CanYa Vision on Binance Smart Chain

CanYa
CanYa
Aug 10, 2020 · 6 min read

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

To jog your memory, here is a visual recap from the strategy.

Read more the full article here.

CanYa Vision on Binance Smart Chain (BSC)

A new CanYa home page

To achieve this, we plan to relaunch the CanYa.io home page (which is currently outdated) and clarify the broader vision for the ecosystem.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.

Binance Chain

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.

Comparison of Binance Chain Transaction Speeds and Fees vs Ethereum

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!

’20 Reasons to Love Binance Chain’ — Posted created by a ‘CanWorker’, on CanWork.io

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’

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.

Our pre-Binance Chain ‘Decentralisation Paper’ (ca. January 2019) describing decentralised liquidity pools — CanSwap)

CanSwap — A liquidity pool protocol for 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?

An artistic illustration of the CAN token utility. Designed & created by Omotayo, a digital illustrator on CanWork.io.

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.

When?

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CanYaCoin

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