It really is an auspicious and exciting time to be an investor in LocalCoinSwap. As the world’s first community-owned, P2P crypto exchange, we are thrilled to announce that we are about to have our second community vote in history!
All LocalCoinSwap crypto shareholders are able to take part in the democratic voting process in order to drive the direction of the development of our community-owned exchange. So, without further delay, let’s break down how the voting process works and what you will need to do to make your vote count...
Why are we voting?
We are voting to decide IF we should implement a Referral Program into the LocalCoinSwap platform and HOW it will be implemented.
The topic of a Referral Program has often been discussed in our official Telegram and Discord channels. This topic has been engaging, and at times heated, but your voices and suggestions have been heard and it is now time to make your vote count.
As promised, after we received all of your amazing community feedback we have condensed the vote outcome to a total of four options. It has been no easy task making sure each voice was heard in the selection process but the team have done it, delivering as always.
How does the voting process work?
The voting process works as follows:
- When the vote begins, the LocalCoinSwap team will send LCSV2 tokens to anyone holding LCS Cryptoshares. These LCSV2 tokens will be sent on a 1 to 1 ratio. This means that if you hold 1000 LCS Cryptoshares in a wallet you will receive 1000 LCSV2 tokens into that same wallet.
- Once you receive your LCSV2 tokens you will then need to choose which of the 4 options you are going to vote for. You can see a list of voting options below.
- Each voting option will have a corresponding Ethereum address which we will announce on this blog in a separate post. Once you have reviewed and selected your voting preference from the 4 voting options available, you must then send the LCSV2 tokens that you received, to the corresponding Ethereum address to make your vote.
- After 7 days we tally all votes that are sent to the Ethereum addresses and a winning outcome will be announced to the LCS community.
When does the voting begin?
Voting will begin as soon as the LCSV2 tokens are sent out on Friday 30th November (GMT).
How long will voting be open?
Voting will be open for a total of seven (7) days so you will be able to take your time and choose the option that you feel is best suited to your vision of the LocalCoinSwap platform. If you have any questions, you can speak to a Community Manager in our Telegram or Discord channels.
What are our voting options?
There are 4 voting options that you can choose from:
- 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
To vote for option 1, send your tokens to:
- 30% referral bonus.
To vote for option 2, send your tokens to:
- 50% referral bonus but the referral program will run for 1 year only.
To vote for option 3, send your tokens to:
- No Referral Program
To vote for option 4, send your tokens to:
If the outcome of the vote is in favour of a referral program (I.e. Option 4 is not the winner), all referral payments will be paid in the specific currency traded and come from the fees of that trade. In addition, the expected launch date of the referral program will be at the same time as the hard launch of the LocalCoinSwap exchange. The duration of the referral program for options 1 or 2* will be up to the discretion of LocalCoinSwap, as per other major exchange rulings.
As usual, if you have any urgent questions, we suggest that you head over to our Telegram or Discord channels to chat with the Community Management team who will be very happy to help with any questions.
It is time to use your voice and your voting power to help us continue to build the best platform possible. No matter the outcome, if your choice wins or not, remember that this is our greatest strength. No other exchange before has given the community a voice and such decision making power.
*LocalCoinSwap reserves the right to change the terms of the referral program at any time due to changing market conditions, risk of fraud, or any other factors we deem relevant.