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LocalCoin Accounts

In LocalCoin, you can create an account relatively easily by using the LocalCoin UI wallet. The account comes with the Private/public keys. You should keep the information safe. Also, LocalCoin account gives you some benefits (i.e., Lifetime Membership (LTM) and Referral Program) and important roles (i.e., voting). We recommend you to read through LocalCoin Accounts information to learn more.



Account

In LocalCoin, you can create an account relatively easily by using the LocalCoin UI wallet. When you create a LocalCoin Account from the UI wallet, it will ask you to provide a unique Account name and a password. Although you should create a strong password, you can create readable and memorable LocalCoin account name. You do not need to write down a long random number as your account name. The LocalCoin account name would be helpful to identify other LocalCoin accounts.

It's important to understand that only you know your password, and no one can recover it. The account information is registered to the blockchain with private/public keys of the account. Only the account creator knows the password and finds out the private keys. In LocalCoin, there are three types of keys (i.e., active, owner, and memo key) which you can find them in the UI Wallet Permissions page.

LocalCoin UI Wallet

If you create an account at one of LocalCoin partners, the account name will be available among LocalCoin partners. So, you will be able to use the LocalCoin account name to communicate (e.g., sending fund) with other LocalCoin account holders like sending an email. The advantage of using account name is you, and other people can identify the account holder.

Identifier

When you create a LocalCoin account, LocalCoin registers the account name to the blockchain and also assigns an incrementing identifier (account id) during the registration. One way to find your account id is to go to a [LLC.is](https://www.LLC.is/) and search your account name. You will find your account id under your account name.

The identifier comes with many advantages: Besides improved scalability, we have separated the identity from the transaction authorizing signature. In practice, owning an account name is autonomous from being able to spend its funds. Furthermore, both rights (we call them permissions) can split among an arbitrary complex relation of people (we call them authorities) using weights and required thresholds.

To separating authorities from identities, LocalCoin can be much faster in processing delay while having much smaller transaction sizes. All participants are forced to have a named account on the blockchain. Also, most transactions are tied to the account name and can be linked to individuals (this includes transfers, trades, shorts, etc. but not stealthed transactions).



Memberships and Groups

Memberships

If you just created a new LocalCoin account, the account would be a Basic member account as a default.

LocalCoin has created a Lifetime member (LTM) account to give the option to all LocalCoin holders. The Lifetime Member get 80% cashback on Fees! If LocalCoin holders desire to profit from reduced fees and additional features, they might want to consider to buy Lifetime Subscription.

To see your Membership stats on LocalCoin UI wallet, go to your account and open a side dropdown menu and select Membership stats. You will find the current membership upgrade fee to become a LTM.

Membership Groups

group type note
Non-Members (Basic member) A regular account is a non-member.
Lifetime Members Lifetime Members get a percentage cashback on every transaction fee they pay and qualify to earn referral income from users they register with or referred to the network. Lifetime membership is associated with a specific one-time fee that is defined by the committee. Lifetime member (LTM) status can register an account. If you want to do so, upgrade the account.
Annual Members If a lifetime membership is too much you can still get the same cashback for the next year by becoming an annual subscriber for a smaller one-time fee which lasts for only one year.

Note

Technically, the fees that you pay stay the same, but a part of the fees is refunded in the form of a vesting balance. Once the fees have vested you can withdraw them.

To see your vesting balances, open the side dropdown menu and select Vesting balance. Vesting balances are recalculated hourly, so you might not yet see them right away.

Warning

Due to some discrepancies, the annual membership has been disabled in most web wallets and will be re-enabled after a proper update eventually.



Fees

Fee Division

Every time an account you referred pays a transaction fee, that fee is divided among several different accounts. The network takes a cut, and the Lifetime Member who referred the account gets a cut.

The registrar is the account that paid the transaction fee to register the account with the network. The registrar gets to decide how to divide the remaining fee between themselves and their affiliate.

Fees types

fee type note
Pending Fees Fees paid are only divided among the network, referrers, and registrars once every maintenance interval.
Vesting Fees Most fees are made available immediately, but fees over the vesting threshold (such as those paid to upgrade your membership or register a premium account name) must vest for some period as defined by the committee.



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