Local Exchange Setup

Reading Time: 2 minutes ;  Published: 1 year ago on May 26, 2020

For the initial deployment of the case study, it is advised that gatekeepers are first sent to the case study area to help deploy the local exchange. Initial efforts should be focused on:

  • Rental of vehicles for gatekeepers.
  • Finalising long term accommodation for gatekeepers.
  • Finalising the local office rental agreement (it is envisioned that both the local exchange and incubator would operate out of the same local office).
  • Admin e.g. setting up the office with an internet connection, insurance and utilities.

Once the gatekeepers have established themselves in the case study area, efforts can be turned to the setup of the local exchange. 

TotalCrypto envisions that the local exchange would serve multiple functions:

  • As the base of operations in the case study location.
    • It serves as the cryptocurrency onboarding centre where locals are introduced to crypto, receive cryptocurrency education and their free coins.
    • Local outreach campaigns will be coordinated from this base of operations.
    • The exchange serves as a local crypto information centre. 
  • Local crypto to fiat and fiat to crypto swaps can be processed by the exchange. 
  • Collection of ID data: fingerprints of locals voluntarily participating in the program. 
  • Local help will be required to operate the exchange. This provides additional employment opportunities to the community.

It is then recommended that gatekeepers focus on the following tasks to get the local exchange operational:

  • Local procurement of exchange equipment and accepting delivery of equipment sent from overseas. 
  • To recruit local help to setup the exchange.
  • To recruit and train locals to help with the operation of the local exchange e.g. train them how to use the cryptocurrencies of participating crypto projects.
  • Initial setup of incubator equipment which would allow the screening of cryptocurrency onboarding educational videos to the local population.
  • To accept delivery and deploy security measures for the exchange and incubator.

TotalCrypto advises that a single unique identifier is used for ID purposes in the local exchange and incubator. After an assessment of the available technology and weighing it up against cost, we recommend that fingerprint scanning technology is used for ID verification purposes.

Estimated Cost Of Local Exchange Setup & Operation

  • Exchange setup estimate: $6k – $8k
  • Exchange Operation Estimate: $4.3k – $5.5k per month.

A detailed breakdown of recommended exchange equipment, setup and operational costs can be seen in Appendix 1. Significant thought has been dedicated to adequate exchange security and the safety of exchange employees. Security solutions like webcams, fingerprint activated smart locks and exploding dye packs to protect cash inventory have all been considered.

Next Section – Gatekeeper Monitoring