As promised in our first post about the referral vote, and thanks to awesome community feedback including your Ambassadors direct input since our release, we have compiled answers to the most frequently asked questions! So before we go any further, all the team wish to thank you for your continued support and valuable input!
An additional how to vote using MyEtherWallet video will be posted in time for voting as well for added clarification. This will be added to our first post here and sent out across all channels of communication to you all!
Q) Please clarify the voting options, I am a little confused!
Vote Option 1:
- 20% total bonus for referrer holding of 0 - 24999 LCS
- 30% total bonus with the referrer holding 25-50k LCS
- 40% total bonus with the referrer holding over 50k LCS
- In all above cases, 10% goes to the referee and the rest to the referrer
Option one is the most complex of the 3 voting choices however lets make it easier to understand and break it down. It is a tiered referral programme based on the holding of LCS cryptoshares. It is not limited to LCS cryptoshareholders by any means but for those investors holding anything more than 24999 LCS there is a larger bonus involved. In every case the referral bonus is split between the referrer (the person giving the link to sign up) and the referee (the person who signed up with the link.)
Steve holds 1000 LCS cryptoshares. He sends a referral link to his friend Billy to sign up to the LocalCoinSwap exchange. Every trade that Billy makes, the referral bonus will be split between the two. In this scenario the bonus would be 10% each from the trading fee as a reward. This is because Steve holds 1000 LCS cryptoshares and does not meet the requirements to gain additional bonus reward.
Steve holds 25001 LCS cryptoshares. As in example one he signs up his friend Billy. Now every trade that Billy makes gets a bonus of 30% because Steve holds more than 25000 LCS cryptoshares. In this scenario Steve will receive 20% and Billy 10%.
The referee always gets a guaranteed 10% which further incentives him to trade on the platform with this option. This is a shared bonus option where no matter the holding level of LCS both parties gain something. For further clarity the referee will never be able to know a referrers stake in LCS cryptoshares unless the referrer wishes to divulge that information.
Vote Option 2:
- 30% referral bonus.
This option is a little easier to explain. In this case ONLY the referrer will gain 30% of each trade completed by the referee. This is a more typical option from other exchanges offerings.
Steve refers Billy to sign up to LocalCoinSwap. Billy completes a trade buying 1 bitcoin. LocalCoinSwap takes the 1% fee in this case – 0.01000000BTC this is then shared between LCS and Steve. Steve ONLY will get the 0.003btc as a bonus NOT Billy.
Vote Option 3:
- 50% referral bonus but the referral program will run for 1 year only.
This is exactly the same scenario as in option 2 above BUT there is a time limit on it. From the moment of launch it will run for exactly 1 year and then be stopped with no further referral awards given.
The program is launched January 1st 2019 – It will close January 1st 2020
Vote Option 4:
- No Referral Program
This is fairly obvious but still an important thing to cover. LocalCoinSwap is a community owned exchange. Your voting power is a valuable tool in being an LCS cryptoshareholder. Maybe none of the programs above appeal to you? Or you simply do not want a referral program at all. In these cases, use your vote and be counted amongst your fellow LCS shareholders.
Q) What are the addresses for each voting option?
To vote for option 1 send LCSV2 tokens here:
To vote for option 2 send LCSV2 tokens here:
To vote for option 3 send LCSV2 tokens here:
To vote for option 4 send LCSV2 tokens here:
Q) Do I need to send any LCS cryptoshares to take part?
No! Please DO NOT send any LCS cryptoshares to any of the voting addresses ONLY send the designated LCSV2 tokens. If you send any LCS cryptoshares they will be lost and we cannot retrieve them!
Q) Is there a fee to take part in voting?
The only fee, if you are holding your LCS cryptoshares in a private wallet off the exchange, will be for GAS to pay the miners on the ethereum network. This will process the transaction like any other ERC20 token on the blockchain.
Q) What is the custom address to view the LCSV2 tokens on myetherwallet?
Q) This was not in the Whitepaper?
As stated in the whitepaper, the direction and major decisions are taken to the community. It is in this regard we are decentralised and inclusive. This is the first community-owned exchange and we are leading the way forward for all. This is the time to put it into action. This was not in the whitepaper and, as such, is why it is being taken to a vote keeping in line with the ethos outlined above.
Q) How many people can I refer?
There is no limit to the number of people that you can refer - you can send the referral link to as many people as you like. The more you sign up, the more volume there will be for LCS shareholders to be paid in dividends every quarter. Also the more people you sign up, the more bonuses you will get for an accumulation of every active trader. For example, if you sign up 5 people and option 3 was the winner in the vote you would receive a referral bonus of 30% every time any of those 5 people trade on the site.
Q) How do people get my referral link?
If you go to your dashboard on the LCS website you will see the link to your referral code. Send this to any friends or family you like. Once they click it and sign up themselves you will automatically be accredited as having signed up a new member. you can also keep track of the amount of sign ups you have on the dashboard!
Q) What about people trying to commit fraud?
Fraud is taken very seriously at LocalCoinSwap and we will always protect our investors and users of the site. If any fraudulent activity is found we reserve the right to disqualify the referral bonus and shut down the users account.
Q) When do I receive the bonus from my referrals or in option 1 being a referee?
Instantly! As soon as the trade is completed your account wallet on the LCS site will be credited with the exact cryptocurrency that the trade was done with. If case one is chosen by the community then this applies to the referee also.
Q) Who will see my votes?
No one! Your votes are anonymous by the very nature of the blockchain coming only as a simple token from an address. Your privacy is secured as in any transaction with cryptocurrency.
Q) I am still confused can you choose for me?
Neither the team nor the admins of the Telegram & discord channels can do this. We need to remain impartial so as to have the best shot at a fair and democratic community vote. Having said that any and all questions can be answered and discussed both openly in the main channels or privately via direct message. No question is too big or small and we will ensure to give you the clearest guidance on all options presented.
Q) Do I have to stake my LCS tokens for option 1 on the LCS exchange?
Yes, you will need to hold your tokens in your dedicated LCS wallet on the platform. As ever 95% of all the cryptocurrency on the exchange is held in cold storage, safely under lock and key!
Q) What is the point of this program, why not just advertise?
The main idea behind the program is to bolster volume and incentivize new users to join as well as existing users to trade more. As it is such a big decision it is for this reason the team have ensured it goes to a vote. However this does not mean the team are not going to advertise! On the contrary, as mentioned in the recent update post here – marketing will be shared with the community as it will now start to take center stage with hard launch fast approaching! On top of that as so may have heard we have a new Marketing Manager who is an expert in the field. More will be revealed about that once the settling in period is finished!
Q) How will the winning option be determined?
The option with the highest number of votes wins outright. Although a 50% +1 idea was floated we cannot use this system due to the fact that we are unable to ensure the required amount of voter turnout. This would then hold up operations longer than needed. If no referral wins, then there is a chance we can have another vote.
We hope that this helps to make the decision easier and the process more fun and inclusive. If you have any questions or are still struggling please do not hesitate to reach out and ask! Have a think, find what is suitable to you and get voting now!