In part 1 of this blog we covered what the CanYa dev team had achieved over the past three months in the fellowship program. This included:
- Creating a Binance Chain fee calculator and tool
- Creating a Binance Chain native token multi-sender
- Building the ‘freeze’, ‘un-freeze’ functionality on Binance Chain (crucial for DAOs and staking)
- BEP39 — Upgrade of the WebSocket to include MEMO fields (necessary for DAO voting)
- BEP24 — Allowing freezing of tokens over a specified bond period
- BEP38 — Non-interactive multi-sig wallets
- Binance Chain Tutorial and Toolkit for Developers
In this part 2, we look to the future and the exciting process of transitioning the CanYa ecosystem wholly onto Binance Chain.
Why move CanYa to Binance Chain?
Earlier this year the CanYa community voted in favour of moving CanWork and the ecosystem over to Binance Chain. This was done for several reasons that will benefit the CanYa ecosystem, its users and its token holders in the long term. These include:
- Accessing and harnessing Binance’s brand power. This will mean tech, marketing and business development support for CanWork.
- Technology Stack. Binance Chain (and the Binance DEX) gives our community a faster, more secure and simpler user experience. Additionally, with technology like BEPSwap, the Binance Chain tech stack and other emerging projects there are many opportunities for the CanYa project in the coming years..
- Ecosystem. Binance Chain has a rapidly growing ecosystem of developers, users and token holders. This passionate community will mean the CanYa ecosystem will benefit from various opensource developments, have access to a wide support network and widen the available user audience for CanWork once it moves to BEP payments.
You can read further about why we are excited to move CanWork to Binance Chain here:
The next 3 months
With much of the underlying infrastructure now built, the next phase of BinanceX fellowship will allow us to transition CanWork across to Binance Chain with the integration of BEP2 wallets and our Binance escrow service, BEP Escrow.
BEP2 Wallet
Note: BEP2 is a native token format for Binance Chain like ERC20 is to Ethereum
The BEP2 wallet needs to be incorporated into CanWork so users can store the $CAN necessary to book and pay for freelancers. Work has already begun on this and we expect it to be completed soon.
The CanYa development team will use a combination of its own and other opensource technology, including Wallet Connect, to make BEP2 payments a possibility on CanWork. Having BEP2 payments will largely widen the available on ramps and off ramps for CanWork so the team is quite excited for its implementation.
BEP Escrow Service
BEP Escrow is a stateless escrow service for BEP2 assets on Binance Chain. Similar in functionality to the hedged escrow we developed for Ethereum, BEP Escrow allows participants to pay each other in stable value in an open & secure manner.
It will be the first implementation of what we believe the future of Open Finance on Binance Chain will look like, with fully-auditable code and fully transparent transactions. Anyone can:
- Audit the funds
- Audit the logic (open source)
- Inspect the historical transactions
It combines Binance Chain transactions, Binance Chain MEMO field, Binance DEX and the new Binance Chain TSS implementation.
Hedged
BEP Escrow allows anyone to escrow any asset, hedged to an appropriate value in any other asset (CanWork defaults to $USD) and payout correctly regardless of how the original assets’ value may have changed during the time in escrow.
This service is fundamental to CanWork’s adoption & use case. It ensures that when a user books a service, the agreed value will remain stable and independent of any asset price movement.
Side service
BEP Escrow is a side service for Binance Chain which means it takes all the logic away from Binance Chain into a side service. The logic is opensource, auditable & transparent.
Secure
BEP Escrow is a crash fault-tolerant service that uses Threshold Signature Scheme (TSS) cryptography to ensure the security of assets. The assets are always auditable & transparent.
TSS is a cryptographic protocol for distributed key generation and signing. It is a more efficient, cheaper, off-chain alternative to multisig that provides secure access control. (Read more at Binance Academy)
The entity running the side-service is responsible for nominating nodes to manage the TSS. The system is safe from external attack although there is still a need to trust node operators of the system. For CanWork, this will be the CanYa core team initially but we will eventually hand over to the CanYaDAO by establishing a framework to allow large CAN holders to run nodes.
Payments for CanWork
CanWork will first accept payments in $CAN but will eventually work with any BEP2 asset automatically. Clients will be able to pay for services in any Binance Chain asset they want. This will be liquidated into $CAN via the Binance DEX and then escrowed with a confirmed $USD value.
When it comes to completing the job and releasing funds, the escrow service will ensure the agreed value is paid out. If the value of $CAN decreases during this time, the escrow will “top-up” $CAN to ensure the agreed $USD value is maintained.
BEP Escrow will also support an escrow increase function. This is a feature improvement on the previous escrow and provides greater flexibility for clients and freelancers to scale projects, adding more funds to the secure escrow as project scope and price increases.
Note: The Binance DEX liquidation of $CAN will be replaced by BEPSwap upon its launch.
A reminder on BEPSwap
Though technically not a Binance initiative, Thorchain’s BEPSwap is an incredibly exciting development within the Binance ecosystem. BEPSwap will greatly enhance the opportunities that will be available for the project once the above work is completed. With CanYa being a launch partner the CanYa and Thorchain teams are aiming to have BEPSwap integrated into the ecosystem by Q1 2020.
It has far-reaching possibilities for all Binance Chain projects, especially CanYa. You can read an in-depth piece about what exactly this technology is and why we are excited about it here:
However, in summary, BEPSwap will provide:
- Significant liquidity for $CAN token holders, traders and users alike
- Open up the on-ramps and off-ramps for CanWork to include every other cryptocurrency including derivatives, stable coins and pegged currencies
- An opportunity for our token holders to securely stake their stored $CAN and earn staking rewards for funds that otherwise would have been dormant.
Summary
Thanks to the BinanceX Fellowship, the CanYa dev team will integrate Binance Chain into production on CanWork. We are excited to see BEP2 wallets live on CanWork. Importantly, we’re proud to have the opportunity to build BEP Escrow — a stateless, open, secure, hedged escrow service for Binance Chain assets. Finally, BEPSwap will greatly enhance the opportunities that these integrations have into the future.
Do you need more information? Come join the CanYa Community Telegram Channel
You can also reach us anywhere 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/
