The global gig economy will be powered by cryptocurrency and smart labor contracts.
That at least, is the vision of CanYa, now launching their ICO. The company aims to change the way the world’s $2 trillion “gig economy” gets hired and paid.
The Aussie founders behind CanYa began their entrepreneurial journey in 2015.
Now the founders want to scale the platform internationally as an “international decentralized meritocracy” for services that are run entirely by those who use the platform.
CanYa is a platform that provides a feature-rich environment made up of mature iOS and Android apps, to find, book, pay and review service providers. It is an Australian labor market tested services matcher and remunerator, in other words, that currently pays in cryptocurrency but is backed by the local fiat currency.
So far the platform has worked well. From that niche test in a small Australian market, they garnered 7,600 users and 3,400 job postings. They have also processed over 1,000 jobs, with less than 1% requiring escalation to close.
A client who wants to hire a provider will put the service fee in a separate escrow account controlled by a smart contract. Once a provider (who will also be found through the platform) has agreed to the job and performed it successfully, the cryptocurrency payment is released to the provider’s client.
The platform charges a 1% transaction fee for every payment made (from the provider’s account).
The ICO is to fund the platform’s conversion into a smart contract and cryptocurrency based system. To do that, the founders have created the CanYaCoin (CAN) which will power the platform’s payment system. This system will be based on a hedged escrow service and create a bridge between fiat and cryptocurrencies. There is also a rewards program built into the system to reward frequent users and user-to-user arbitration.
The ICO hopes to raise 29,333 ETH by offering 34,000,000 CanYaCoins for a public sale. The funds will be used to integrate the cryptocurrency layer, expand features and launch globally. There will also be a portion set aside to fund the hedged escrow account.
The company has already raised $1.5 million in a pre-sale ICO of 13.2 million CanYa tokens, which sold out in just 24 hours.
The four benefits offered to all users are:
- Load the CanYa wallet with not only CanYaCoin but a range of other cryptocurrencies;
- Connect and pay for services no matter where you are (and for a range of services), all without fees.
- Earn CanYaCoin for your own skills and services. Service providers can send CanYaCoin within the app and exchange it immediately into either bitcoin or ether;
- Free advertising to a global marketplace plus a monthly subscription opportunity for additional features and system status.
According to CanYa’s white paper, there are several kinds of users who would immediately benefit from a service like this.
- People who are freelance and want to be paid in cryptocurrency – for whatever reason. This could include local workers who are uncertain of the future of their own fiat currency. It could also include people who work remotely over several different borders.
- People who want to promote themselves to a global community of freelancers willing to be paid and transact in cyber-currency.
And if it seems that one of the goals of CanYa is to promote the overall use and acceptance of cryptocurrency, you are right. This is one of the main missions of the CanYa team.
The CAN token is an ERC20 utility token with three clear use-cases which provides a steady and constant demand for the CAN token. Users can pay for real-world services in CanYaCoins. This payment service is backed by the hedged escrow and is trustless, automated and secure. Service providers can also promote their profiles each month by purchasing CAN tokens within the platform. Lastly, 20% of all tokens are reserved to economically incentivize users to use and share the platform. This includes referral rewards, transaction cash-backs, and welcome bonuses.
As a guard against future exchange dumps, CanYa is also introducing a concept called the ‘CanYa HODLers Club’. Those who contribute and keep their original coins will be rewarded additional coins during the first three months, and then annually into perpetuity.
Additional incentives include gifts such as the CanYa branded Ledger Nano S wallet and Founder Series minted CanYaCoins. Some coin holders will also receive paid invites to annual company conferences, and get access to quarterly company reports.
CanYa will perform Know Your Customer (KYC) verification through connecting credit cards and bank accounts.
The CanYa ICO started on the 26th of November 2017 and runs for 30 days or until sold out. The company will issue only 100,000,000, of which 60,000,000 will be for sale. The token offering will also be exclusively in ETH. CanYaCoins will be distributed after the ICO.
34,000,000 CanYaCoins will be sold in the public sale, which itself will be conducted in two stages – again to incentivize early buyers and users.
26,000,000 CanYaCoins will be sold privately to strategic investors. These investors will also incur vesting schedules from 3-12 months.
Token name: CAN
Token base: Ethereum (ERC-20)
Token supply: 100,000,000
Token sale duration: 26th November, 2017 – 26th December, 2017
Token sale target: 29,333 ETH (hard cap)
Token exchange rate: 1 ETH = 1000 CAN (currently at 20% discount)