Topic: [ANN][LOTS] LotSwap | Bridge | DAO - The First Lot Swap, Lot Bridge, & Lot Farm (Read 62 times)

https://lotswap.xyz
https://lotswap.xyz/app
https://lotswap.xyz/whitepaper.png
https://discord.gg/ZU3scZNT
https://lotswap.slack.com
https://pancakeswap.finance/swap?outputCurrency=0x10687B99F50877f2e7395d2cbfc10B61fe5682C2
https://lotswap.xyz/ann.png

LotSwap aims to be the first decentralized Lot swap, Lot bridge, and Lot farm which allows users to transact at a fraction of the cost, and with significantly improved efficiencies relative to currently available options. The service intends to eliminate all unnecessary complexity from the transaction, thereby proving a quick, easy experience for transactions of various levels of sophistication.

Simplicity of Transactions
The initial service provided is very simple. The user connects their wallet to the LotSwap dApp, selects which Layer 1 smart contract they possess, and selects what coin or token they wish to possess. In the near future, one will be able to Lot bridge coin to coin, bridge coin to swap, LotSwap on the same network, or, if liquidity providing is desired, one will be able to enter a liquidity contract as a pool, all in the same transaction. This will all be possible with one click.

Lotting
The mechanics for how these services are possible are as follows. LotSwap slows a user’s submitted transaction slightly, allowing other users to join in the transaction alongside each other, all of which have the same designated terms for the transaction. This will Lot multiple individual orders into one larger order, thus drastically lowering the fees for the transaction.

Bridge Plans
The LotSwap beta service is available for testing on the testnet. In order to launch the LotSwap service to the mainnet, a secure bridging protocol will be designed and implemented. LotSwap’s V1 bridge will be available through a Chainlink node process as soon as possible. The V2 bridge will shortly thereafter be implemented and create a private proof of stake consensus network that will further enhance off-chain bridging and messaging.

Full-Service Swap Plans
As the LotSwap project continues to experience increased market adoption, and the level of LotSwap contract liquidity continues to grow, LotSwap will be able to provide additional swap pairs across multiple networks. Similarly, as liquidity and reserves increase, further expansion of swap/bridge/lp offerings is possible.

DAO and Fair Ownership
Strong governance is a key pillar of the LotSwap project. As such, a voting mechanism is to be implemented early on in the project’s existence. As soon as the voting mechanism is in place, the admin will be kicked out of accessing project-specific contracts. Then, voting by token owners will be the only mechanism for determining how the contract pool tokens will be spent.

Network Expansion
The first two networks to Lot Bridge, LotSwap, and Lot Farm will be Ethereum and Binance Smart Chain. The beta dApp currently has the test networks for these two. As soon as feasibly possible, the project intends on adding the following networks, amongst others: Cardano, Avalanche, Solana, Polkadot, Terra Luna, Polygon, Chailink, Algorand, Fantom, and Stellar.

Project Security
The following mechanisms and protocols are being considered for inclusion within the LotSwap service to promote security throughout the ecosystem: a private network of nodes forming a PoS consensus chain, one admin contract address that is allowed to use the network, non-admin IP detection, encrypted multi-routed, multi-message systems checks, onion routing, per user and per Lot limits, etc.

Long term supply Distribution
The total supply of LotSwap is 100,000,000 tokens. On token creation, 98,000,000 tokens were transferred to a storage pool and 2,000,000 tokens were divided and transferred to corresponding Contract Pools. Before the mainnet dApp launch, no new tokens will be released from the storage pool, and only a small amount of Development, Marketing, and Network token will enter the circulating supply during the first few months of LotSwap’s existence. The mainnet bridge service launch will commence an automated, dynamic distribution process with tokens being allocated to Contract Pools in predetermined proportions. A full distribution of token is likely to take between twenty and forty years.

Team/Backers
The LotSwap team was formed as a result of discussions on an anonymous message board regarding theoretical ways to reduce fees and create off-chain/on-chain security. The first members of the LotSwap team decided to provide permanent capital for initial liquidity purposes and have taken a very small portion of token supply for themselves. Over time, the project is intended to become increasingly decentralized and turn into a community of owners to better organize both people and ideas.