Service Marketplaces Go Online with Blockchain Startup CanYa
Tech behemoth Amazon.com started on July 5, 1994 out of Jeff Bezos’ garage as an online bookstore. Today, Amazon is a legendary company whose stock is trading at an incredible $1,000 a share, with almost $136 billion of revenue in 2016. So what happened over the past thirty plus years that launched Amazon to such lofty heights? The answer is simple; it created an online marketplace.
Amazon forever revolutionized the way products are sold and distributed. Window shoppers now shop in malls and buy their goods on Amazon. It isn’t uncommon to find something desirable in a Target, Best Buy, or Walmart, look it up on the Amazon app, and purchase it on the spot. Amazon Prime members can enjoy their purchases within just two days, and even same day and next day shipping options are available.
What is remarkable is how service distributions have not enjoyed the same boom as product distributions, until now. CanYa, a blockchain based platform, is an online distribution network that focuses primarily on the service industries. With the platform, users can list their skills and capabilities while potential buyers can find labor for tasks that need to be completed.
The benefits of CanYa are directly tied to its decentralized structure. The blockchain platform allows buyers and sellers to interact directly, keeping costs low and transparency high. Like Amazon, CanYa hopes to disrupt an important part of the online marketplace.
Decentralized Marketplaces will Revolutionize Service Distribution
CanYa’s blockchain platform provides a decentralized marketplace for services. The platform’s structure allows users to connect directly with each other without a central mediator, as is the case with traditional online marketplaces like Craigslist or TaskRabbit.
Buyers can find, book, and instantly pay for services either locally or globally, all without having to pay an additional fee. Such is the power of decentralizing an exchange. Additionally, users have the unique role of curating and verifying new services and providers through the reviews they submit. Popular services and service providers will experience increased business as the direct result of a job well done.
CanYa’s platform is an excellent way for service providers to earn CanYaCoins (CAN), the platform’s token. These coins can be spent on the platform or exchanged for free and sent to a Bitcoin or Ethereum wallet. Providers can also freely advertise their skills on both a local and global scale, and a small monthly subscription fee can be paid to be listed with a “featured status”.
A blockchain-based service marketplace sounds complex. But in actuality, it’s incredibly easy to use. Users, whether buyers or sellers, can downloaded the app on Apple’s App Store or Google Play. After creating an account, the transactions begin. Users can list themselves as service providers or search for services they want–or both. They also have the flexibility to choose a payment program and timeframe that best suits their desires. One time payments, subscription fees, ongoing maintenance–these are all options on CanYa’s blockchain marketplace.
Cryptocurrencies Have a Volatility Problem; CanYa has a Solution
Cryptocurrencies have a volatility problem. To quote the current U.S. President, “you know it, and they know it, and everybody knows it.” So what happens if someone buys two months of window washing services, begins payments, and then two weeks in the contract cryptocurrencies get cut in half? Will users be subject to crypto-volatility? With CanYa’s blockchain platform, the answer is “No.”
According to CanYa’s whitepaper, the platform “is uniquely protected against this by its hedged escrow contract, which collaterises the value of the coin with a proven store-of-value in a trustless manner.” In essence, the platform stores the original value of a user’s CanYa Coins and collateralizes them so that $1 in means $1 out. The internal hedge can withstand a drop of 0.8 or 80 percent, with further downside movements partially covered. Therefore, CanYa buyers and sellers can use the platform with the utmost sense of security–their money is safe and sound.
CanYa unveiled its beta version in Australia in December 2016. But in order to reach their long term objectives, they are turning to the public to raise funds and awareness. The coin sale is currently underway and can be accessed online on their website. 60,000,000 CanYa coins will be sold, with proceeds going towards the global launch scheduled for March 2018. Four months later, CanYa 2.0 will be debuted, featuring in-app translation services, video calling, chat-bots, and advanced desktop features. By 2019, CanYa hopes to be a mature platform with extensive global reach.
Plenty of companies have launched with the hopes of being the next Amazon, and plenty have failed. But with an incredible proprietary platform and a growing user base under its belt, CanYa has what it takes to become the next tech behemoth.