We share a view of the broader CanYa ecosystem and our vision for the future as pioneering developers on Binance Smart Chain.
Growth & Development Strategy
Earlier this month, we shared a Growth & Development Strategy for CanWork.io, the digital services marketplace on Binance Chain. Adoption of the CanWork platform is a ‘chicken and egg’ problem but this strategy highlights some of the ways we will overcome the new marketplace problems. Read the full article here.
To jog your memory, here is a visual recap from the strategy.
CanYa Vision on Binance Smart Chain (BSC)
By now, our community will understand the benefits of Binance Chain but the benefits of the ‘Binance Smart Chain (BSC)’ may still be somewhat abstract. Here, we take a view of the broader CanYa ecosystem and our vision for the future as pioneering developers on BSC.
A new CanYa home page
As it stands, there is no clear delineation between CanYa and CanWork. It was a conscious decision to merge the brands to focus on our flagship platform, CanWork. Feedback tells us that we need to help remind the community of the full scope of the CanYa ecosystem and $CAN token utility.
To achieve this, we plan to relaunch the CanYa.io home page (which is currently outdated) and clarify the broader vision for the ecosystem. We need a single source of truth so the CanYa story will be consistent, reliable and of high quality.
During our years of research and development on the Ethereum blockchain we ran into countless roadblocks for widespread user (dApp) adoption. We recognised the massive potential of the Binance Chain platform and successfully migrated the CanYaCoin ($CAN) token and the ecosystem earlier this year.
We find building on Binance Chain easier, cheaper and with significantly more support than our time building on Ethereum. At the time of writing, the Ethereum blockchain has become saturated and the cost of even trivial transactions is again prohibitive. Binance Chain consistently provides fast, cheap and reliable transactions; things that are paramount to good user experience.
In addition to the positives just mentioned, below is an easy-to-understand graphic of why we are Binance Chain developers & supporters and what we love about the platform. Feel free to share it!
Of note is the cross-chain development that is underway and the increase of on- and off-ramps. Importantly, for the CanYa vision, the new parallel Binance Smart Chain (BSC).
Binance Smart Chain & CanYa ‘DeFi’
BSC brings all the power & potential of smart-contract technology and the promise of decentralised finance to Binance Chain. Decentralised Finance (DeFi) has captured the attention of the entire cryptocurrency community and we are not surprised. As early as our initial Whitepaper in 2017, we had our eyes on the future of what cryptocurrency can mean for the world of finance.
In early 2019, we released a Decentralisation Paper that described a DeFi product called CanSwap — decentralised liquidity pools for $CAN. Until now, we’ve been impotent to act on this vision but we finally have the missing piece of the CanYa puzzle with BSC.
CanSwap — A liquidity pool protocol for CAN
CanSwap is the most exciting part of the vision. It is a uniswap-like liquidity pool protocol that has $CAN as the settlement asset. Any user can:
- Swap any asset to any other asset via the pools.
- Stake liquidity into the pools.
- Earn on trading fees.
CanSwap plans to be a premium liquidity solution on BSC.
How does it fit?
This is a good question. In June this year, we were invited to explore the Testnet of the BSC and announced this was our opportunity to work on DeFi. The community was understandably excited but perhaps we didn’t communicate the vision concisely enough as the community have queried how DeFi products fit into the CanYa vision and how it benefits our freelancers on CanWork.
Benefits to the CanWork Freelance Marketplace
With BSC, and the introduction of DeFi products into the CanYa ecosystem, the following benefits are available for the Freelance Marketplace:
- Trustless Escrow — The CanWork Escrow (CanEscrow) protects all parties and defends the ‘value’ of the transaction. BSC smart-contract technology means we can create a ‘trustless’ escrow as opposed to the current escrow which is owned by the CanYa team.
- Deep Liquidity — A token/asset is only as good as its liquidity; a volatile asset price is a nightmare to use as a payment method. A deeply liquid $CAN token benefits freelancers accepting $CAN tokens.
- Off-ramps — Providers of CanWork are mostly looking for meaningful income. Off-ramps provide more accessibility for the provider to utilise their income.
- Positive Cycle — As the freelancers earn $CAN, they may find they have excess $CAN then that required for them to live. These tokens can be redeployed for the everyday freelancer to reap the benefits of the token holders.
- Non-$CAN settlement — With successful liquidity pools, CanSwap can be integrated into CanEscrow such that assets are swapped in and out of $BUSD, $BNB and other tokens trustlessly. CanEscrow will use asset prices from CanSwap instead of the current Binance DEX oracle. This makes CanWork more attractive.
- More work — CanYa exclusively draws upon the community of providers on CanWork for digital service needs. We anticipate that the expanded product range and ecosystem growth will naturally require more hiring from CanWork.
Benefits to Token Holders
In addition to the benefits for the freelancers, there are also significant benefits to the CanYaCoin token holders too.
- (Supply) Liquidity — CanYaCoin token holders will soon have the ability to turn their unproductive (HODLing) assets into productive assets by supplying liquidity for the token.
- Earn fees — liquidity providers can earn fees on swap transactions.
Benefits to DAO
The CanYaDAO is paramount to the longterm viability of the CanWork platform. Any decision made for the token must consider the benefits to the DAO, here are a few:
- More to govern. Additional products introduce more work for the CanYaDAO to manage, meaning more opportunity for DAO members to participate.
- More value. A cohesive and fully-functioning token ecosystem naturally aims to bring in more value.
The CanYa team has been on the cutting edge of technology development for long enough now that we are hesitant to give out any solid timeframes. We do, however, acknowledge that the only way the community can keep us accountable is by setting measurable targets. As such we are aiming to have a proof-of-concept product on Binance Smart Chain MainNet in Q3 2020, with the ultimate goal of having CanSwap ready for testing by the end of the year (Q4 2020).