

Chief of Operations - Bachelor of Economics (Major in Quantitative Methods)

Experienced in business strategy, operations and quantitative analysis. Successful stock and commodities trader in several financial markets over the last 8 years. Advisor to a Hong Kong based investment firm. Passionate about decentralization and blockchain technologies.


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.


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.

Roadmap


White Paper

Investment Info
Accepting ETH, BTC, USDT
Token Info
Token LCS
Platform Ethereum
Type ERC20
Token Price 1 LCS = 0.0004 ETH
Token Count 100,000,000
Schedule
Crowd Sale Start Date 2018-March-15
Crowd Sale End Date 2018-March-31

Write a review

Note: HTML is not translated!
    Bad           Good

Disclaimer : Please note that we are not associated with the ICO nor are paid for this review. This is our personal opinion and contributors are advised to do their due diligence before contributing to the ICO.

LocalCoinSwap is an ambitious project which is being developed by an experienced team aiming to tackle the giants of the cryptocurrency markets, who are currently monopolies in the crypto exchanges. The very reason for us to analyse this project is on account to its key value proposition, which aims at decentralizing the crypto marketplace and aims to create the world’s most inclusive marketplace.

We have analysed the ICO based on the below parameters: 

1. Necessity or problem statement (12%)

2. White paper (15%)

3. Product Status (15%)

4. Team (15%)

5. Business Model/Revenue Source (15%)

6. Social Media Presence/Hype (15%)

7. Competitors (13%)

Below is the score we have given for each parameter and overall rating of the ICO.

Parameter Total  Score
71.20
Necessity or problem statement
129.6
White Paper
1510.5
Product Status
1510.5
Team
1510.5
Business Model/Revenue Source
1510.5
Social Media Presence/Hype
1510.5
Competitors
139.1
100 71.20


Please continue reading for detailed analysis. 

1. Necessity or Problem Statement (12%)

Many exchanges restrict the registration of new accounts or require users to expose themselves to identity fraud and theft by submitting pictures of their passports and personal documents online. Also many people remain on the sidelines due to lack of patience or tech-savviness, inefficient and lengthy subscription processes, and security concerns.

LocalCoinSwap aims at addressing the above, apart from the below problems with current exchanges and P2P markets

  • The prevailing cryptocurrency exchanges are giant monopolies
  • Existing exchanges mostly have inefficiencies, security risks, long wait times and unreasonable verification requirements
  • Traders who wish to buy and sell outside the top few cryptocurrencies must access both a P2P exchange and a centralised mainstream exchange.
  • They must utilize more than one exchange and pay all associated fees to complete their purchase.

LCS as a platform aims at addressing all the above-said challenges. It does not ask for unnecessary verification, enables P2P trading of all digital currencies and most importantly use the Cryptoshare system (in place of tokens) for achieving the decentralization

This platform gets a 8 on 10 in terms of their choice of the problem statement and their innovation of attempting to bring in the LCS Cryptoshares that are not like traditional ICO tokens to address the aforesaid challenges.

2. White paper (15%)

You can go through their whitepaper in the ‘Details’ tab.

The whitepaper is fairly exhaustive with detailed information including the details about Cryptoshare ICO Issuance, LocalCoinSwap Trading Platform, and Value Proposition among others. Technical detailing and architecture could have been provided, which we feel as missing though

We give them 7 out of 10 on this aspect.

3. Product Status (15%)

They don’t have a prototype or a demo, despite the Whitepaper talking about MVP. We would have really liked to have seen a demo here at least. But given their well-defined roadmap and given the fact that they aim at increasing the public accessibility to cryptocurrencies significantly, we given them 7 out of 10. 

4. Team (15%)

LocalCoinSwap is headquartered in Wan Chai, Hong Kong. The company was founded in 2015. The team is quite an experienced one with experience in varied fields. The Chief Technical Officer, Nathan Worsley is an expert in C/C++, Python, R, Matlab, PostgreSQL,Git, Bash & Linux. The CFO, Thomas Underwood has worked as the Managing director of a successful private equity company. Aapeli Vuorinen is the Lead Security Engineer and he has been working as Data analyst, white-hat hacker and full-stack developer and expert in Python, Java, C++, Javascript, Pandas, HTML5/CSS/Javascript, Go, Matlab, Git, Linux, and SQL. The involvement of Taylor Scheel, the Blockchain Developer adds credibility to the overall team.

The core team consists of 7 members and 7 advisors. The team is really strong and looks quite capable of developing the project as planned. We give them 7 on 10 for bringing on board relevant people with strong understanding of the challenges.

5. Business Model/Revenue Source (15%)

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.

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.

Even with a decent success rate, LCS can get a healthy revenue source. We give them 7 out of 10 for this aspect.

6. Social Media Presence/Hype (15%)

LocalCoinSwap has developed an ordinary website is what we feel, especially the layout of the homepage. Their evangelizing efforts in various social media platforms like Telegram, Facebook, Twitter, LinkedIn, are all decent and LCS has a recall in the crypto-circuit now, because of their social media presence. 

  • Twitter – 17000+ followers
  • Facebook – 11000+ followers
  • Telegram – 4500+ followers

We give them 7 out of 10 in this aspect. 

7. Competitors (13%)

Needless to say, LocalCoinSwap is entering a competitive market, as it joins a list of already launched similar ICOs like TrustaBit, Play2Live, ArmPack, etc, but it currently has the following advantages that can help them succeed in the long run.

  • Multiple Coins Offered: LocalCoinSwap has put an emphasis on adding lots of diverse coins to the platform. They want to offer more coin pairs than any other decentralized exchange
  • Security: LocalCoinSwap plans to have a full-time dedicated security team. 95% of cryptocurrency deposits will be stored in offline wallets to minimize potential losses due to hacking
  • Dispute Resolution: If a dispute occurs, the escrow release is paused and supporting documentation is requested from each party to mediate the settlement resulting in a quick fix

As against the above offerings, it is also to be noted that there are quite a few players in this segment, most of whom are quite big and are already monopolies. But what is unique about LocalCoinSwap is that it has the potential to be the one of the biggest cryptocurrency market places in the world due to its decentralized nature and simplicity. Overall, we give them 7 out of 10 in this aspect.


Based on our analysis we give a overall score of 71.2 out of 100 to LocalCoinSwap which is an above average rating.

LocalCoinSwap has an interesting idea and also aims to give users more control over the platform. Most exchanges tend to only support a single currency or a small list of the most popular cryptocurrencies. LocalCoinSwap covers the most extensive list of cryptocurrencies and payment methods possible, with a dedicated development team whose sole purpose is the programming and implementation of new crypto and fiat currencies. It also has a rather ground-breaking idea of distributing all of its profits to the token holders and giving them voting rights, which might interest the investors big time. 

We give it “Good” rating and a long term investment option with moderate risk.