CanYa’s Binance Chain development to be supported by the Binance Fellowship Program

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CanYaCoin

5 min readJul 18, 2019

We are pleased to announce that CanYa will receive support from the Binance Labs Fellowship program

In Q2 2019, the CanYa Team announced a move from Ethereum to Binance Chain. The Binance Community was very supportive and welcoming as we joined Binance Chain, listed on the Binance DEX and announced our DEX Trading competition. The more CanYa integrates into the Binance ecosystem, the more we are reminded of why the move was so important. Both Binance and CanYa have a foundational belief in the power of Open-Source Software (OSS) and collaborative development. To consolidate our efforts, we are pleased to announce that CanYa will receive support from the Binance Labs Fellowship program.

CanYa Founder, JP, with Teck from Binance Labs at a Hackathon in Berlin

Binance Fellowship

The Binance Fellowship is a Binance Labs initiative that supports the development of opensource software (OSS) in cryptocurrency and blockchain technology. The program fosters creators, researchers, developers that share the vision of collaborative, open-source-development. It is a great way to encourage development on binance chain as it gains traction across the community.

“If I have seen further it is by standing on the shoulders of Giants” (Isaac Newton, 1675)

Binance Fellows are granted access to the Binance ecosystem; including grants (monthly stipends), support, access to their vast marketing network, researchers and mentorship. Successful applications to become Binance Fellows include Knockturn Allee, HOPR, Ironbelly and Kitsune Wallet. The catalyst for CanYa to be supported by the Binance Fellowship Program came organically as we explored the requirements to migrate the CanWork dApp from Ethereum to Binance Chain.

Improvements to the nascent Binance Chain blockchain are required to support the ambitions of CanWork and its supporting suite of CanApps. The work done on these essential building blocks will be open-source and thus, will benefit the entire Binance Chain community.

Roadmap

Work has already well and truly started (as our community will know).

You can see our progress here: https://beptools.org/

This beptools website will be a common repository of software (created by the CanYa team) that can be used by the entire Binance community:

Although we have been happy with our progress, the Binance fellowship will help us accelerate our work and better promote the CanYa project to a wider audience. The initial proposed improvements include:

Non-Interactive Multi-Signature Module.

Multi-signature functionality is paramount to an effective blockchain because it facilitates the ability to have complex transfers of value between multiple parties, in multiple states. This functionality is a foundational module that allows for more complex transactions; such as escrowed funds.

Escrow Module.

Escrow capabilities are mandatory for peer-to-peer operations in a global and trustless environment such as a freelance marketplace. In the simplest form they hold a pre-determined value that can only be released when 2 of 3 signatures are achieved.

Hedged Escrow Module.

The escrow of stable assets is rudimentary since the variable of time plays no significant role on the overall value of the escrowed asset. Digital assets can be extremely volatile and the ability to escrow a certain known value ($USD for instance) becomes difficult over longer periods. Exchanges of services, such as those on CanWork, can take significant periods of time and Hedged Escrow is mandatory to protect the value of these service. By hedging the relative value of the escrow, for the duration of the service, price volatility is minimised or avoided.

DAO Module.

Decentralised Autonomous Organisations (DAOs) allow a distributed amount of people to collaborate on the shared pursuit. The concept is essentially that members economically stake assets that have value and signal via on-chain voting actions. This allows the group members to gather intent from a distributed group of people in a manner that is sybil-resistant. A fully fledged DAO concept is multi-faceted but this first important module will focus on allowing members to stake assets that can only be unlocked after a period of time, and to cast votes that represent on-chain governance in elections.

After successfully designing and implementing many of these open-source technologies on Ethereum, the CanYa Team are well placed to create them on Binance Chain. Once these building blocks (modules) have been completed, the migration of a feature parity CanWork dApp will be possible; from Ethereum to Binance Chain. After feature parity is attained, we will really be able to explore all of the improvements to user-experience that Binance Chain has to offer over Ethereum.

Note: CanWork and the CanApps will continue to operate as normal on Ethereum until feature parity on Binance Chain can be attained.

Fellowship Program — Blockchain Stack

Binance Labs have been very clear with their ambitions to nurture the creation of essential building blocks across the blockchain stack. This stack is not native to Binance Chain and the benefactors of new OSS will be found across the entire industry.

https://www.binance.com/en/blog/296490796661276672/Binance-Labs-BUIDLing-2019-with-Incubation-Fellowship-Programs

Fellows can work on any or all 6 layers of the blockchain stack; the initial proposals from the CanYa Team are rooted in the foundation levels (L0>L2). As the CanWork dApp grows, other aspects of this stack will be developed and shared across the industry via the OSS initiative.

Binance Chain and CanYa will continue to grow and prosper together through the collaboration of the Binance Fellowship.

Want more information? Come join the CanYa community Telegram channel.

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