LocalCoinSwap Release Notes: Version 0.3.1 (November 26, 2018)

. 3 min read

Today is the 11th week since the launch of LocalCoinSwap, and in typical fashion we have some exciting updates!

As many of you might have guessed, today we are pleased to launch Ripple (XRP) as an official trading pair on the LocalCoinSwap platform. This makes LocalCoinSwap the only platform online where Ripple can be exchanged Peer-to-peer.

Ripple is already available for trading, with all wallet systems functional!

The Bitcoin Cash hash war appears to be over with the ABC implementation a clear winner, and SV conceding defeat by agreeing to add replay protection. After a strong early lead, the ABC chain has consistently maintained the same level of hash above the SV chain throughout the entire war.

Please note that the "% ahead" statistic on cash.coin.dance is deceptive in tracking progress, as this figure naturally declines as the hash on both chains increases. It's the distance between the proof of work on both chains which shows the clear winner. After 11 days it seems increasingly clear that SV chain will be unable to close this gap:

bitcoin cash proof of work metrics

Additionally, the company which controls 85% of the mining power on the SV chain (nChain - which controls SVPool, Coingeek, and Mempool) has officially announced that they will add replay protection to the SV chain.

This will leave the ABC chain as the longest proof of work and therefore the most valid chain. To quote Satoshi Nakamoto himself:

"It is strictly necessary that the longest chain is always considered the valid one. Nodes that were present may remember that one branch was there first and got replaced by another, but there would be no way for them to convince those who were not present of this. We can't have subfactions of nodes that cling to one branch that they think was first, others that saw another branch first, and others that joined later and never saw what happened. The CPU power proof-of-work vote must have the final say. The only way for everyone to stay on the same page is to believe that the longest chain is always the valid one, no matter what."
Source: https://satoshi.nakamotoinstitute.org/emails/cryptography/6/

Given current events, we will be reactivating Bitcoin Cash trading this week with the ABC implementation on the BCH ticker. In the future if SV trading becomes sufficiently popular we will also implement it under the BSV ticker.

The next currency on the implementation list is the Omni-token Tether, which the devs will be working on over the next couple of weeks. Although controversial, Tether is one of the top 10 cryptocurrencies by market capitalisation, and its stable coin status may be of particular interest to P2P traders.

After Tether is implemented, the LocalCoinSwap team have decided to take all further coin implementations which are not part of B2B partnerships to the community. This will also simplify the hard launch roadmap, leaving only user experience updates, mobile optimisation, and metrics pages to go.

As a final note, after today we will be switching to integrated monthly announcements which will include both monthly development updates - beginning on the 15th of December, and monthly marketing updates - beginning at the end of this month.

The team will still make weekly updates to the sites development each Monday. However, for marketing purposes a couple of weeks leeway will allow us to more easily run advertising and social media campaigns focused around our development efforts.

As hard launch approaches, the development will now focus primarily on marketing. Planned updates include a custom marketing landing page, new tutorial / explainer videos, social media sharing, and integrated site translation. We feel that user experience is now at an acceptable level and it is time to focus more on volume driving.

Thanks for your continued support!

PS: Stay tuned for team updates about the community vote, coming in the next few days :)