CAN Token – A value backed token to transfer real world services

CanYaCoin – A strong value proposition and a real life use case.

After a series of introductory blogs it’s time to deep dive into the value proposition and the use case  of the CAN token. The Initial Coin Offering marketplace is hugely over saturated right now, which makes it hard for projects with real value to stand outA continual demand and a token that can be transferred instantly into real world services positions CanYa and the CAN token as a leader in this landscape.

Converting cryptocurrency into real world services

Continual Coin Demand

CAN tokens will be in constant demand – not only from users of the local and digital services platform – but also from our asset contract and our trustless hedged escrow contract. Both of these smart contracts will only accept CAN tokens, meaning all other deposits will first be converted into CAN tokens; thus creating a constant market demand for CAN tokens bringing value to our token holders.

CanYaCoin Asset Contract

The Asset Contract receives tokens from the 1% flat transaction fee that service providers pay, as well as the monthly subscriptions that services providers can choose to pay in order to become a “Featured Provider”.

CanYaCoin will allow for service providers to list themselves as featured providers on the CanYa Platform

After these fees are collected (in the providers chosen currency) they are converted into CAN tokens and then deposited into the Asset Contract. The Asset contract receives CAN tokens from both our flat 1% transaction fee and monthly subscriptions and they are sent to a smart contract which distributes the tokens. 30% of the tokens are allocated to a user rewards pool which is then given back to the community though referrals, welcome bonuses, ‘token-backs‘ and commission payments.

Asset contract for CanYa

 

The CanYa platform receives 30% of tokens is distributed to the CanYa platform, these tokens will be used to provide consistent user support, marketing, platform operations and future development for years to come.

The CanYa Asset Contract escrows 10% the CAN for disbursement to selected charities, of which Giveth is the first.

The remaining 30% of tokens are burnt using a trusted burn method – Similar to Iconomi’s burn model.

Trustless Hedged Escrow Contract

Traditionally, the general public would resist against paying for services with crypto because of the volatility in cryptocurrencies. A simple decking job might take 4 weeks to complete but the user and/or provider would be constantly concerned with the volatility in the crypto-markets. CanYa completely removes the risk via the Hedged Escrow Contract.

The Trustless Hedged Escrow smart contract is our stand out feature and one that brings consistent value to the CAN token. Our hedged escrow system ensures that when a user books a service at an agreed upon price, it will remain static throughout the transaction, to ensure $100 in is $100 out.

Trustless hedged escrow smart contract

This escrow contract demands a constant supply of CAN tokens. Users can pay with any cryptocurrency (or fiat denomination) but this deposit is instantly transferred into CAN tokens using a decentralised token exchange. These CAN are then sent into our escrow contract where the value of these tokens is hedged against the volatility of the cryptocurrency market.

Not only does our escrow contract provide continual CAN demand, it also creates price stability for the volatility of cryptocurrency. This is hugely important for a services dApp as building a deck or creating a website could take an extended amount of time.

CanYa will provide a trustless exchange of hedged cryptocurrency for skilled services, as well as a way for the cryptocurrency community to spend their holdings on skilled services.

CanYa is a functioning local and digital services platform that will soon have a cryptocurrency layer over the top; CanYaCoin

A flexible token that can be stable and volatile simultaneously

Hedging CanYaCoin is achieved by “HODLing” an underlying store of value – a stable coin – which is held to guarantee value of the CAN tokens deposited. This will allow CAN to act like a stable coin (only when it needs to), while keeping the demand high for CAN tokens. Every transaction that isn’t paid directly in CAN will be instantly converted into CAN for our smart contract.

Both of these smart contracts ensure a constant buying pressure on the CAN token which why the CanYa economy will benefit all users and token holders!

Stay tuned for announcements about partnerships with stable coins, decentralized token exchanges and more! Get involved with our community bounties to start earning CAN tokens today!

For all the latest news and updates follow us here:

CanYa's subreddit about CanYaCoin CAN

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CanYaCoin – Competition or Cooperation?

Competition or Cooperation?

CanYaCoin powers CanYathe world’s first cryptocurrency-based autonomous marketplace of services. The struggle with the crypto-community these days, is trying to work out which ones will be around in 5-10 years? The secret to success is working out which ones will be complimentary or which will be supplementary; that is to say, which new ICOs will be competition with BTC, ETH or XMR and which will be in cooperation?

CanYaCoin is an ICO that is complimentary and will not be competing against BTC, ETH, XMR or any other cryptocurrency. The CanYa platform, through the CanYaCoin cryptocurrency payment integration, will actually support and encourage mainstream adoption of cryptocurrencies! The Ethereum ERC20-based token – CanYaCoin – will bridge the gap between the general skilled public and the wider crypto-community.

CanYa will bridge the gap between the crypto community and the general public. The escrow account will be hedged to ensure you get the a value for money

CanYaCoin encouraging mainstream adoption of crypto

CanYa is a platform where local and digital service providers can get found, get booked and get paid; and conversely, where the general public can find, book, pay and review skilled providers. To participate in this one-stop experience, cryptocurrency or traditional fiat currency will be effortlessly added to CanYa by the users and receive CanYaCoin.

CanYa is powered by CanYaCoin and this new cryptocurrency will allow you to find, book, pay and review local and digital service providers

CanYaCoin will be used to pay for services of all types within CanYa, be spent using 3rd party solutions anywhere in the world (think Monetha, Monaco etc) or withdrawn as another cryptocurrency/traditional fiat currency.

The appeal is two-fold for users of CanYa

Firstly, the CanYa platform will be a true international meritocracy for service providers of all shapes and sizes. The strengths that Ethereum smart contracts bring to the blockchain technology means CanYa will have the world’s first true services marketplace where the best providers are ranked accordingly. This peer-to-peer (P2P) curated ranking empowers customers and quality providers alike.

CanYa is the world's first true meritocracy, the best providers or biased and get the most exposure

Secondly, CanYa will be unlike any incumbent competition because the technology of the blockchain and the efficiencies of cryptocurrencies frees our payment structure from the heavy charges imposed by “trusted” 3rd party payment solutions. CanYa will only charge a 1% transaction fee (about 20x cheaper than Uber, AirBnB or any existing services platform) and allows for instant, trusted and immutable payments all over the world.

CanYa in the real world

Imagine someone in Queensland (Australia) downloading CanYa for free and through the unbiased ranking system, finds the best app developer in the world is in Hyderabad (India). The user can peruse the provider’s profile, check previous reviews, communicate in-app and get a quote in a few seconds. Once the work is completed, the smart contract is finalised and the payment is made with next to no fees for either party – an autonomous marketplace of skills is born!

The world gig economy will finally be accessible with the CanYa platform; powered by the CanYaCoin.

Now imagine a Venezuelan plumber who is concerned about his countries sky-rocketing inflation and currency volatility. He brings his existing clients over to CanYa so that all payments can be paid with CanYaCoin and he can be protected from currency volatility. The hedged escrow smart contracts ensures that the plumber earns a guaranteed price for his work and CanYaCoin reduces the fees his would normally pay with an existing 3rd party fiat payment system on BitCoin in isolation.

Scenarios aside, CanYa will finally bridge the gap between the general public and the crypto-community. Early BTC and crypto investors have a fortune of value that is largely trapped in cryptocurrency. Many don’t want to convert back into fiat currencies but these are real people with real-life problems. CanYaCoin will power the CanYa platform to make it easy for the crypto-community to access skilled local and digital service providers. How about a new deck on the house with your crypto profits? The possibilities are endless.

For all the latest news and updates follow us here:

CanYa's subreddit about CanYaCoin CAN

What did we learn from Equifax’s security breach?

What happened with Equifax?

In March this year a security vulnerability in Apache (web server software) was patched and released to the Apache community. Any CSO or CIO worth their salt would have picked up on it, realised the impact of the vulnerability and implemented early fixesIn May this year hackers obtained access by exploiting this unpatched bug and siphoned off as much as they could, which would have been fairly easy.

In July this year Equifax realised that they had been compromised. It took them two months to work out how to tell their 143 million users. The security patch itself probably didn’t take that long.

Equifax had a major security breach that compromised that private data of 143 million users. CanYa will not let this happen, find out how
Photo Credit: thehackernews.com

143 million Americans had their data exposed and sold on. The effects of this will be felt over the next decades in credit card fraud, identity theft and phishing scams.

How do we avoid this happening again?

A security breach like this is a huge deal! Apart from all of the obvious shortcomings like the fumbled damage control campaign, the real issue lies in how the user-data was left to be so vulnerable.

Big companies can have all the security policies they want, but there’s usually still a way in, and someone willing to find that way in. Which is why user-data storage needs to be encrypted, it needs to be stored in a decentralised manner, and users need to retain ultimate ownership of the data at all times.

Locked padlock on a smartphone app is representative of CanYa's security with data

This sounds out-of-reach; but that is not the case. Enter blockchain and cryptography; important pieces of the puzzle that will allow us to solve the problem. User-data can be anonymised properly, it can be stored in a decentralised manner with no single point of failure, and users retain ultimate control of that data.

Here at CanYa, we believe in a decentralised future, where no single entity can make mistakes and expose half of America’s data overnight. So we’re partnering with other companies who have similar visions and willing to spend the time and effort to get this right.

CanYa is a functioning local and digital services platform that will soon have a cryptocurrency layer over the top; CanYaCoin

CanYa & MADANA

We’re excited to announce our partnership with MADANA – a marketplace of data analytics. MADANA will allow users to retain control of their data at all times, and even choose to monetise it if they want. We’ll have more information about our partnership with MADANA soon.
CanYaCoin and Madana are partnering up to ensure that all of your data is secure and decentralised. There is no reason another Equifax should occur again!
It’s time to handle data properly, and more importantly, it’s time to give users back ultimate control of their data; more on this to come.

For all the latest news and updates follow us here:

CanYa's subreddit about CanYaCoin CAN