canwork-jan22-update

CanWork January 2022 Update


We hope our freelance community around the world had a safe and well earned break over the Christmas and New Year period. To kick off 2022 we have an update summarising our 2021 progress and what you can expect from the CanYa team in 2022.

Binance Smart Chain - Where we have come from, where we are at, where we are going

The original CanWork platform was released on Ethereum in 2018. Due to the transaction costs being untenable for a freelancing platform (up to 20-50% or more of the job’s value), the team made the decision to move to the Binance Ecosystem in 2019.


Originally, this was Binance Chain and required our community to swap their ERC20 $CAN tokens to BEP2 Binance tokens. This is still ongoing. If you have not swapped your ERC20 $CAN please do so via the following guide:

https://www.canwork.io/blog/token-swap/

More recently, the Binance ecosystem has evolved from Binance Chain to the more dynamic Binance Smart Chain (BSC). BSC has significantly more advanced development tools and support than Binance Chain and is perfect for the CanWork platform.


Compared to Ethereum Binance Smart Chain is roughly 1000x cheaper, 10x faster and in late 2021 had more transactions on chain than the chains of Bitcoin and Etherum combined:

https://cryptoslate.com/binance-smart-chain-sets-record-after-14-7-million-daily-transactions-in-one-day/

For these reasons and more we believe the future of CanYa’s ecosystem rests with Binance Smart Chain. Additionally it will provide the following benefits to our users and token holders:

  • Ability to further decentralise the Hedged Escrow using the smart contract functionality of BSC
  • Allow our clients to pay freelancers in an increasing range of cryptocurrencies
  • Give freelancers the choice to accept payments in stablecoins such as $BUSD
  • Revised tokenomics & use-case for the $CAN token
  • Increase liquidity & staking options for the $CAN token (eg. PancakeSwap)


We are aiming to have the CanWork platform and payment system operating on Binance Smart Chain by Q1 2022

Liquidity, Future Payment Model and the $CAN token.


Liquidity



Much like development, liquidity has also transition from Binance Chain to Binance Smart Chain. Pancake Swap, Spartan Protocol and a number of other DeFi platforms on BSC had rapid growth throughout 2021. Understandably, this has coincided with reduced liquidity on Binance Chain DEX including that for the $CAN token.

The community and our freelancers have shown a desire for additional liquidity and trading options. A listing on THORChain’s BEPSwap platform in 2021 highlighted this with nearly $1m USD of liquidity added and over $100k in staking fees paid out. Unfortunately, BEPSwap was retired as the THORChain team moved to their own native blockchain.

The CanWork platform also needs liquidity to provide our clients and freelancers with a range of payment options once the transition is made to BSC. We envisage providers/clients being able to pay and receive in $BUSD, $BNB, $CAN, $BBTC, $BETH and a range of other options. To achieve this the team is working on porting our Hedged Escrow across to BSC and tapping into liquidity pools on Pancake Swap.


Having said all of this, the team will have a $BNB : $CAN BEP20 pool up and running on Pancake Swap in Q1 2022. This will provide liquidity to our community while also establishing the foundation for our payment model’s liquidity on BSC.

Future Payment Model


This has been a strong focus of the development team throughout 2021. The Hedged Escrow is essential to ensuring fair pricing for CanWork’s freelancers / clients and protecting job value from price volatility. By moving to BSC we can also add a number of additional exciting functionality to the escrow system creating more payment options for our users while increasing liquidity and utility for the $CAN token.

The future payment will still run through the Hedged Escrow (to protect the job value for clients and freelancers alike). It will additionally offer:
  • Multiple payment options for all users
  • Increase liquidity for $CAN
  • Integration with Pancake Swap and exposure to BSC DeFi ecosystem



The $CAN token


We estimate there to be approximately 10m $CAN tokens remaining in circulation. This is a reduction of 90% from the original 100m tokens created. This figure is very rough; more fidelity will be gained throughout 2022 as our community upgrades their Binance Chain BEP2 to Binance Smart Chain BEP20 (a very easy process).

After the transition of the ecosystem to BSC in Q1 2022 the $CAN token will have more liquidity, more utility within CanWork and a final, stable, state when it becomes BEP20 $CAN.

As stated above, the team will also have a $CAN : $BNB pool up and running on Pancake Swap in Q1 2022.


CanWork

The aforementioned BSC development and payment model is all designed to provide a compelling user experience on CanWork.

We strongly believe the future of freelancing is tied to digital currencies and Web3 technology. It allows a freelancing platform that is:

  • Truly Borderless
  • Fast
  • Transparent
  • Very small / non existent on fees
  • Run by a community of users


We aim to continue to develop this vision and extend awareness of the platform throughout 2022. Last year saw a rapid rise in the world’s awareness and understanding of digital currencies. We feel this provides a solid foundation for the day to day use of them on platforms such as Canwork.


As well as the BSC transition and new payment model, In 2022 we would like to add the following to CanWork:

  • Reverse job boards - providing freelancers the ability to advertise themselves and their work and provide offerings to clients,
  • Additionally premium services, paid with $CAN. This includes increased visibility for freelancer profiles, reduced fees and more,
  • NFT support for both creators and sales. Despite Binance Smart Chain rapidly growing in usage throughout 2021 the majority of NFT activity is still on Ethereum despite the excessive fees hurting artists and buyers alike.


Summary


Although 2021 was a busy year for the team much of the work was not immediately beneficial to the community. We are looking forward to delivering tangible results to the platform and community throughout 2022.

In Summary we aim to:
  • Transition the CanYa ecosystem across to Binance Smart Chain. This includes the smart contracts, testing and the Hedged Escrow. We aim to have this done by Q1 2022.
    • Introduce the new payment model which will:
    • Increase payment options for clients and freelancers
    • Increase the liquidity of the $CAN token
    • Increase the utility of the $CAN token.
    As mentioned we aim to have our first liquidity pool of BEP20 $CAN on Pancake Swap by Q1 2022.

  • Provide a compelling user experience on CanWork. This will be achieved via the first two steps above and a number of additional tweaks mentioned earlier in the blog.

We look forward to an exciting year ahead for the community and our freelancers around the world!


If you want more information or want to see how you can get involved, join the community Telegram channel.



CanWork: https://www.canwork.io/
Twitter: https://twitter.com/CanWork_
Facebook: https://www.facebook.com/CanWorkPlatform

Chris McLoughlin

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2022-01-04

Date posted

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 CanWork   Freelance   Binance