What we’ve done so far…
We are proud to announce that Binance has extended CanYa’s fellowship program after a successful 3 month period in the program. Phase one of the fellowship focussed on building the infrastructure necessary to transition CanWork to Binance Chain. Phase 2 will focus on transitioning the CanYa ecosystem over to Binance Chain including wallets, payments and escrow.
Part 1 of this blog will focus on and review what the CanYa dev team have achieved over the first three months of the program.
What is the Binance X fellowship?
Binance X offers a fellowship program for the R&D of open-source blockchain software development within the Binance Chain ecosystem. Selection for the fellowship is very competitive and the CanYa team are proud to be a part of such a thriving development community.
You can read more about the fellowship here:
https://medium.com/canyacoin/canya-becomes-a-binance-fellow-7516c93a4c
The fellowship is a rolling agreement, this incentivises teams to continue to build and improve the blockchain. Binance has been very pleased with our dev team’s work and looks forward to our work over the next three months as we strive to make CanWork a flagship Binance Chain product.
What did we achieve in the last 3 months?
The CanYa team spent the last three months building the underlying infrastructure required to transition the CanYa ecosystem across to Binance Chain. This infrastructure is open-source and its technologies will assist all projects built on Binance Chain now and into the future.
The CanYa development team are quite proud of the scale, quantity and quality of work done on Binance Chain over the past three months.
This work includes:
Binance Chain Mainnet Fees
Existing cryptocurrency users will be familiar with the concept of fees when interacting with a blockchain (they are the basis to ensure an incentivised, secure and decentralised network). Typically, a user of a blockchain needs to compete with other users on the network to ensure their transfer or contract is processed in a reasonable time frame. As a general rule, higher fees make a request more lucrative for miners and thus it will move towards the top of the mining pool and happen faster.
However, how is the average user to know exactly what fee to use? Too little and the transaction may never occur, too much and they will be wasting money. Well, the team at CanYa have created a tool for this very purpose:
Users can view the required fees for a number of Binance Chain operations in real-time. This will become crucial for CanWork (and its users) plus anyone else using Binance Chain.
Multi-sender
Another very useful tool built by the CanYa team over the last three months is the multi-sender. This allows a project (or individual) to create multiple transactions at once on Binance Chain. For example, a project operating a DAO would previously have had to create a separate transaction for every DAO member when issuing governance payments. This, obviously, is completely impractical and immensely time-consuming.
‘Multi Sender’ solves this problem. This is particularly important for the CanYa project due to its release of the initial CanYa DAO in October 2019. Likewise, this will be a necessary tool for any other Binance Chain projects looking to build a DAO or conduct an airdrop.
Try the Binance Chain Multi-sender here: https://beptools.org/multi-send
Token Freezer
Another crucial tool for the CanYa ecosystem and many others is the ability to ‘freeze’ and ‘unfreeze’ tokens on the blockchain. Previously this functionality had not been available on Binance Chain. Being able to freeze tokens on-chain is crucial for staking operations and DAOs.
Many of our DAO members would have recently used the ‘freeze, un-freeze’ feature built by the CanYa team when staking on the CanYa DAO.
BEP39: Upgrade Websocket to include MEMO (merged)
This upgrade to the Binance Chain mainnet created an additional MEMOdata field that allows more information to be derived from third-party services watching accounts and paves the way for us to build services for the CanWork freelance marketplace. The BEP39 upgrade will also be critical for voting on the DAO. MEMO fields will be used by DAO members to cast votes in a transparent, immutable fashion.
BEP24: Improvements to the Freeze Function (pending)
Some dApps require token holders to lock up tokens (stake) that can only be released after a certain time delay. With BEP24 we aim to improve upon the current functionality to allow the freezing of tokens with a specified bond period and the unfreezing (thawing) which begins the un-bonding period.
BEP38: Non-interactive Multi-sig Wallet Demo (not merged)
This non-interactive version of the multi-sig wallet functionality was designed so parties could sign wallets independently at different times. Intended as a foundation module for more complex transactions such as escrowed funds, it was not merged because Binance implemented Threshold Signature Scheme (TSS) instead.
Binance Chain Tutorial
Good documentation is just as important to open-source development as code. Using the BEPTools.org codebase as an example, we wrote tutorials for anyone interested in building a Binance Chain powered WebApp.
The tutorial covers:
- Setup basics
- Connecting the Javascript SDK to communicate with Binance Chain
- Connecting to different wallets via Keystore, Ledger & Wallet Connect (Trust Wallet)
- Reading wallets & Sending transactions
Summing Up
The past three months have been a whirlwind for our dev team. We have been very pleased with the progress. Building on a brand new blockchain for the first time has been a steep learning curve, however, as seen above it means the CanYa team are now leading the world for Binance Chain development. This will pay significant dividends into the future as the team transitions CanWork to Binance Chain and expands the functionality of both CanWork and the CanYaDAO. This great work has also not gone unnoticed by Binance:
Now that the underlying foundations have been built the team are looking forward to starting the exciting work of moving the CanYa ecosystem across to Binance Chain.
You can read more about why we are excited about this here: https://medium.com/canyacoin/building-on-binance-chain-e0d9495cb04
Part 2 of this blog will explore what the dev team will be doing on Binance Chain over the next three months into early 2020. We will be releasing this 2nd part soon in the usual channels.
Want more information? Come join the CanYa community Telegram channel.
Or hit us up on any of the links below:
Links:
- Telegram Announcements: https://t.me/canyacoin
- CanWork: https://www.canwork.io/
- Twitter: https://twitter.com/canyacoin
- Facebook: https://www.facebook.com/CanYaCoin/
- Medium: http://www.medium.com/CanYaCoin/
