Added admin tools for managing freelancer accounts
We also started development on Binance Smart Chain payments for CanWork:
Hedged-escrow smart contract drafted.
A first-pass contract based on basic escrow needs, it will require subsequent iterations and testing.
Web3 ‘tech spike’ started.
The aim is to develop a simple Web-to-BSC app (using ether.js) to satisfy fundamental requirements of interacting with BSC wallets & smart-contracts before we implement in the CanWork web-app.
We will communicate separately with more details on the forthcoming BSC escrow system.
Web3 tech spike
Mapping of existing BEP2 payment system for recycling and removal.
Token Swap News
Following a community vote, the CanYa team announced in May 2019 that they would be migrating the CanYa ecosystem and token from Ethereum (ERC20) to Binance Chain (BEP2).
Reasons for this included:
Significantly reduced fees on Binance Chain over Ethereum (as highlighted over the last few months)
Faster transaction times
Opportunity to be part of the Binance Ecosystem and be an early mover in the ecosystem.
The token swap from ERC20 $CAN to BEP2 $CAN opened in May of 2019 with the community encouraged to swap their tokens ASAP, the swap is still available to this day.
Shortly after the move to Binance Chain, ERC20 $CAN functionality was dropped from the CanWork platform and removed from a number of exchanges, including Kucoin.
In late 2020 Kucoin was anonymously hacked and over $200m USD of assets were stolen from the platform. Unfortunately, there were still members who left their $CAN on this exchange (despite it being over a year after the token was delisted). We must take this time to re-enforce to our community to never store your $CAN tokens (or any other currencies) on an exchange!
Keeping the bridge open is a burden on the team and the community. So, after two years, and with the aforementioned hacking of Kucoin the team and community now feel it is the time to close the ERC20 to BEP2 bridge for $CAN. This will also remove the ability for the Kucoin hacker to benefit from their crime and sell the stolen $CAN tokens on the market.
We have been very vocal over the last few months warning of this bridge closure and we encourage anyone who still has ERC20 $CAN to swap it ASAP as the bridge will be closing very soon.
We will update the circulating supply following the bridge closure but at least 7.6m $CAN will be removed from circulating supply (the hacker’s holdings), we anticipate the final number to be greater than this.
Recently, we have had a number of new members in the community asking where $CAN is available to be traded and whether it can be staked. $CAN can be traded and staked on BEPSwap . Stakers are earning around 55% APY at the moment and trading pairs include:
Loki (aka: Oxen)
And many others.
If you would like to know how to trade and stake $CAN on BEPSwap we have prepared a guide here
As discussed throughout the update, the team is looking at options for $CAN on Binance Smart Chain (BSC). We expect further liquidity options for $CAN once this move has been made.
In case you missed it, we released the first ‘provider spotlight’ this month. The provider spotlight is a tool to promote one CanWork freelancer across our channels each month. It helps these providers gain exposure while showing the world some of the great freelancers we have available on the platform.
This month’s provider is Omatayo, a graphics designer from Africa.
Omatayo heard about CanWork through a friend and since joining has done over 18 jobs on the platform all receiving 5 star reviews:
My experience freelancing on CanWork.io has been smooth, setting up and connecting my TrustWallet was easy. Converting my crypto earnings into my local currency was seamless as well, but my favourite part about CanWork is getting paid in cryptocurrency. I can choose to hold my $CAN, I can sell $CAN for another crypto, I can stake my $CAN or I can just spend the money.
Throughout March we are running a competition to grow the number of quality freelancers on the CanWork platform. The prize pool is over $3500 USD.
To enter people will simply need to recommend a quality freelancer to CanWork.io and have them sign up using the referrer’s referral code. Prizes will be handed out as follows:
Most referrals: $2000 USD in $BNB
2nd most referrals: $700 USD in $BNB
3rd most referrals $300 USD in $BNB
Additionally, we will also be handing out $100 USD in $BNB plus a CanYa Ledger Nano S to 5 freelancers whose profiles have been successfully approved in the month of March.
We hope this competition will be a fun way to start our growth strategy for 2021. We feel it important to focus on getting a core of quality freelancers across a range of disciplines before pushing for client and job side demand.
Recently, we have been fielding a number of questions in the community channel regarding the CanYa ecosystem moving across to Binance Smart Chain. The team have already created a BEP20 (BSC native token format) version of $CAN for the Spartan Protocol burn in late 2020.
The team will continue to look into the benefits of CanWork on BSC including a BEP20 $CAN token and hedged escrow. We see a number of ways in which a BSC ecosystem could massively reduce friction for CanWork while increasing liquidity and options for the $CAN token. In short, watch this space throughout 2021.
Are you CanWork service provider?
Do want to be paid to create assets for CanWork, help with guides, content, socials or just show off your skills? Please get in touch with CanWork Community Manager, @johanlives, at our community Telegram Channel If you want more information or want to see how you can get involved, join the community Telegram channel.