Sunday, February 5, 2023

How CanYa’s Online Gig Economy Marketplace Intends to Overcome Crypto Volatility

How CanYa’s Online Gig Economy Marketplace Intends to Overcome Crypto Volatility

The fluctuations in value of digital currencies and several fiat currencies have been a known part of cryptocurrency since the beginning. This volatility is the reason behind uncertainties and friction between parties in a lot of contracts and deals, especial within the cyberspace.

This is a sponsored article provided by CanYa

A typical example

Consider an incidence where a house owner goes into contract with a furniture maker to furnish his home, a job that may take about 8 weeks to complete and they agree on a certain amount, based on the local currency.

Assuming that on completion, the value of such local currency drops by 20%, the furniture maker would definitely feel disadvantaged and may even run at a loss. In some cases, a significant dip in currency value might even lead to the inability of a service provider to complete his job due to insufficient funds to either acquire raw materials or pay for other services. This sometimes may lead to dispute and damaged relationships, among other negativities.


CanYa: Achieving stability of value

Therefore, the relative stability of any given currency is very important towards its adoption and implementation by the society, especially when freelance services are involved. It serves to preserve value over long periods of time and inspires confidence in the execution of jobs during contracts.

Having all major blockchain coins and fiat currencies to achieve significant stability at the same time is an almost impossible task. However, creating a bridge that will link these different money communities, while preserving the intrinsic value of funds being interchanged is a development that is receiving significant embrace, especially by the freelance services community as it helps to eliminate the anxiety that has besieged it so far.

The CanYaCoin (CAN), which is the native token of the peer-to-peer blockchain platform, CanYa, serves as a single bridge between currencies by hedging their value and protect them from external fluctuations throughout the period of a given contract.

A solution for freelancers

By adopting the CanYa network, digital freelancers living anywhere in the world, especially in countries where the local currencies are subject to huge fluctuations can now confidently go into agreements and render services without any form of anxiety. CanYaCoin assures that what you bargain for from the beginning is what you get in the end, no matter how long it takes. The token is used in CanYa’s hedged escrow contract which protects the user base from price fluctuations (the Hedge is based on DIGIX or Erc20 Tether), thereby completely removing the risk via the Hedged Escrow Contract.


Products and token sale

The CanYa network is already up and running with solutions that are effectively serving the community and enabling freelancers achieve ultimate value for their services. The CanYa App is a proof of concept app that is already working in Australia using regular currencies. The app is compatible with all popular blockchain coins, in addition to the CanYa coin which has specific benefits such as eliminating transaction fees and limits to withdrawals and stability in value among other benefits.

CanYa network also offers Machine Learning for job bookings, Chatbots, Hedge Contract for jobs (job value guarantee despite coin fluctuations), meaning that all CanYa jobs will automatically create a hedged smart contract to lock-in the value of the agreed upon price. The platform also enables an International multi-language adaptation.

The public sale for CanYaCoin is scheduled to take place this November and will be conducted over four stages and will commence on the 26th of November. There will be 46,800,000 CAN tokens on offer over four stages. Each stage will reduce in discount to incentivise early adopters.

Images via CanYa

This is a paid article, sponsored by CanYa. Bitsonline is not responsible for the products and or services of this company and its clients. This article contains links to third-party websites. Bitsonline is not responsible for the content on those websites.

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