Reduction in international remittance charges and the elimination of the unnecessary fees is one of the widely celebrated solutions that the peer-to-peer system of transaction offers humankind by the implementation of blockchain technology.
Payment systems have experienced significant improvements since the emergence and propagation of blockchain technology and peer-to-peer transaction systems. However, there still exists a number of hitches, especially as the mainstream adoption of digital currencies is yet to be achieved. Therefore, at the points of entry and exit between crypto and fiat currencies, there still remains a number of liabilities that users are not very comfortable with.
Bridging the existing gaps between currencies
Introducing a system that will bridge the gap between these two worlds and offer seamless interaction where anyone from any part of the world, or blockchain community will not be restricted during transactions is a move that will definitely encourage the adoption and use of digital currencies.
Freelance services has become a global phenomenon and there exists an organised market place where individuals can find specific service providers from all over the world and negotiate deals. Usually, during these interactions and contract execution, escrow services are employed and payments are held in trust by neutral parties and released appropriately when a job is completed. Sites like Upwork and Fiverr are popular for such services.
Despite the value that these existing platforms offer to the global service delivery marketplace, certain limitations have plagued the system and led to hitches in service and some imbalance in terms of remuneration. This imbalance in remuneration is often caused by the fluctuating value of Bitcoin and altcoins and also the fiat currencies of most countries. Therefore, providing a system that hedges payments, protecting the value of agreed pay values until a contract is fully executed is a development that is being highly embraced by the online community. This and more is the solution that CanYa brings to the industry.
The benefits of the CanYa network
CanYa is a peer-to-peer platform where clients choose & interact directly with the person who will be providing the service instead of a third-party. Using smart contracts, the platform will provide a trustless, secure and fast payment layer.
CanYa platform offers Hedge Contract for jobs, which implies that job value is guaranteed despite coin fluctuations. This also means that all CanYa jobs will automatically create a hedged smart contract to lock-in the value of the agreed upon price whenever jobs are negotiated.
Some of the already existing products on the CanYa network include the CanYa App, which is a proof of concept app that is already working in Australia using regular currencies. The CanYa app also interacts with all popular blockchain coins in addition to the CanYaCoin (CAN) which has specific benefits. CanYa offers Machine Learning for job bookings, a Chatbot and an international multi-lingual experience.
The power of the token
The native token of the platform, CanYaCoin (CAN) which forms the interactive bridge between the platform and other blockchain coins as well as fiat currencies is being made available for public sale this November. There will be 46,800,000 CAN tokens on offer over four stages. Each stage will reduce in discount to incentivise early adopters.
CanYaCoin will serve as single bridge between currencies, enabling users to pay with any coin, and providers can receive payments however they want. The token is necessary for use in CanYa’s hedged escrow contract which protects the user base from price fluctuations (the Hedge is based on DIGIX or Erc20 Tether). CanYa completely removes the risk via the Hedged Escrow Contract.
Service providers can purchase the token premium features for a monthly subscription and CanYa may reward users with tokens and create economically incentivised network effects.
Only a 1% Transaction fee shall be paid by a service provider, while there shall be no fees or transaction limits on withdrawal. The CanYaCoin will be stable – 50% on Platform, 50% in user rewards pool.
An ideal product for freelance marketplace
CanYa platform is a very useful and disruptive tool that will be of immense benefit to digital freelances who are living in countries with volatile currencies, freelancers that engage internationally but wish to bypass high commissions, crypto holders who want to digitize all their transactions while still making themselves easy to do business with, and individuals who want to make money using CanYa’s referral program.
Just like the internet narrowed down the global communication systems and broke down barriers that hindered effective international relations, the blockchain is taking the world even further by instituting decentralized systems where the obstacles created by intermediaries is being eliminated and true peer-to-peer interactions are achieved effectively.
This is a sponsored post.