Today marks the third week which LocalCoinSwap has been in operation for, and once again a number of new features have now been added to the site.
Our biggest user-facing feature this week is the inclusion of MFA in escrow release when trading, as opposed to only when withdrawing. This will increase user security by eliminating the ability of attackers to remove funds from compromised accounts. Although previously MFA was applied to withdrawals from the site, a crucial weakness was that having an account compromised might lead to a hacker creating a trade with his own account to move over funds from the compromised account. By eliminating this attack vector, we have significantly protected our user base from risks associated with compromised accounts.
Our MFA integration is now complete from a feature perspective, although we will still make future updates to the UX/UI.
We have also added a “fixed price” option to the creation of trades, based on requests from users. This means that when creating an advertisement there is now the third option to choose a static price which is not affected by the market price. There was much debate about the inclusion of this feature, but as it was widely requested we have listened to the community and gone ahead with its implementation. Above all else the community comes first on LocalCoinSwap!
Last, but not least on the user-facing side, we have the very beginnings of our referral system, where users can now enter a referral code on signup, and give other people their user-id as a referral code. Exactly what benefits the referral system will bring is still under debate by the community, so please feel free to put forward any suggestions you may have. To access information about how your referral code is currently being used, please visit your profile page on the platform.
On the backend side we’ve been making some major upgrades to the way cryptocurrencies are processed, increasing reliability and making future implementation of currencies faster. We are in the final stages of testing Ethereum Classic, Bitcoin Cash, Dash, and Litecoin, and expect to have roll out these currencies within the next couple of weeks. After that, Monero and Tether are next on the radar.
We are also now in the process of interviewing candidates to fill a new frontend developer position. We expect that this candidate will be able to assist us in a major overhaul of our current UX and UI, in particular on mobile devices.
Thanks for your ongoing support, the development team looks forward to bringing you more exciting news next week.