What Is CanYa?

The number of intriguing marketplace service providers continues to grow at a steady rate. Especially when said marketplaces focus on blockchain and decentralization, things are bound to get interesting sooner or later. A project in development known as CanYa will try to provide a compelling cryptocurrency-based autonomous marketplace for services. Whether or not it can compete with existing marketplace solutions remains to be seen, though.

An Overview of the CanYa Project

It is evident there is a growing need for marketplace services in the world of cryptocurrencies. Although projects such as OpenBazaar are doing an extremely good job, it never hurts to have more competition on the block. CanYa aims to bring said competition to the market in the near future thanks to an ambitious roadmap and some interesting features.

More specifically, CanYa is a combination of CanYa Coins and on-chain cryptocurrency payment layers. A marketplace using its own native token is nothing new under the sun, and it may actually hinder the growth of this platform moving forward. However, such hybrid solutions have a lot of potential as well. There is also an off-chain service which lets users search for services provided in the marketplace. Service providers can use this off-chain service to list their skills and services to the public.

It is refreshing to see a marketplace focus on services rather than just goods. Although one could theoretically list services on any other decentralized marketplace, it is doubtful they would see much success. Having a dedicated solution for this specific purpose may be beneficial in the long run, although it is still too early to tell right now. It will be interesting to see whether CanYa is the platform that will bring more attention to service providers through a decentralized marketplace model.

Among the features one will soon find on CanYa are a built-in wallet, P2P services, and a global platform. The wallet can be funded with CanYaCoin and supported fiat currencies, which is a nice touch. It doesn’t appear there will be any support for cryptocurrencies other than the native token, which is somewhat of a shame. Then again, things could still change in the near future.

What makes this payment solution so intriguing is that it incorporates a trustless escrow service. This trustless hedged escrow protects users from value fluctuations affecting CanYaCoins. This particular aspect of the site does list several other cryptocurrencies to be supported, which is slightly confusing at this time. Having support for Bitcoin, Ethereum, Monero, and others seems to be the best course of action, though. Plus, the platform already soft launched in Australia earlier this year, which shows there is a working product in place ahead of its ICO.

Future roadmap milestones for CanYa include a global launch scheduled for March of next year, in-app translations services in July, and full decentralization by December 2018. It is evident this platform has a lot of promise, even though the roadmap indicates a lot of work still needs to be done behind the scenes. It will be interesting to see how this platform shapes up in a few months from now. CanYa shows a lot of potential, but it still needs to be turned into a viable product first and foremost.

Image(s): Shutterstock.com