AMA session with LetsExchange and Validatrium experts| LetsExchange blog

LetsExchange, the instant exchange with the biggest number of cryptocurrencies available for trading, and Validatrium, a platform that helps investors and ordinary crypto holders to benefit from their assets by staking them, held a joint AMA (Ask Me Anything) session. The event took place on Twitter, and the communities of both companies could ask specialists their questions. The most interesting questions and answers from both teams and users are summarized here.

Question from Validatrium: Can you tell us about the history and founding of your exchange?

Answer: LetsExchange was founded in 2021 as an instant exchange service where users could swap crypto anonymously without mandatory registration.

In just a year, the platform has expanded the range of its services and has become one of the TOP-5 services in the niche. Now, we are ahead of many competitors in many aspects, such as the number of supported assets, presence in the key markets, the comfort of use, the availability of multiple collaboration options, and so on.

Question from Validatrium: What makes LetsExchange exchange stand out from other exchanges in the industry?

Answer: The platform offers many significant benefits compared with its major competitors. Among those pros that are worth mentioning are the following:

The biggest number of supported assets among all instant exchange platforms – 2,400+ cryptocurrencies
The availability of cross-chain swaps
Presence in all key markets all around the world
The availability of all the required functionalities, such as crypto-to-crypto and fiat-to-crypto swaps, DEX, etc.

Question from LetsExchange: Stacking is a very competitive area. How did you come up with the idea to launch the Validatrium service?

Answer: As the blockchain industry has grown and matured, more and more blockchain networks have implemented staking as a key component of their protocol. This has led to the emergence of staking service providers, which offer users a way to participate in staking without needing to set up and run their own nodes.

The idea of launching Validatrium emerged as a response to the growing demand for staking in the blockchain and cryptocurrency industry, as well as the increasing complexity of setting up and running a staking node.So we take it as competitive challenge, where we strive to provide the best services to our community!

Question from LetsExchange: How many networks do you support at the moment? What networks are to be added in the near future?

Answer: We support staking on various blockchain networks, including but not limited to Ethereum, Cosmos, and Polkadot. For the last 2 years we launched more than 140 Nodes in various networks: including ETH 2.0, Hydra, Kava, Polkdadex, Oasis, Kusama, Velas, BitSong, Centrifuge, Axelar, Evmos, Forta, Clover, Ki Chain, Umbrella, Sifchain, Lum, Near, Kava, etc.

Regarding future plans for adding new networks, we evaluate the viability of new networks for staking support based on various factors, such as network popularity, security, and technical feasibility. Stay tuned for new staning news on our social networks.

Question from Validatrium: How does LetsExchange ensure the security and safety of users' funds and data?

Answer: LetsExchange doesn’t collect users’ data. Only when our users register an account they are requested to provide a valid email address, and that’s it. No more information about users is collected.

LetsExchange provides non-custodial services, which means that we do not keep users’ funds. In this regard, the service is 100% safe, too.

Question from Validatrium: In a few words, what is the process of trading on LetsExchange?

Answer: A user can register an account or use the platform as it is without signing up.

Then, it is needed to choose the crypto to sell and the coin to buy, to provide the amount to sell (or to buy), and the other sum is calculated automatically.

Further, it is needed to indicate the receiving wallet address and a promo code if it is available.

Finally, the exchange widget displays a wallet address where to deposit the funds to swap, and that’s it. The user’s funds will be exchanged and sent to the receiving wallet address.

After the exchange is completed, the user can download a receipt with all the transaction details.

Overall, the exchange process is straightforward, and the indications in the exchange widget guide users.

Question from LetsExchange: What are the main benefits of your service to investors compared to your competitors?

Answer: Depending on the project, our team is always trying to find the best solution to engage with the community, so we can create something special to gather! We make the process of joining the project and developing it smooth and as fast as possible. Our main benefits are:

Pro team of 15 tech specialists
High-performance server hardware located in the largest data centers in Europe
Being recognized as one of top 130 validators in the industry in Europe
Full project launch cycle

Question from LetsExchange: How did the recent Ethereum upgrade impact the Validator services? Did many stakers unstake their ETH?

Answer: The most recent upgrade, known as the London hard fork, was implemented in August 2021 and included several changes, such as the implementation of the EIP-1559 fee market reform and the introduction of the Ethereum Improvement Proposal (EIP) 3554, which delays the so-called "difficulty bomb."

Regarding the impact of the London hard fork on our services and staking, we can’t say that there was a major change to a blockchain network that can potentially have an impact on stakers.

In the case of the London hard fork, the implementation of EIP-1559 had the effect of burning a portion of the transaction fees, we have to admit that it has reduced the overall supply of Ethereum over time. This, in turn, may have contributed to a temporary increase in the price of ETH. However, we were able to secure the funds for our community members and make this change almost unnoticeable for them.

Question from Validatrium: How does LetsExchange approach listing new cryptocurrencies, and what criteria do you use to evaluate potential listings?

Answer: We perform due diligence to avoid fraudulent projects and scams. Among the main requirements is the listing on the major centralized exchanges to ensure the required liquidity level. We also consider the coin’s trading volume and several other technical and financial parameters.

Question from LetsExchange: We all know that any service that stores users’ funds is a constant target of hackers. How does Validatrium secure the funds of its stakers? Are they insured to some extent?

Answer: To speak right to the point of these question, here are some reasons, why Validatrium users are highly secured:

Access to the servers is strictly limited, physically and at the network level.
Access from the network to the servers is organized through intermediate trusted nodes, which limits the possibility of attacks gaining access.
The backup nodes are running online and synchronized. If the main node fails or is attacked, services are switched to the backup nodes. In addition, regular cold backups and snapshots of the running nodes are made.
Validatrium team works 24/7 in shifts to reassure the immediate reaction to any arising challenge with an alerting system notifying all team members. This helps to decrease the time for the reaction to the problem.
Operating as a legal entity, providing staking services with slashing insurance.

Question from LetsExchange: Do you use Artificial Intelligence for your hardware error-correcting memory?

Answer: We are working on implementing the AI hardware for memory correction, while using baremetal servers, that give resiliency and control over the network. At the same time we cooperate only with trusted providers and use the best monitoring solutions. Our system is secured with instant alerts via different sources such as telegram, email, or slack. In this way we are able to provide the highest level of security to our users.

Question from Validatrium: How does LetsExchange approach customer support and what channels are available for users to reach out for assistance?

Answer: Our customer support team is available 24/7. The best way to reach our customer support is to fill in a form on the website.

Question from Validatrium: How does your exchange approach regulatory compliance and what measures are in place to ensure compliance with relevant laws and regulations?

Answer: The platform benefits from an automated risk prevention system that handles all AML/KYC-related procedures. All funds that are submitted for swapping have to pass an AML-compliance verification. The transaction won't be performed if it detects that the funds were involved in any criminal activity.

Question from LetsExchange: Does Validatrium collaborate with third parties to ensure the security of its services? Or do you use in-house solutions?

Answer: Yes, we cooperate only with trusted providers that have a strong community, such as Digital Ocean, Mevspace, AWS, Contabo, skyskipper, Hetzner. We also use such monitoring solutions as Zabbix and Prometheus.

Question from Validatrium: What are the recent or upcoming developments or updates to the platform?

Answer: We work on becoming a comprehensive service supporting the biggest number of crypto assets and providing its partners with an extensive set of solutions to create a single ecosystem.

Currently, this ecosystem consists of an instant exchange service, a DEX, customizable widgets and buttons, and an API for developers. We plan to add a series of functionalities and features, such as a comfortable fiat-to-crypto exchange widget and many more.

Question from Validatrium: How does LetsExchange plan to stay competitive and innovative in the constantly evolving cryptocurrency market?

Answer: We are constantly monitoring the market and studying users’ demands to ensure we not only comply with all of them but go ahead with them. We have a strong team of professionals passionate about crypto and blockchain who work to make their vision come true. What can go wrong in such circumstances?

Question from LetsExchange: How much do the offers from individual users and institutional stakers differ? What is the minimum limit to stake for one to be considered an institutional staker?

Answer: These questions are discussed individually with each staker and create a tailor-made offer for each community member. At this point we suggest more than 60 projects in a Mainnet and Testnet to choose from and our clients have already made almost 3 000 000 profit! Our managers are always open for questions via social media and emails!

Question from LetsExchange: As a company working on speeding up Web3 adoption, what do you think will be the major change when we finally switch to it?

Answer: We believe that Web3 adoption has the potential to revolutionize the way users interact with digital assets and staking itself is another secure way to make profit out of digital assets that breaks the traditional pattern. Our team is working on integration of the latest technologies into the process of launching and running the node,learning and evolving together with the industry leaders. At the same time we teach more and more users every day about the process of dstaking their assets and contributing to the development of the projects.

In our opinion the biggest change so staking that might come with adoption of Web3 solutions is elimination of intermediate financial institutions, such as banks, brokers, and other middlemen, from many transactions and interactions. This can lead to lower fees, faster processing times, and greater transparency for users.

Question from Validatrium: How does LetsExchange see the role of cryptocurrency and blockchain technology evolving in the broader economy and financial landscape?

Answer: We trust in crypto and blockchain. While it may take time, cryptocurrency will start dominating the traditional financial system and eventually replace fiat money. Blockchain has enormous potential that reaches far beyond the cryptocurrency sector, and its adoption levels are growing exponentially. Undoubtedly, we will be dealing with an increasing number of solutions and systems running on the blockchain in the future.

Question from LetsExchange: Do you have any favorite networks to work with? Or some projects that serve as a sample for you.

Answer: The Validatrium Team is highly involved with each project that we work with.

We create educational materials to support the community with step-by-step solutions for running nodes, creating wallets, using faucets, staking, setting up node health check notifications, etc. Therefore, we don’t really have any favorites. Each project is actually our favorite!

Question from Twitter user: What specifically is being done to ensure the sustainability of projects?

Answer from LetsExchange: The project's sustainability is ensured with constant market research and our work to meet all demands that our users may have.

Question from Twitter user: What kind of marketing is currently already running?

Answer from LetsExchange: We organize many marketing activities such as ama sessions with our partners, interviews, reviews, and similar.

Question from Twitter user: As you continue your journey, what is your next most important priority? Does the team have enough background (Funds, Community, etc) to hit those milestones?

Answer from LetsExchange: Our team has enough background and expertize to handle any challenges. The next milestone? There are many plans, including the integration of Fiat swaps in the exchange widget, new collaborations, etc.

Question from Twitter user: Give me your top 3 features why investors should invest in your project?

Answer from LetsExchange: We do not look for investors. We look for reliable and promising partners to make the crypto world expand and grow and make it accessible for all people.

Question from Twitter user: Will there be buy back system or token burning in the future? Do you have any Anti-dump mechanism for holders who may want to dump during pump?

Answer from LetsExchange: We don't have a token and no anti-dump mechanisms. Our platform offers instant swaps without mandatory registration, the number of supported coins is the highest in the market, and the entire swapping process is designed to enable even non-professionals to use it without a problem.

Question from Twitter user: What are the characteristics of a platform that is attractive to users and why should they invest in the platform?

Answer from LetsExchange: We are not asking users to invest in our platform. Regarding the platform functionality, we offer the highest number of coins and tokens to swap in the market, there is no mandatory registration, it is very easy to use, the service is non-custodial.

Question from Twitter user: Which one of these aspects important for you?
1-Increasing Token Price&Value
2-Empowering Platform Development
3-Building Community Trust
4-Expanding Partnership Globally

Answer from LetsExchange: As we have mentioned, the platform doesn't have a token, and thus, there is no need to talk about its value. Empowering platform: that's a good point, and we are constantly working to offer high-quality services in all aspects our users may need. We support the highest number of coins in the market.

There's an option to choose between a centralized and decentralized exchange. Fiat is also supported. Special technology ensures that our users get the best rates available in the market. And the number of features will grow. Partnership: we collaborate with a number of leading liquidity providers, payment processing services, wallets, coins’ teams, and cybersecurity companies, and we plan to grow the network of our partners