This month we continue our focus on the transition to Binance Smart Chain and explore NFTs on BSC further.
What’s happened since the last update?
Binance Smart Chain Escrow Contract
The dev team are full steam ahead with Binance Smart Chain and things are getting close!
This month the team have achieved the following:
Deployed test contracts to Binance Smart Chain
Successfully tested the escrow smart contract for:
BNB & BEP20 deposits
BUSD liquidation via PancakeSwap contract calls
Basic deposit & release functionality using the unique CanWork JobID
These milestones solve most of the technical issues for the new escrow and form the foundation for the payment flow and CanWork handling development.
Next on the dev team’s list is:
Security, checks & balances
Cancellation handling (admin, client & provider)
Payout splits (with fee)
Fee change/handling functions
If the team can keep momentum, we expect the first version contract to be completed by the next update.
BSC Web3 Integration
The Web3 integration (how the user interacts with the Binance Smart Chain foundations) has also progressed well since the last update.
WalletConnect, MetaMask & Binance Browser Wallets connect via CanWork
Access & display balances of pre-selected BSC (BEP20) tokens
Approve BEP20 token spends
Escrow-contract interation for deposit & release
Still to be done:
Web3 cancellation functionality
Full integration into CanWork web-app
Token Swap News
We will be closing the bridge to Ethereum very soon. If you have not swapped your ERC20 $CAN for BEP2 $CAN you need to do it ASAP!
The team released an announcement blog a few weeks ago with all of the relevant details: TOKEN SWAP GUIDE
The swap is still available to this day via Binance.com.
The Binance Bridge
Keeping the bridge open is a burden on the team & the community. So, after two years— and the aforementioned hacking of Kucoin— the team & community feel it is time to close the ERC20 to BEP2 bridge. . This also denies the Kucoin hacker to sell the stolen $CAN tokens on the market.
We will update the circulating supply following the bridge closure but at least 7.6m $CAN will be removed from the circulating supply (the hacker’s holdings), we anticipate the final number to be greater than this.
The release of Multichain Chaosnet (MCCN) will be gradually tested & iterated until full mainnet— expected later this year. With this release, BEPSwap will be slowly phased out. There is no rush for $CAN token liquidity providers to remove their liquidity at this stage. We will provide further guidance as Thorchain provides updates for its BEPSwap plans.
As stated above (and discussed at length in the community) we will migrate the CanYa / CanWork ecosystem to Binance Smart Chain in the coming months. This will open up a number of new liquidity & staking options for our platform users and token holders. Some that immediately come to mind are the highly successful PanCakeSwap— and our friends over at the Spartan Protocol.
In case you missed it, each month we release our ‘Freelance Spotlight’. This is a tool to promote one CanWork provider 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.
NFTs (Non-Fungible Tokens) are a rapidly growing area of the internet. To put it simply, an NFT is a unique digital asset that is verifiable on a blockchain. 2021 has seen massive growth in this industry with NFTs being sold for the first-ever tweet, various one-off pieces of music, and perhaps the most famous NFT-- Beeple’s $69 million dollar creation sold at auction earlier this year.
However, this space is still in its infancy. Many unique non-digital assets could be turned into NFTs to allow easier transfer and verifiability. Things such as real estate, classic cars, artwork, and many others could massively benefit from this technology.
With the above said there is clearly room to grow for this industry, however, most of the NFT marketplace takes place on the Ethereum blockchain. This fact is not lost on the Binance Smart Chain community or the CanYa team. Binance Smart Chain is a perfect home for NFTs due to its lower fees and increasing popularity.
The CanYa team and community see a perfect opportunity to add further functionality to the platform once the transition has been made across to Binance Smart Chain. Empowering NFT creators and perhaps even adding a marketplace for NFTs perfectly aligns with the overarching vision for CanWork to be the home of digital freelancers and their creations.
We hope to have some exciting news in this regard in the near future. Stay tuned and as always, if you’d like to get involved or have ideas on how CanWork can take advantage of this opportunity get in contact via the Telegram community!
Watch this space and get involved in the community if you have any thoughts on this matter!
Are you CanWork service provider?
Do you want to be paid to create assets for CanWork, help with development, 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.