CanYa Review – Decentralized Marketplace of Services

CanYa is all about linking nearby services to people with needs. Service providers can connect directly to customers without going through a third-party. CanYa already exists as a product with a running app and client base in Australia. They are aiming to expand internationally to provide a completely decentralized peer-to-peer marketplace of services to a wider audience.

Key Features of CanYa

Peer to peer – Connects service providers with customers. Users can easily use the app to quickly find a wide range of services that suits their needs.

Rating and review system – Buyers and sellers can both be reviewed and this determines where they show up in search rankings. This accountability system ensures quality and sees that good providers are rewarded with more work.

Feature rich app – The current app includes free media-rich messaging, free voice calling, and a free quote and invoice service. For future development they plan to add in app translation services, video calling, chat-bot, and advanced desktop features.

Flexible billing system – Customers can pay using any of the supported crypto and fiat currencies. Service providers can also choose to receive in any of the supported crypto and fiat currencies.

Trustless hedged escrow – Protects users from currency fluctuations, ensuring that a $100 in, is $100 out. This is especially important due to the volatility of crypto markets.

Wallet – As a user, load your wallet with crypto to spend, or seamlessly pay on the go with a linked credit card.

CanYaCoins – As a provider, earn CanYaCoins for your skills and services. Spend in the app, or convert and send immediately to a crypto wallet using our network of zero-fee exchanges. Get verified, and withdraw immediately to a fiat bank account with no fees or transaction limits.

CanYa – Smart Contracts

Built on the ethereum blockchain, CanYa incorporates smart contracts to fulfill many important features. It is the basis for the trustless hedged escrow and is also involved with dispute resolution.

Trustless Hedged Escrow contract

Jobs may require some time to finish. And because cryptocurrencies are so volatile, there are a lot of uncertainties for both sellers and buyers. CanYa seeks to reduce this risk by utilizing smart contracts to create trustless hedged escrows. Funds sent by the user are held on a smart contract. By immediately collaterising the hedged funds with a store of value such as Bitcoin, Tether or XAU, the value of the escrow can be protected with the certainty of the underlying store of value.

The 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.

Dispute Resolution

To resolve disputes, CanYa’s smart contract will hold the funds and allow both parties to appeal against each other and encourage negotiation. Users can dispute the invoice and providers can either amend or terminate the invoice.

Dispute resolution system aided by smart contracts

 

If negotiations breakdown, and a compromise cannot be reached, either user can request arbitration from CanYa at a non-refundable cost of 5%, deducted from the escrow at any time. Future plans also include outsourcing the arbitration to neutral users in return for the 5% fee.

CanYaCoin (CAN) and ICO Information

The CanYaCoin (CAN) will have 100 million total supply. There will be a hard cap of 60 million CanYa coins available for sale. The public sale will be conducted over four stages.

Start: 26th of November, 2017
Currency accepted: ETH

Final Thoughts on CanYa

The core idea behind CanYa is solid. It greatly streamlines the process of finding services with an easy to use app. However the biggest concern here would be competition and other apps or websites that offer similar services. I believe CanYa’s trustless hedged escrow will give it a big leg-up over competitors by reducing the risks and uncertainties associated with cryptocurrencies.

Another point of concern is the issue of insurance. At this point, they are relying on the service providers to have their own insurance. However, they are working towards finding an insurance provider to insure the service itself.

The long term prospects also look promising. They have a detailed roadmap with realistic goals. It was also recently announced via their blog that the founder’s tokens would be locked for 12 months following the completion of the ICO. This gives people confidence that it is not a quick cash grab by the creators and that they are in it for the long haul.

Update

CanYa have recently announced that they have acquired Bountysource and it’s 46,000 users. Bountysource is a funding platform for open-source software. Users can improve the open-source projects they support by creating/collecting bounties and pledging to fundraisers.

This move further highlights CanYa’s goal of being a peer-to-peer marketplace of services. By adding an established community to their network, CanYa can be seen as having strong planning for the future. Their goal now will be the integration of numerous cryptocurrency payment options including the CanYaCoin, while also refreshing the user experience, reducing fees and adding a portal for ICOs and blockchain based platforms to add bounties for smart contracts.

Resources:

Canya website https://canya.io/

Whitepaper https://canya.io/assets/docs/WhitePaper.pdf

Blog https://blog.canya.com.au/

Analyse ICO contributions: https://icotracker.org/ico/canya

 

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