AMA Session with LetsExchange and GetBlock Experts

LetsExchange.io, the instant exchange with the largest number of cryptocurrencies listed for trading, and GetBlock, a prominent node service provider, held a joint AMA (Ask Me Anything) session. The event took place on Twitter. The communities of both companies had the opportunity to ask experts various questions. We have summarized the most interesting questions and answers from both teams and a few questions sent via social media.

Question from GetBlock: Tell us a little bit about LetsExchange: what’s the project about?

Answer: LetsExchange is an instant exchange service launched in March 2021. Now, it is one of the top crypto exchange platforms worldwide. LetsExchange supports over 2,250 cryptocurrencies, the largest number compared to any other instant exchange service. Besides crypto-to-crypto swaps, LetsExchange supports fiat-to-crypto transactions and features decentralized exchange (DEX) functionality. For these developments, LetsExchange was nominated for the “Crypto Exchange of the World” title at AIBC 2022, along with Binance, Huobi, and Crypto.com. Our ultimate goal is to make crypto swaps easily accessible to anyone from anywhere in the world.

Question from GetBlock: What’s the story behind the project?

Answer: It is pretty straightforward. A team of crypto visionaries with more than ten years of experience in the blockchain space and fintech decided to create the best instant exchange platform for crypto users of all experience levels, from first-timers to seasoned traders. It was thought to be a one-stop multicurrency exchange service free of registration, limits, and complications. After some development and testing, the exchange platform was ready for release in March 2021.

Question from GetBlock: What are the main features of LetsExchange?

Answer: LetsExchange stands out as the crypto exchange listing the largest number of digital coins and tokens for trading. At the moment, our platform supports over 2,250 cryptocurrencies. So, instant crypto-to-crypto swaps represent one of the main features of our platform. It is worthwhile noting that users do not need to register to swap cryptocurrencies on LetsExchange. Crypto-to-fiat and fiat-to-crypto transactions are also available, and our platform supports around 80 fiat currencies. Another important feature is the decentralized exchange (DEX) functionality, where users can swap cryptocurrencies without intermediaries. And last but not least, LetsExchange.io has a wide range of tools for those who want to earn on crypto affiliate programs.

Question from GetBlock: Describe LetsExchange with 3 words.

Answer: Over! 2K! Cryptocurrencies!

Question from LetsExchange: What unique features does GetBlock have, and what value does it deliver?

Answer: First, GetBlock is a top-tier blockchain RPC node provider. It means that we connect various cryptocurrency applications to blockchains. We on-board both centralized services (wallets, CEXes) and on-chain ones (DeFis, NFT marketplaces, GameFis, and so on). In other words, we run blockchain nodes so our clients don’t have to.

In terms of value - it streamlines blockchain development. Without GetBlock you need to run blockchain nodes on your own, spend resources, lease servers, hire DevOps team, and so on. GetBlock does the heavy lifting: we provide API endpoints to blockchain nodes, our clients integrate them into their apps and they’re good to go!

Question from LetsExchange: Who is the primary target audience for your services?

Answer: Web3 developers, blockchain entrepreneurs, analysts and researchers, students.

Question from LetsExchange: Blockchain as a Service (BaaS) is an up-and-coming niche. Who are your main competitors? What are your company’s unique benefits compared to your competitors?

Answer: Can’t agree more with you. Our niche is still in its infancy; however, it has its own heavyweights: ConsenSys-backed Infura, Quicknode, Alchemy and Moralis with their multi-million funding rounds, Pocket Network, Ankr are all heavy hitting teams with great vision and impressive results.

But GetBlock proudly delivered some unique features. First of all, we offer the largest possible toolkit of blockchains: we support 50+ networks in mainnets and testnets. With GetBlock, you can feel the real power of multi-chain and cross-chain with no need to switch between RPC node providers.

Then, GetBlock is one step ahead in terms of user privacy. You can purchase our RPC without sharing any personal information. You can sign up with your MetaMask wallet and stay 100% anonymous.

Also, our node configurator allows clients to set up their nodes in (literally!) three clicks: you choose the blockchain, the type of network (testnet/mainnet), the interface (JSON RPC/websockets) – and that’s it!

Question from LetsExchange: Can the population at large benefit from your services in the future? If so, how?

Answer: Well, that’s a tricky question! As we mentioned above, GetBlock is an alternative to self-hosted nodes. With our instruments, dApps work faster and become more sustainable: we employ a battle-tested ecosystem of servers so the applications of their clients are protected from outages.

Question from GetBlock: The market of exchange services is saturated at the moment, and you manage to remain a top swap service. There should be fierce competition so you need to delineate your product from competitors. How do you compete?

Answer: LetsExchange has managed to stand out by offering the largest number of digital coins and tokens for trading. This feature is crucial for customers. We know that many users are constantly looking for the next cryptocurrency to “explode” and are eager to invest in new or hard-to-get cryptocurrencies. Another feature that defines our service is our customer support. Our team is available 24/7 to assist our customers with any issue. Most customers appreciate having someone who can lend a hand when needed.

Question from GetBlock: What are the latest developments of the project? What are the plans?

Answer: In January we globally updated the partner exchange widget. It has become even more customizable to provide options to make it more comfortable for different communities and match the brand and business needs of our partners.

We plan to add a fiat widget to our website, improve the DEX widget's functionality, and add the DEX and cross-chain exchanges functionality to API.

Question from GetBlock: Tell us about your most recent partnerships and upcoming collaborations (if any).

Answer: Besides our recent partnership with GetBlock, we have established cooperation with Telos in February. In this case, LetsExchange has listed Telos’ native cryptocurrency (TLOS) for trading. Reciprocally, Telos will recommend LetsExchange as a trusted platform for trading its TLOS coin. There are several upcoming collaborations, but we cannot talk about them beforehand.

Question from LetsExchange: What are the main GetBlock’s achievements in 2022? What are the main spheres for development in 2023?

Answer: First, we expanded our toolkit of networks supported: we added Optimism, Arbitrum, and all other blockchains and L2s that went mainstream in 2022.

We launched the blockchain explorers module. We’re among the first RPC node services to offer block explorers in both web interface and APIs. By March, 2023, GetBlock released explorers for NEAR, Harmony, and Flow.

We added authorization with MetaMask as we mentioned above. We upgraded privacy protocols to ensure 100% security of every single GetBlock customer.

Question from LetsExchange: What are the biggest challenges that your company faces in the adoption of your services and products?

Answer: Some teams are too conservative and are reluctantly switching to more advanced solutions. But we try to explain the benefits of our tooling and on-board them as well.

Question from LetsExchange: What major difficulties did you face when you were implementing your BaaS solution? How did you solve them?

Answer: This reply basically reinstates the one for the previous question. Our implementation challenges are very much alike to the adoption ones. This is because the implementation closely connects to adoption.

Question from LetsExchange: How was your company affected by the crypto bear market of 2022? Did you take extraordinary measures to navigate this “storm”?

Answer: Bullish or bearish, true builders are building. We can proudly say that our business model demonstrated sustainability: we have no lay-offs and managed to keep all our products active.

Question from GetBlock: What’s the best thing about the LetsExchange user community?

Answer: Their commitment and supportiveness. For example, our community voted for our platform to be nominated for the “Crypto Exchange of the World” title at AIBC 2022, one of the most prominent international conferences on blockchain technology.

Question from GetBlock: Do you have any teasers you can drop for the community?

Answer: LetsExchange celebrates its birthday in March. We planned many activities for our users and partners on this occasion. In particular, by making exchanges, our users will be able to win up to 1000 USDT! And for our partners, we prepared special promotional codes that they can distribute in their communities.

Question from LetsExchange: What are the perspectives for the future? Do you think GetBlock can contribute to Web3’s mass adoption?

Answer: For sure! As we mentioned above, Web3 progress is impossible without reliable and easy-to-connect blockchain nodes. With poor connection, outages and low speed, people will get back to PayPal and other fiat services. Our mission is to prevent them from doing so.

Question from LetsExchange: Where do you see GetBlock five years from now?

Answer: It's hard to say. We all know the speed with which the web3 space grows and changes so even the craziest to the moment estimates may come true. We only hope to keep building and stick to the pace web3 sets for everyone. :)

Question from LetsExchange: Do you have exciting stories that have happened since your company's beginning and that make your teammates smile?

Answer: Our corporate culture is very fun. We do have a lot of inside jokes, needless to say that many of them are closely related to our personalities. Many jokes relate to the blockchain space though. Roughly a half of them are about #Solana :)

Question from Twitter user: When do you think we will finally have Web3 – the real one?

Answer from LetsExchange: First, we have to develop the required infrastructure - a reliable, safe, and easy-to-use ecosystem accessible to ALL people. It will take time, probably, some years more at least. But we are working on it. :)

Answer from GetBlock: That’s a rhetorical question. There are too many social and economic institutions that aren’t ready for the real Web3 yet. The “real” Web3 will come only when the majority of the society is ready to accept it and make it a part of daily lives on a level, e.g. wi-fi is.

Question from Twitter user: What are the most exciting dApps built with GetBlock developer tools?

Answer from GetBlock: That’s a good one;) Actually, we collaborate with many blockchains and dapps, there are wallets, exchanges, gaming apps… Well, you can actually take a look at some of our partnerships here: https://getblock.io/about/

Question from Twitter user: Have you heard of the latest trend in web3 that PAYS YOU to MEME? Join the waitlist and earn up to $50 per MEME!

Answer from LetsExchange: No, we haven't studied this issue yet. But we are open to everything new and we will study this carefully.

Question from Twitter user: What gave the inspiration to establish this company?

Answer from LetsExchange: We have noticed that anonymity, one of the main priorities and benefits of the crypto world, is somehow deteriorating – the majority of platforms ask for so much data to exchange crypto that the anonymity level is 0. So why not? We have created a platform where everybody can exchange any sums without providing any personal data.

Answer from GetBlock: The biggest inspiration is, perhaps, mass adoption of blockchain tech. The more dapps - the more people can find something for themselves to use. Dapps require complex and expensive tech infra which may hinder the development. So why don’t we let creators focus on the product?

While we support the infra and save time and money of the creators, they can dive into market research and product improvement hassle-free. They don’t need to worry. This way more talented visionaries can implement their ideas on blockchain and attract more users to the space:)