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Round 3 – Local Remit

Round 3 - Winner
Local Remit

October 2018

 

 'Get In The RING' Daily Questions  

Local Remit highlights:

Q- Explain what is unique & rewarding about your ICO for investors?
A-ABSTRACT
Local Remit is a peer‐to‐peer platform that allows traders to skip the
middleman and trade on their own terms, whether that be via bank
transfer, any online payment.

CONCEPT
Trades executed using the Local Remit marketplace are confidential
via end‐to‐end encryption and unlike traditional over‐the‐counter 
platforms, the escrow mechanism is decentralized.

The only time the escrow arbiter can step in and transfer
cryptocurrency is if it receives explicit digital permission to
resolve a dispute but even then the smart contract code only
allows the arbiter to transfer escrowed cryptocurrency to one
of the parties.

When Local Remit goes live we will start by listing the following
cryptocurrencies for trading; Bitcoin, Ethereum, Bitcoin Cash,
Litecoin, EOS and our native Token LRT.

All transactions on Local Remit will have a small transaction
fee that will be paid for with our Native Utility Token to avoid
crypto dust left in User’s wallets.

The Problem As We See it:
Although the number of cryptocurrency exchanges has grown, 
there has been little progress in eliminating trust from
cryptocurrency on‐boarding.

Instead, blockchain financial innovators are replicating the
vulnerable systems of Wall Street stock exchanges and banks
— the same systems that provoked the global financial crisis
and the same systems that motivated the genesis of Bitcoin.

Is The Market Ready?
The prime advantage of cryptocurrency over fiat is the elimination of
the need for an intermediary. Instead of relying on an institution to
keep a record of your balance (i.e. a bank), blockchains use a
distributed ledger of transactions verified by a large network
of computers.

The result is that it’s impossible for anybody to access your digital
wallet without possession of your secret key, regardless of other
circumstances. As long as your wallet’s private key is kept secret, 
your cryptocurrency is secure.

The environment is ripe for peer-to-peer cryptocurrency
marketplaces and some of our predecessors have succeeded in this
field with very little effort because of the regulatory difficulties
of converting Fiat to Crypto in almost every jurisdiction in
 the world. Local Remit, Unique in every way!
Q-What are the main challenges you face & How will you overcome them?
A- These are the main challenges we (would) face and how we (intend)
to overcome them.

1. LOCAL REMIT OTC: Over-The-Counter trading, which is where 
two parties exchange with one another directly without the
supervision of an exchange, this has been a popular concept in
cryptocurrency since Bitcoin’s beginnings.

OTC trading grants flexibility as there are no restrictions on what
you can swap for cryptocurrency and person‐to‐person transactions
don’t involve a financial intermediary

2. COUNTER-PARTY RISK: Exchanging cryptocurrency with
strangers online and in person carries a major risk: how do we ensure
that both parties are going to hold up their end of the bargain and
not vanish as soon as money or cryptocurrency hits their account?
This exposure is known as counter‐party risk. Local Remit ensures
everyone transacts without fear by introducing a Trustless Escrow
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