CanYa is releasing the CanYaCoin or CAN token in October 2017
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CAN Token – A value backed token to transfer real world services

What is CanYaCoin and how can it bring value to the Ethereum ecosystem?

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. 33% 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.

CanYa fees and subscriptions are collected into smart contract

The CanYa platform receives 33% 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 remaining 33% 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

3 comments on “CAN Token – A value backed token to transfer real world services

  1. Pingback: CanYa is going to revolutionise crypto adoption – CanYa Blog

  2. Pingback: CanYa & Digix – Official Partnership – CanYa Blog

  3. Pingback: Overview: The Gig Economy Worker’s Guide to Stability - GroBidz

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