LetsExchange / LetsExchange Blog / AMA Session with LetsExchange and the Hacken.AI (HAI) Team

AMA Session with LetsExchange and the Hacken.AI (HAI) Team

Sep 29, 2023 9 min read

LetsExchange, an industry-leading exchange platform supporting over 3,700 cryptocurrencies, and the Hacken.AI (HAI) team, a self-governed association that contributes to building Verifiable Trust in Web3, held a joint AMA (Ask Me Anything) session on September 21, 2023.

This AMA session took place simultaneously on Discord and X (formerly Twitter). Team members of both companies and crypto users had the opportunity to ask questions and get to know these companies better. Here is a summary of the questions asked in this AMA session.

Question from LetsExchange: $HAI is going to be transformed into a Work-to-Earn, governance, and product-utility token, as it is said in the Tokenomics paper. Could you please elaborate on the Work-to-Earn standard?

Answer: In broad terms, the Work-2-Earn model empowers users to accrue cryptocurrency through the completion of tasks or by adding value to the industry. Our Work-2-Earn model assumes the Trust Army missions completion, governance – RFP submission, that turn into proposals. Other utilities are envisioned by ETD, Extractor, and HackenProof. Consequently, users have the opportunity to acquire $HAI tokens by actively participating in the hDAO, Trust Army, engaging in contests, and contributing to various community initiatives.

Question from Hacken.AI: What sets LetsExchange apart from other crypto-to-crypto swap platforms in terms of functionality and are there any specific tools on LetsExchange that are designed for experienced traders?

Answer: I'm not sure everyone has a chance to check what LetsExchange is. In a few words, we are an instant crypto exchange service. We provide exchange services for users and our partners with swap functionality.

Our unique feature is 3,500+ supported cryptocurrencies. It’s the largest number of coins and tokens among similar services and classic exchanges. Users can swap any of these coins on LetsExchange without account verification, mandatory registration, and across different networks. It means there are about 10 million trading pairs available for swaps. There is no other platform that can offer more for experienced traders.

Also, the access to high liquidity enables the platform to perform fast and seamless swaps.

LetsExchange also supports DEX and buying and selling crypto for fiat. Today, the platform lets you buy about 200 cryptocurrencies for 60+ fiat currencies. However, there may be local restrictions that reduce these numbers.

Question from LetsExchange: The $HAI token is a utility token and a governance token. Any explanation of why you’ve chosen this uneasy way of combining everything in one token instead of creating several tokens for different aspects of the ecosystem?

Answer: The HAI token serves as the primary and exclusive gateway to the entire Hacken ecosystem. Consequently, possessing HAI grants you access to a wide array of opportunities, whether it's obtaining priority access to our products or actively contributing to the ecosystem's evolution through hDAO. There's no need for constant decision-making; by holding a token, you seamlessly engage in the vibrant ecosystem's activities.

Question from Hacken.AI: How does the LetsExchange integration contribute to the overall growth and adoption of the listed tokens, including HAI?

Answer: When we list a token, it becomes available for swapping with over 3,500 other cryptocurrencies without account verification and mandatory account registration.

As you know, most experienced cryptocurrency users have several dozen different coins in their portfolios. And they may well spend some of it on the purchase of a new promising asset.

Thus, LetsExchange provides a unique option to boost any asset adoption and community growth.

What’s more? Token teams can count on our extensive support in terms of marketing: token reviews, AMA sessions, interviews with the token team members and leaders, and similar.

By the way, I think people here may feel uncomfortable talking to "the service". Behind the nick is Gina Moor, Head of Marketing at LetsExchange.

Question from LetsExchange: hDAO community determines the strategic development of the entire ecosystem. Can any $HAI holder become a community member, or are there some other requirements, such as technical background, active participation, or something else?

Answer: Participation in the @HackenDAO community is accessible to all $HAI holders through the voting and submission of RFP forms. Should a holder aspire to join the Committee, they must possess a pertinent background and expertise. This deliberate approach guarantees active engagement from those who bring valuable expertise to the table in the realm of strategic development.

Question from Hacken.AI: So, can you explain the process of swapping cryptocurrencies on LetsExchange without the need for registration?

Answer: An exchange process on LetsExchange.io is easy as 1-2-3. Visit LetsExchange.io. Choose coins you want to sell (send) and buy (get), choose the sum of crypto you will send, and click the Exchange button. Our platform will pick a liquidity provider with the best rates, and after you send coins to the provided address and a transfer is confirmed on a blockchain, the swapped funds are sent to your wallet. Most transactions are completed within 15-30 mins.

Question from LetsExchange: Holding $HAI is a prerequisite to becoming a member of the Trust Army, with all the rewards, payments, etc. Is it enough only to hold HAI, or one shall lock the token somewhere? Are there any other requirements to join this community?

Answer: There is no need to lock $HAI to become a Trust Army Soldier. Each Soldier is required to have Trust Fuel to start the mission (1 TF=1 task). Soldiers without Membership will be granted with 3x TF/day. But if you want to complete more tasks, Membership grants you with x7, x21, or unlimited number of TF. More Trust Fuel → More daily completed Trust Army tasks → More daily income in HAI.

Question from Hacken.AI: This is an interesting one because, at Hacken, we stand strong for security, both personal and industry-wide security. What are the security measures in place to protect user assets and transactions on LetsExchange? How does LetsExchange ensure the privacy and security of user data and transactions?

Answer: LetsExchange provides users with a non-custodial security. Our platform doesn’t store users’ funds. In very simple terms, our infrastructure allows the user to send any coin and instantly receive any other of the 3,500 available directly to a wallet.

Thus, there is no danger that user funds will be stolen. And we don't need to confirm reserves.

A significant part of exchanges occurs without registration. And we don’t collect nor store such users’ information either. Therefore, there is no possibility of data leaks.

At the same time, the AML compliance verification is integrated into our solutions and is conducted automatically. Thus, we can guarantee that our users and partners will get only legal funds.

Finally, LetsExchange has run a bounty program on HackenProof for white hat hackers to find web and API vulnerabilities on its various services and products. As far as I know, no critical vulnerabilities have been found so far.

One cannot disagree that LetsExchange applies the most advanced security measures to ensure our customers a safe environment for swapping their funds.

Question from Hacken.AI: That is really important to know, thanks for sharing that! So no customer verification, KYC, etc.?

Answer: To be short - yes. But it's not that easy if we deep into details.

We take great care to ensure that all swaps are AML-verified. And in some cases, we allow user verification. But this is more of a legal issue. I can't tell you many details about this now.

Question from Hacken.AI: What is the customer verification process on LetsExchange, if any?

Answer: LetsExchange doesn’t request users to provide any personal information. Our customers can register an account if they want to access a more extensive set of tools such as transaction history, favorite coins, etc., or benefit from our affiliate program. However, creating an account needs only email.

If a user's funds don't pass the automatic AML verification, we send such funds back to the user.

Question from LetsExchange: $HAI holders can submit Requests for Proposals (RFPs) to make the Hacken ecosystem better, but to do so, they have to lock a specific amount of HAI. If the proposal is not accepted, the locked HAI tokens are sent to the Treasury. It sounds demotivating, doesn’t it? Because normally, people don’t like losing their tokens.

Answer: Our hDAO consistently reviews and updates this standard. It's paramount to us that every proposal exhibits a high level of quality and thoughtfulness. We encourage individuals to invest their time in the process, conduct thorough research, and engage deeply before making any submissions. In return, all proposals approved by the committee are rewarded. This underscores our commitment to prioritizing quality over quantity.

Question from Hacken.AI: Does LetsExchange provide real-time market data and price information for $HAI and other supported cryptocurrencies?

Answer: Yes, all the data can be checked on a respective page of the token or by checking a page with top crypto pairs with $HAI.

Question from LetsExchange: Are rewards paid for staking $HAI, or one shall submit Requests to Proposals and participate actively in the community life to get rewards?

Answer: We are gradually moving away from this model, according to the concept of token transformation. However, for today Hacken community can be rewarded for both: Membership Program - a unique initiative designed to incentivize and reward our community members for their loyalty, participation, and contribution to the Hacken ecosystem; community events, and contribution to Trust Army & hDAO.

Question from Hacken.AI: Are there any fees associated with swapping $HAI for other cryptocurrencies on LetsExchange?

Answer: All fees are included in the exchange rate when initiating a transaction. For example, if you want to swap BTC to HAI (VET) on LetsExchange.io, just enter the amount of BTC, and in the widget, you'll see the amount of $HAI you'll get including all fees.

Note that there are two types of exchange rates: floating and fixed. When you use the second one, you’ll get the exact amount you see in the 'You get' field. And the transaction is faster than when using a floating rate. On the other hand, the fee is higher.

Question from LetsExchange: The entire $HAI ecosystem is very complex. It is possible to notice that it is aimed at those users who have some knowledge about tokenomics in general and the Hacken ecosystem. Any plans to attract the common public?

Answer: Our primary objective is to foster an expert community that revolves around our company – individuals who, in their unique ways, contribute significance to the industry by promoting transparency and advancing trust. In the near future, we will introduce an exciting and ongoing #DYOR Quest. Through its completion, participants can gain a comprehensive understanding of the crypto industry while earning valuable rewards. On the other hand, our work2earn platform Trust Army is specifically designed for beginners, and its successful launch and initial outcomes have demonstrated its effectiveness as an ideal starting point for grasping the fundamentals, including tokenomics.

Also, users can buy $HAI as many times as they need. However, I'm not sure we will be able to swap 15 BTC to HAI several times in a row.

Question from LetsExchange: Does the asset team have plans to list it on major exchanges such as Binance?

Answer: Of course, we are planning listings in the future, but we are approaching this issue carefully and all potential options will definitely go through a Community voting process.

Question from LetsExchange: Are you planning to launch something that will allow inexperienced users to benefit? E.g., staking?

Answer: Indeed, the opportunity to receive rewards is still available. Any $HAI holder can get a fixed income of up to 9% annually by joining Hacken Membership. Besides that, HAI holders can benefit from 2 referral programs - B2C (up to 5%) and B2B (up to 10%). The main opportunities for receiving rewards remain contribution to the development of the company, ecosystem, and industry as a whole. Our Learn2Earn and Work2Earn opportunities.

Question from Hacken.AI: Last question and we open the chat for the community! Are there any limits or restrictions on the amount of $HAI that can be swapped at once?

Answer: There are minimum sums for swaps. They are calculated for each coin individually and are set to ensure that a transaction is still convenient after covering all the blockchain fees.

As for maximum sums, they exist too. But they are so big that we don’t think it’s possible to reach them. E.g., the maximum amount for BTC-HAI (VET) swap is 15 BTC.

Question from a Crypto User: What are LetsExchange's plans for the future in terms of expansion or development of new services?

Answer: This is a very broad question. In short, we plan to expand the number of coins available to users, as well as other features. For example, we also have DEX. And a few months ago, we launched the function of exchanging crypto for fiat. We are also simultaneously working on expanding our business products and planning localization into several more languages. We currently support 10 languages.

Question from a Crypto User: Does LetsExchange have plans to integrate crypto swaps to cash?

Answer: We have a crypto-fiat and fiat-crypto feature. We currently support the exchange of approximately 200 cryptocurrencies for 60 fiat currencies. And we plan to connect new providers to expand this list.

Question from a Crypto User: Does LetsExchange looks through liquidity on other dexes or also has its own liquidity?

Answer: We have our own liquidity and also use partners' liquidity, especially for large exchanges.

Question from a Crypto User: What else can one do on the platform apart from coin swap and is there any provision for exchange to fiat currency?

Answer: As I already mentioned, we have a fiat-to-crypto exchange. Additionally, you can explore our affiliate program. We offer a wide range of earning tools for both users and companies.

The process of working with coins is continuous. We constantly analyze the market and add the most promising, from our point of view, or popular assets. In this way, we give our users new opportunities for investment and exchange.

And in the same way, the process of delisting is continuously ongoing. If we see that a project has closed or is even suspected of fraud, we will stop transactions on it.

Question from a Crypto User: What are the customer support options that LetsExchange offers?

Answer: Our support is ready to help you 24/7. No more, no less.

Question from a Crypto User: Physical company address?Answer: The company is registered in Seychelles. The team is distributed all over the world. We have employees in the USA, Mexico, EU countries.