LocalCoinSwap isn't only a P2P exchange for buying and selling cryptocurrency. We are also a community-owned platform that integrates the decisions of the wider community into the platform and business model via democratic voting. If you own LCS Cryptoshares then you may have heard that we are about to begin our third community vote! In this blog post you can find out further information on how to vote for your preferred business model and make your voice count.
Whether you believe we should remain a dividend model or transition towards a buyback and burn model, what’s most important is that you use this vote have your say. The ability to vote on key aspects of the LocalCoinSwap project is an important part of the community-owned ethos that we hold dearly within the team and wider community and we thank everyone for their ongoing support and feedback.
Before you vote, we encourage you to read the following voting resources in order to familiarise yourself with the voting options as well as the impact that both outcomes will have on the LocalCoinSwap business.
- Community Vote #3 - Buyback and Burn model proposal
- Why does the buyback and burn model matter?
- How to vote?
- Community Vote #3 - FAQ - Part 1
- Community Vote #3 - FAQ - Part 2
Voting begins today and will be open for two weeks (14 days) until Friday, October 4, 2019 (UTC-0).
HOW TO VOTE:
LocalCoinSwap voting tokens (LCSV3) have been sent to everyone holding LCS Cryptoshares. These LCSV3 tokens have been sent on a 1 to 1 ratio. This means that if you hold 1000 LCS in a wallet, you will receive 1000 LCSV3 tokens into that same wallet.
- Go to your wallet that holds your LCS Cryptoshares and look for your LCSV3 tokens that have been sent to your wallet address. If your LCS are stored off the LocalCoinSwap platform, you may need to add LCSV3 as a custom token in your wallet using the following details:
Contract - 0xCD3E6C0d690cDAdBb416e21D58c3DB80515f504a
Decimals - 18
Ticker - LCSV3
- Choose which of the 2 options you want to vote for. You can see a list of voting options below.
- Each voting option will have a corresponding Ethereum address (see below). Once you have selected your voting preference from the 2 voting options, you must then send the LCSV3 tokens that you received to the corresponding Ethereum address. This will classify as your vote.
- After 2 weeks (14 days) we will tally all votes that are sent to the Ethereum addresses and a winning outcome will be announced to the LCS community on our blog.
This vote comprises of 2 voting options that you can choose from:
OPTION 1: We will transition the LCS token model to a buyback and burn model
To vote for option 1, you must send your LCSV3 tokens to:
OPTION 2: We will retain the current dividend process
To vote for option 2, you must send your LCSV3 tokens to:
Remember: DO NOT use your LCS Cryptoshares for voting! Your LCS Cryptoshares will be permanently lost if they are sent to the voting address. Only send your LCSV tokens for voting!
WHAT HAPPENS NEXT?
If outcome 1 wins...
If the outcome of the vote is in favor of OPTION 1, then we will begin transitioning the dividend process to a buyback and burn model.
Once the company reaches a financial situation whereas 20% of trading fees represent less than 100% of profit, a subsequent vote will be taken to determine how to readjust the model. Outcomes for this vote may include a return to a dividend model or a higher amount of trade fees being used for the buyback.
If outcome 2 wins...
If the outcome of the vote is in favor of OPTION 2, then a second vote will need to be held to determine the structure of the dividend model under the non-custodial platform structure. Further details of a second vote will be posted for the community to view once we know the outcome.
Please join us in the LocalCoinSwap Telegram channel if you have any further questions and our team will be able to assist with further details. Thank you for your ongoing support.
The LocalCoinSwap Team