If someone was to only look at Bitcoin and Ethereum’s price charts since the beginning of the year, they’d see two things – soaring prices and rising trading volume. However, these two charts don’t tell the full story. In many ways, Bitcoin and Ethereum’s future success hinges on its acceptance and adoption in mainstream circles. As of September 2017, there are an estimated 15 million blockchain wallet users. This number has been growing at a tremendous pace during the past several years, but it still pales in comparison to the billions of people that use fiat currencies on a daily basis.
Unfortunately, the scene is rather discouraging in terms of cryptocurrency adoption into everyday life. Out of the leading 500 internet retailers, just three of them accept Bitcoin, which is actually down from five in 2016. Bitcoin’s transaction volume is roaring this year, but that’s mainly due to trading transactions rather than payment ones.
A list of major companies that accept Bitcoin reveals the lack of momentum behind cryptocurrency adoption among merchants and vendors. On the list cited above, Microsoft is the biggest name, and the only way users can pay in Bitcoin is on the Xbox and Windows stores. Notice the lack of big box retailers – Amazon, Walmart, and CVS are all absent. This doesn’t bode well for cryptocurrencies.
Why are consumers and merchants hesitant to accept cryptocurrencies? There is variety of reasons, but for consumers it’s mainly the investment opportunity cryptocurrencies represent. Why use them to buy goods when they can be used to make money instead? For merchants, the lack of consumer demand hasn’t driven businesses towards investing in the infrastructure to make blockchain payments acceptable. In essence, the demand isn’t there for either party.
So, what can blockchain companies do to help cryptocurrencies gain the acceptance they crave? Among the myriad of options, one, that stands out, relates to creating blockchain platforms that provide practical, everyday solutions. In doing so, companies will drive people to use cryptocurrencies – not necessarily because of the cryptocurrencies themselves, but because of the platforms that run on mentioned cryptocurrencies.
CanYa is one such platform that can help cryptocurrencies gain global adoption as a legitimate payment vehicle.
What is CanYa and What Does It Do?
CanYa is a decentralized blockchain platform that administers and runs a marketplace for services. The platform operates as an iOS or Android app that connects service providers with clients, allowing users to hire part-time, short-term workers to complete tasks. The platform, which specializes as a marketplace for home and digital services, can accommodate a wide variety of skills and talents, giving potential clients the option to choose a provider that best fits their needs. CanYa directly connects service providers with clients by removing third party influencers, whether they be banks, government entities, or corporations.
The platform is being designed to run on CanYaCoins (CAN), CanYa’s own cryptocurrency, which will bridge the gap between fiat currencies and various cryptocurrencies that the platform accepts. By integrating fiat and crypto payments, CAN coins will serve as a gateway for users to transition from fiat currency use to cryptocurrency use, speeding up mainstream adoption of cryptocurrencies.
How CanYa Can Aid Cryptocurrency Adoption
CanYa will aid the cryptocurrency adoption process in three ways. First, its placement within the booming gig economy allows it to take a front seat in one of the fastest growing segments of the economy. CanYa’s website points out that its market is $2 trillion with around 200 million users – even if CanYa was to seize just a small portion of this giant opportunity, cryptocurrency use would increase dramatically.
Second, CanYa’s platform has built-in incentives that will encourage users to adopt its platform – thereby encouraging them to utilize the cryptocurrencies the platform accepts. The incentives for service providers are obvious. Do a good job and get paid for it. For clients, however, there are incentives that encourage business development. Clients have the unique ability to curate, verify, and review service providers. In doing so, clients have the privilege of helping the marketplace running efficiently while making sure that only the best providers survive. CanYa’s platform is a meritocracy at its finest. Additionally, as business opportunities expand, so will cryptocurrency use.
Third, and most importantly, CanYa’s platform is free of fees. Service providers can list their skills for free, and when purchased by a client, no transaction fee is added to the client’s bill. Lower fees means greater profitability for providers and fairer pricing for clients. It is a win-win for both parties. This is all because CanYa’s decentralized platform connects providers directly with clients. The middleman (e.g. Upwork, Craigslist, Freelancer, etc.) is cut out, resulting in lower expenses for everyone involved. With lower expenses, clients will get the most bang for their buck, encouraging participation and therefore cryptocurrency use.
CanYa’s ICO will begin on November 26, 2017 and last for 30 days, or until the coins’ sell out. Interested parties can access the sale via CanYa’s website.