Canya Coin

I've written a few articles about some better known cryptos. Today I want to talk about a much lesser known crypto called Canya coin.

This is going to be a shorter post but let's start with what it is. CanYa is a trusted app-based service that connects people and businesses who want to get stuff done with providers who can help. So it's not a new idea, but implementing it through a peer to peer cryptocurrency platform cuts out the middleman and with them their fees. The Canya team aims to leverage the tech and smart contracts to minimize fees and keep them as low as 1%. It'll enable users to buy the coin with different forms of currency thereby opening the market up to more users.

Product

One of the biggest things that has been attracting me to Canya coin is they already have a working product. That's right. I'll repeat it because there are so few crypto projects we can actually say this about right now. Canya Coin already has a working product. See for yourself or here for ios.

To go along with that, the team just purchased a majority stake in Bountysource. A community with over 46,000 members. It's a smart move and is going to go a long way to get their product adopted.

Team

One of the things that I really like is that the Canya team has been transparent in everything they do. They've been going the extra mile to ensure every move they make is compliant with any laws. Even going so far as to performing KYC verification on anyone who contributed at least 10 ETH to their ICO.

I recently asked in their telegram how they were expecting to attract new users. One of the team members responded that they are heavily into the development of their web app and it will be ready soon as per the white paper. They're also going to be leveraging their newly acquired majority stake in Bounty Source.

All of this is adding up to tell me the team is serious about their product.



Token distribution

Another indicator that the team isn't in this for some quick pump and dump or is just another ICO scam.

From the article at http://strategiccoin.com/3-secrets-behind-canya-australias-second-successful-token-launch/

"One-fifth of the total supply of CAN tokens were allocated to a reward pool, and community members could earn tokens from this pool in a variety of ways, from creating CanYa-focused content to translating official CanYa communications into other languages.

Token buyers could also receive rewards for referring other token buyers, and one user referred almost 100 other contributors. These incentives not only increased community engagement but also helped market the TGE to many contributors the project would not have otherwise reached.

Importantly, the token distribution is also structured so that the development team and advisors receive their tokens last, following predefined vesting periods as long as one year. This lock-up period helps assure contributors that both the team and its advisors are committed to the project’s long-term success rather than simply short-term profits.

For these reasons, along with the strength of its development team, Strategic Coin awarded the CanYa TGE with a viability score of 3.7 out of 5.0, and investors rewarded the startup with $12 million AUD to bootstrap its ambitious project."

What this means is that they are focussed on building the community and team members required vesting period means they can't just cut bait, sell and run.



CMC

Be aware when looking this coin up on coinmarketcap.com they don't seem to be reporting the market cap correctly and are showing it around the 1100 rank. The total supply of the coin is 100,000,000 and at about $3 a coin right now that would put this coin at $300 million for market cap, ranked in the upper 100s.

The other thing it has in its favor is it's not terribly easy to buy right now. The only exchanges its listed on at the time of writing this are EtherDelta, which isn't terribly user friendly and scares off a lot of buyers and the up and coming kucoin exchange.

Disclaimer

I'm not a financial advisor. None of this is financial advice. Do your own research. Don't invest what you can't afford to lose.

If any of this was helpful and you plan on signing up on one of the exchanges to buy some crypto I would appreciate if you used my referral link(s).

Coinbase - https://www.coinbase.com/join/59c6c3b1c68c7d0307f398ac

Binance - https://www.binance.com/?ref=11267703

Kucoin - https://www.kucoin.com/#/?r=7NJ7xP