CanYaCoin Top Stories

Important update to the CanYaCoin ICO #1

Our community has been speaking and we have been listening! The latest changes to CanYaCoin ICO.

Our community spoke and we listened

Since the CanYa Whitepaper was first released in August 2017 – a lot has changed in the cryptocurrency landscape. The team has received heaps of feedback from community members and the new Advisory Board and we’ve decided to update the whitepaper and how the ICO will be conducted.

KYC

Know Your Customer‘ checks will be performed by CanYa for all ICO participants that contribute more than 10 ETH (EDIT: The latest KYC can be found at Important update to our KYC). This will be done for the following reasons:

1) As part of the CanYa Integrated Wallet service, we will be adding the ability for users to pay for services by credit card, and for providers to withdraw payments to their bank accounts. These fiat ‘on/off rails’ will eventually require regulated KYC/AML checks, so it is necessary we start the compliance process now.

2) There are a lot of scammy ICO projects out there, and increasingly people are finding it harder to sift through the noise. As we have a legitimate team, a legitimate product and a legitimate ICO, we will follow the example set by some of the better projects of the year, such as Kyber, Polkadot and Airswap, and include KYC.

know your customers

New ICO date: 26 November 2017

With the uncertainty surrounding both the Ethereum and Bitcoin networks with current forks, we think it is prudent to move our ICO date until after. This will give a chance to let the networks settle and reduce issues for the ICO.

NEw-ICO-Date_CANYA-COIN

Founder’s tokens are locked!

We received a lot of community feedback that we should lock the Founder’s tokens – and we agreed with all of the reasons. Our team believes firmly in the vision of the CanYaCoin and we are more than happy to oblige our community.

Our team is 100% committed to CanYa! As such, all Founder tokens will be locked in a smart contract for 12 months following the ICO. This decision was an easy one to make, our team is in this for the long haul!

locked-CanYa-2

Updated Bonus Structure

Our community also publicly responded that they didn’t like the 4-stage sliding structure with the bonus structures, calling for it to be flatter. The points raised were that it would draw out the ICO and ICO participants would all get different prices for the CAN tokens. The community also felt that the big bonuses early on would cause a dump after the ICO – and nobody wants that!

As such we’ve decided to flatten the structure, with only two tiers. The first tier has a small bonus and rewards participants that get in on Day 1 on the ICO. The rest of the ICO is flat. (EDIT: The latest ICO structure is available in the CanYaCoin Whitepaper)

CanYaCoin ICO hard cap and tiered structure
The CanYaCoin ICO Structure

The New ‘Dolphin Tier’

Our Advisory Board also highlighted the importance of having passionate and engaged members of the CanYa community. We want to foster an inclusive culture for our community and we have decided that the Dolphin Tier will help us with this.

Essentially a large bucket of CanYaCoins will be offered at a reasonable bonus to members of the Dolphin Tier. The Dolphin Tier will be reserved for members of the community who go out of their way to promote the CanYa Community, provide engagement in chat groups, or help out the ICO in any way.

The ICO is a big team effort from all members, so we’ve decided to reward our superstar community members accordingly. We will be sharing more instructions on how to enter the new Dolphin Tier shortly.

(Why Dolphin? Because Dolphins are friendly and everyone loves dolphins 🐬🐬🐬)

community

For all the latest news and updates follow us here:

CanYaCoin is the ERC20 token that powers the CanYa platform for P2P services

1 comment on “Important update to the CanYaCoin ICO #1

  1. Pingback: Important update to our KYC – CanYa Blog

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