Today marks a turbulent and wild week across all markets, with deep collapses in virtually every price. The ability of centralised participants to dominate the hashing power in the 4th largest cryptocurrency BCH, has shaken confidence in the decentralisation of all cryptocurrencies. As inflated egos battle, to reign supreme in the hash war, the entire industry suffers on the sidelines. Community members who wish to follow the state of both chains are advised to visit https://cash.coin.dance/, where you can see the latest statistics.
This said, I firmly believe that recent events are good for the long-term outlook of cryptocurrency. The first major contentious fork has educated us about the safety of proof-of-work, the dangers of mining centralisation, and the importance of developing better role models to shepard adoption into the mainstream.
In light of recent events, we have decided not to reactivate BCH yet. However, when we do reactivate BCH, it will likely be on the Bitcoin Cash ABC protocol implementation. It appears from the current state of the chains that this protocol will win out as the mainstream choice. Of course, anything can happen in cryptocurrency.
Anyway, on to more relevant news, the weekly site updates!
Today we proud to launch a complete revamp of the entire process of posting a trade, based on careful market research and community feedback.
Some of the changes include in this revamp include:
- Animated progress bar to inform users how far along the process they are
- Ability to edit previous steps using the pencil
- Animations to illustrate individual steps
- Reordering of options in a logically consistent manner
- Better input boxes to make selections from, allowing users to search by acronyms or full names of fiat and crypto currencies
- Mobile optimisation for this process
- Better error handling for user input mistakes
The overhaul is not 100% complete yet though, and in the coming weeks we will be adding some final improvements to the 'post a trade' process including:
- Better dynamic pricing formulas
- Suggestions based off user location and popular choices
- Edit already posted advertisements
We are also in the final preparation stages for the community vote.
At the moment, the most popular options are:
- No referral system
- Referral system based on a percentage (like Binance, etc)
- Referral system based on the amount of LCS holdings a person has. This puts upwards pressure on the price of LCS by providing additional token utility
If you have other viable alternatives, please present them so they can be considered for the vote.
Lastly, we've continued work on the next cryptocurrency we will be implementing: Ripple. LocalCoinSwap is committed to becoming the first marketplace where XRP can be traded P2P!
Thanks again for the continued support, as we look forward to future updates. The next couple of weeks will involve finishing off the post a trade features, and a complete revamp of the homepages. After these are completed, we will be significantly closer to hard launch.