LocalCoinSwap
Introduction
What’s new at LocalCoinSwap? What has the team been up to?
Perhaps you’ve been absent from our social mediums. Well, if that’s the case, we’ve rounded up a quick summary of what we’ve been up to this month, plus some brand new up-and-coming news.
First of all, the team would like to thank everyone that has contributed to the ICO, thereby helping us realize our vision of the first-ever community owned cryptocurrency exchange. On top of this, your contributions have created new jobs and allowed us to expand the team to help build a better exchange and ensure the future success of the project.
LCS in the Current Market
Although both the ICO and the opening of LCS trading occured at a suboptimal time in the market, LCS has proven to be a strong digital asset.
Over the past week, (at the time of writing on CoinMarketCap) the market has been bleeding: Ethereum lost over 18.5% and the other biggest currencies have followed suit. Yet, LCS has gained almost 17.5%. This is a great sign of the market’s confidence in the LocalCoinSwap team and project.
LCS is currently trading around the 400th position for total market capitalization on CoinMarketCap (CMC). This is out of the 1842 currencies listed, and before CMC updated our total supply. Once they do, we expect the position to increase significantly.
24-hour trade volume has been steadily increasing on both Hotbit and ForkDelta since the end of ICO and is currently sitting around 300,000 USD. Once the LocalCoinSwap platform launches, there will be streamlined ways to onboard fiat investors into becoming LCS holders. Increasing the streams through which money can flow into LCS should be very positive for both liquidity and market capitalization.
Exchange Development
Development of the LocalCoinSwap exchange platform is coming along well. The rebrand has just been launched with a new colour scheme, logo, and brand guidelines to ensure a consistent presentation across all mediums.
The early access users are made up of a small group (under 100) of our earliest, biggest, and most passionate investors. We have received much valuable feedback from them that comes from a pure, user-perspective, and a good portion of this has already been implemented. The rest of the suggestions will be integrated after we launch.
The LocalCoinSwap platform will go live by means of a progressive launch period. This will consist of a soft-launch at the end of August, and a hard-launch following. There are several reasons for adopting this rollout method. These range from ensuring the scalability of trade volume and ensuring maximum server uptime. As well as this is the proper penetration testing of the remaining currencies to ensure the wallet systems are up to scratch with the rest of the security.
The soft launch will so far consist of full and live trading of BTC, ETH, LCS Cryptoshares, WaltonChain, Golem, Binance token, Power Ledger and Decision Token. This alone is already much more than the biggest competitors.
The rest of the 20 launching currencies will be implemented stepwise through out the progressive launch with BCH, ETC, and LTC being the first.
New Additions To The Team
Since the conclusion of the ICO, the LocalCoinSwap team has significantly increased.
To ensure that the chief management suite can focus 100% on the higher level technical, operational, marketing, and strategic facets of the business, a strong group of community and marketing managers has been added to the team. With the help of these individuals, we aim to maintain the high standard of community support and engagement for which LocalCoinSwap is known.
We have also welcomed a handful of new developers as well as a new front end and graphic designer. These new staff members have been pivotal in offering a fresh set of eyes over the design aspects of the brand/platform, as well as over all the security aspects of the codebase.
Partnerships
On top of the valuable partnerships in which we have already engaged, the work has not stopped. Behind the scenes, the LocalCoinSwap team and associates have been hard at work analyzing and developing relationships with other nascent stage and solidified companies to add more value to the LocalCoinSwap ecosystem.
We have recently signed a Memorandum of understanding with one up-and-coming project that is looking to run part of their ICO on the LocalCoinSwap platform. This will be partnered with an Airdrop to all LCS holders. A detailed announcement will be out in the coming weeks.
We are developing two different pathways to partner with more projects. The first is a community-driven approach whereby the community will suggest projects that they would like to see on the platform; we are working on a gateway to streamline this process. The second pathway will include a third party who will independently audit new projects and suggest those which have the most promising potential to add value to LCS. We are in conversation with a well-known crypto platform to partner with in this pathway.
Other developments
Over the past few weeks, the LocalCoinSwap media blitz competition has been proceeding at full pace. There have been many great entries from the community and these entries have reached thousands of individuals and has received reactions from the likes of Charlie Lee (founder of Litecoin). The competition is still ongoing so for details on how to enter, check out this article.