As explained in the previous article, LocalCoinSwap is a decentralized marketplace that provides a P2P trading platform as a key solution to address some problems regarding safety matters and the complicated verification procedures in entering the crypto marketplace. In establishing trustless P2P trading, the LocalCoinSwap uses a secure escrow system. These solutions are proposed and developed by the LocalCoinSwap team members and the plans containing every step needed to achieve the ultimate goal is presented in this roadmap.
The company was first built in December 2015. A year later, the team was established. In March 2017, the team develop the concept of the exchange while the development of the exchange itself began in August 2017. In February 2018, the whitepaper was launched. At the moment LocalCoinSwap is working on the ICO sale.
LocalCoinSwap was established by a team consisting of experienced cryptocurrency experts. At the first, they themselves found it very difficult to trade new digital assets easily and quickly. There is no sufficient support that helps new investors to enter the marketplace. Based on their own needs and wants, they found the idea to build an infrastructure that can help anyone sell and buy digital asses without any problems. The team consists of a wide range of fields such as e-commerce, economics, computer science, marketing & business strategies, and many more. All members have the right to take part in the decision-making process as LocalCoinSwap brings a democratic value into the team.
There are six members of the core development team. Every member has their own focus and position in the company. Aapeli Vourinen, the Lead Security Engineer, for example, is focusing on working with software development and system administration. Nathan Worsley, the CTO, is focusing on the digital assets management. The detail of the other members’ profile can be found in the whitepaper or the website.
Use of Funds Raised from Token Sale
LocalCoinSwap is holding an ICO sale event of Cryptoshares. Cryptoshares or LCS tokens are the main currency that later will be utilized to facilitate profits distribution within the platform. Based on the roadmap, the ICO sale will run for two months. It started on 15 April and it will end on 15 June 2018. In case the hard cap of the sale is reached before the scheduled closing date, the sale can be closed sooner. The funds raised during the sale will be broken down to be used in particular purpose. It is important to know the distribution of the funds so full transparency to its investors can be created.
Most of the funds (80%) will be distributed to all Cryptoshares holders equally through a fair dividend mechanism. 9% of the funds will be used to cover administration costs such as for paying the staff wages and contracted workers’ fees. 6% of the funds will be used to maintain the platform. Maintenance here includes replacement of broken equipment, cost of servers, and fees for a technician. Meanwhile, the remaining 5% of the funds will be allocated to improve the platform security such as for paying the fees for security auditors and implementing extra protection measures.