CanYa – The World’s Best Blockchain-Powered Marketplace of Services

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CanYa is a recently launched working, feature rich platform in the home & digital services industry. The platform is currently made up of mature iOS & Android apps to find, book, pay and review service providers. A web app is in beta. Exchanges are currently available in Australian fiat through a licensed thirdparty.

The CanYaCoin (CAN) will soon power the platform’s payment system, enabling a decentralised, trustless and hedged escrow service, a bridge between fiat and a variety of cryptocurrencies, a powerful rewards system to encourage network effects, and incentivised user-curation and user-arbitration. CanYa is hoping to raise 29,333 ETH by offering 34,000,000 CanYaCoins for public sale. Funds raised will be used to integrate the cryptocurrency payment layer, provide liquidity for the hedged escrow contract, expand features and undertake an aggressive global launch with marketing, translations and infrastructure.

CanYa is the ultimate link between cryptocurrency and the real world. The ERC20-based token is backed by the value of skilled human services with an estimated value of $2tn globally. The token can be exchanged in the platform and converted to real world skilled labour. A freemium subscription model provides a constant demand for the token and a revenue stream for the platform. By integrating fiat payment gateways, CanYaCoin aims to become a legitimate gateway of fiat into crypto, enhancing the entire ecosystem and accelerating mainstream adoption.

PLATFORM

CanYa was beta-launched in a small Australian city (Darwin) in late December 2016, and then soft-launched in a major Australian city (Adelaide) in January 2017. CanYa has been successfully tested in a market and has an existing user-base.

  • PEER-TO-PEER
    CanYa is a peer-to-peer platform where clients choose & interact directly with the person who will be providing the service instead of a third-party. Using smart contracts, the platform will provide a trustless, secure and fast payment service.
  • SERVICE-AGNOSTIC
    CanYa is suitable to a vast array of different services from professional licensed services to casual per-hour services. CanYa currently has over 200 services and 400 different skills listed for providers, all submitted by users. CanYa includes features that make it flexible for mobile services, brick-and-mortar services, one-time jobs, recurring and group bookings.
  • USER-GENERATED
    CanYa’s content is primarily user-generated & rapidly scalable. Providers add listings themselves and can request further services, skills and licences.
  • SELF-CURATING AND SELF-BALANCING
    CanYa is a true meritocracy and is thus self-curating.Providers with good reviews will see more exposure and therefore more work. Good providers will see high demand and can afford to start charging higher rates.
  • END-TO-END
    CanYa is an end-to-end solution providing discovery, engagement, booking, job tracking, payment, receipt issuance and review capture. CanYa also includes free media-rich messaging, free voice calling and a free quote & invoice service.
  • SMART WITH MACHINE LEARNING
    The worst experience with hiring services is usually caused from hiring the wrong service. CanYa is planning on using the thousands of job requests processed in the platform, together with the listed skills and descriptions, to train ML algorithms to better match job requests with the right providers and to extract the right information from users easily. In future, users will simply ask the platform for help, and the right providers are immediately notified. This vastly improves the experience of the platform.
  • CHAT BOT ENGAGEMENT
    CanYa have already built and implemented a media-rich messaging service native to the app and sees thousands of messages sent between users each week. CanYa is in the early stages of building a smart chat-bot to engage users and providers. The chat service can be used to process job requests, as well as helping providers manage their schedule.

DISPUTE RESOLUTION

CanYa has already built an effective automatic dispute resolution system, but this will be enhanced with a smart contract. The smart contract holds the cryptocurrency, but allows both parties to take recourse against each other and encourages them to negotiate. The CanYa app encourages users to negotiate via inbuilt-chat features and the ability to amend or dispute issues arising from the invoice.

In the event the negotiations between parties is fruitless, either party can request arbitration from CanYa at a non-refundable cost of 5% from the total amount residing in the escrow smart contract. CanYa may provide a member of the management team or a mutually agreed third party to conduct the arbitration and all parties agree to be bound by any decision made. Ultimately, Canya aims to promote peer-to-peer dispute resolution and allow other platform users to assist in the dispute resolution process and arbitrate on issues arising from a job.

TRUSTLESS PAYMENT AUTOMATION

Smart contracts allow for the automation of many business process that can execute without trust from any involved party. For CanYa, this includes deposits, milestone payments and even recurring payments that are held via the smart contract in escrow until confirmation from both the service provider and the user.

For a deposit, the provider can specify that a certain amount of the job be paid upfront, with the rest held in escrow. For milestone payments, the provider can break the job into smaller parts which can be paid incrementally. The provider can also set milestones themselves, which can execute payments on request, or are time-based. After each payment, the smart contract holds the next milestone payment in escrow. The smart contract can also handle recurring payments for ongoing jobs. Every transaction will require a request and explanation to be sent to the user and will not be implemented until the user agrees.

AMENDED INVOICES

If a provider amends or issues an invoice lower than the escrowed amount, the remainder is refunded to the user when they release the crypto. If the provider amends an invoice to a higher amount, a smart contract will pay out the full amount, and deduct the remainder from the client’s wallet (with client approval).

ASSET CONTRACT

CanYa processes two forms of revenue: a 1% flat transaction fee and a freemium subscription model for providers. Both proceeds will be collected as CanYaCoins and will be sent to an Asset Contract. The Asset Contract will accumulate the crypto and split them in accordance with the publicly-viewable proportions in the smart contract and dispense them monthly. 30% will be sent to the Rewards Pool, 30% will be sent to the CanYa for platform maintenance and development, 30% will be burnt, and 10% will be sent to the Charity Pool.

As the Asset Contract sends an amount of tokens to the Rewards Pool, which is unlocked and recycled back to the users as rewards, and increases the circulating supply and liquidity in the market. Consequently, the token value would decrease if nothing else was done due to inflation. To offset the increase in supply, an equivalent amount of tokens needs to be burnt, which is why the Asset Contract contains a burn function.

Please note, CanYa as an entity does not perform any action to burn tokens; rather users on the platform cause the tokens to be burnt by way of the Asset Contract. The burning of tokens is dependent on userbehaviour in order to maintain the integrity of the CanYaCoins.

PROVIDER SUBSCRIPTIONS – CONTINUAL TOKEN DEMAND

Providers can opt to pay a monthly subscription in CAN for coveted “featured” status. Being featured means securing the top position, the greatest exposure, access to the most work, and priority notifications to job requests. To stay true to being a meritocracy, multiple featured providers are still ranked according to their profile points.

To control supply and demand, featured provider positions will double in cost for each position to ensure that being featured is priced for a minority. For example, if the first position is 1 CAN per month, the next position will cost 2 CAN per month and the next will be 4 CAN, etc. If a provider discontinues their position, it may cost them far more to re-enter, thereby encouraging them to hold their subscription. The subscription is sent to the Asset Contract for dissemination. Conversely as the provider base grows, the starting cost halves. In this way, the cost of entry is balanced with demand in obscure service categories. Similarly, an automated price drop over a regular time period ensures that users are not out-priced in markets with poor-performing fiat currencies.

TRANSACTION FEE

There is a small 1% transaction fee processed for every payment made on the platform and is deducted from the provider’s payout. Compared to Uber, this is up to 25 times lower. Proceeds from the transaction fee are sent to the Asset Contract for dissemination.

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