Name/Token Symbol: LocalCoin (LLC)
Industry: Decentralized Exchange
Number of Tokens: 1,000,000,000 LLC
Website Url: https://localcoin.is/
White Paper Url: https://localcoin.is/downloads/LocalCoinBlockchain.pdf
One of the ironies of blockchains and cryptocurrencies is that despite the fact that they rode on the back of decentralization and transparency to fame, they still rely heavily on centralized exchanges to survive. Most crypto projects will celebrate their listing on these exchanges as though they have won a lottery. While this does not in any way undermine the efforts of exchanges in increasing the utility of a digital asset, centralized exchanges completely undermine the concept of a decentralized system.
If you’ve been in the cryptocurrency space long enough, then you’d agree that KYC and AML procedures are now compulsory on centralized exchanges to enjoy certain benefits or features. This is in addition to several high-profile security breaches which have occurred in the past; from Mt. Gox to CoinCheck, and more recently, Cryptopia. The bottom line is that centralized exchanges have drawn cryptocurrencies back to the era of traditional banking systems – cumbersome onboarding processes, fees, lack of transparency and of course, possible security breaches and manipulations.
These inherent flaws in centralized exchanges have given birth to decentralized exchanges (DEX). LocalCoin is one of the new entrants in the space that wants to change how things are being done. According to their whitepaper:
LocalCoin is the true democratic decentralized ecosystem where everyone is free to do what they want and how they want. LocalCoin is not a company or a person, it is a community of people who share the same libertarian values and freedom.
Still examining their whitepaper, their mission and vision is stated as follows:
LocalCoin’s ultimate aim is to transform the waydecentralizedmarket operates. We do so by providing a technologically more efficient, transparent and reliable solution, making use of a public blockchain ledger and smart contracts. Our Vision is to become a world’s leading bitcoin and blockchain technology provider through a community ofcommunity ofpeople who shares the same libertarian values and freedom.
Apparently, the project has seen a lacuna in the way current decentralized exchanges are set up. They are counter-intuitive and difficult to use, especially for a non-tech crypto enthusiast. LocalCoin is trying to simplify the whole system.
One of the things that stands out about LocalCoin is the fact that they are not trying to overthrow or compete with other decentralized exchanges. Rather, they are starting from where they stop, improving what is already on ground. Upon closer scrutiny, this is the basics of doing business – just do it a little better.
Users on the LocalCoin platform can create their own smart contracts and exchange multiple digital assets on a truly decentralized platform; from cross-chain transactions to same protocol transactions.
The team is made up of 14 individuals and 1 investor with varying areas of expertise. However, most of the team members appear to have a background in IT. I would have to cut them some slack here since building a decentralized system that has a solid UX and UI has more to do with development than administration