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Binance Decides to Extend CanYa’s Fellowship Program

Binance is planning to extend CanYa’s fellowship program soon after the successful stint of a 3-month tenure in the program. In the first phase, the fellowship emphasized on creating the essential infrastructure required to transition CanWork to Binance chain. While in phase 2, the focus will be shifted to the transition of the CanYa ecosystem to Binance Chain that may include payments, wallets, and escrow.

Things that the CanYa dev team accomplished during the last three months of the program: The CanYa team used the last three months in creating the basic infrastructure crucial for the transition of the CanYa ecosystem to Binance Chain. The infrastructure is open-source and its technologies will work towards assisting all projects established on Binance Chain in the present and forthcoming period.

The CanYa development team takes immense pride in the scale, quantity, and quality of work carried out on Binance Chain in the last three months period. The work that CanYa development team has done so far includes:

Mainnet Fees

The present cryptocurrency users are aware of the concept of the fee when they interact with a blockchain. Ideally, a blockchain user has to contend with several other users on the network to make sure that his transfer or contract is processed on time. As per the rule, the increased fees turn the request more profitable for miners and therefore, it will surge towards the top of the mining pool and take place at a faster rate. But, the key question is how an average user will come to know what fee he should use? If the fee is too little, the transaction may never take place. If the fee is too high, he will be wasting his money. Here comes the role of team CanYa. Team CanYa has successfully created a tool to fulfill the same purpose.

Users will be allowed to see the required fees for several Binance Chain operations in real-time. It will play a vital role in CanWork and its users and those using Binance Chain.

Multi-Sender

The other highly useful tool created by the CanYa team in the last three months’ tenure is the multi-sender. The tool will permit a project or a person to create several transactions at one point in time on Binance Chain. For instance, earlier a project operating DAO had to create a separate transaction for every DAO member while generating governance payments. It proved to be time-consuming and unfeasible.

Multi Sender has managed to sort out this issue. This is quite a significant move for the CanYa project, particularly after the release of its first CanYa DAO in October 2019. Similarly, it can become an important tool for any other Binance Chain projects aiming to establish a DAO or conduct an airdrop.

Token Freezer

Another significant tool for the CanYa ecosystem and several others is the capacity to freeze and unfreeze tokens on the blockchain. Earlier, this feature was not available on Binance Chain. Having the ability to freeze tokens on-chain holds importance for staking operations and DAOs. Several of the DAO members must have used the freeze and unfreeze feature created by the CanYa team when staking on the CanYa DAO.

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Scott Cook

Scott Cook got into crypto world since 2010. He has worked as a news writer for three years in some of the foremost publications. He recently joined our team as a crypto news writer. He regularly contributes latest happenings of crypto industry. In addition to that, he is very good at technical analysis.
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