Enhanced Security for a Trustless Freelance Ecosystem
The CanWork team is thrilled to announce the launch of the new and improved version of our Freelance Escrow – CanWork Freelance Escrow V3. With a focus on improving security and limiting the capabilities of potential bad actors, we are strengthening the trustless nature of our platform.
Freelance payments are made safely and easily with CanWork Freelance Escrow
Secure smart-contract technology
Pay in BNB and other popular BNB Chain assets
Value locked for the job duration
Freelancers paid in BUSD stablecoin
Restricted admin privilege to prevent bad actors stealing escrowed funds
The contract allows users to deposit funds (BNB or BEP20 tokens like CAKE), which are then converted to BUSD and held in escrow. All tokens are liquidated to BUSD, acting as a stablecoin hedge for the duration of the job period at the agreed price. The funds are released either by the client, provider, or admin in the event of a dispute.
Since we released the CanWork Freelance Escrow V2 on BNBChain last year, we have seen over $20K in jobs go through the system successfully. Our goal is to significantly increase the volume of users and trustless payments using CanWork. Which is why we have deployed an even more secure V3.
Extra protection from bad actors with V3
CanWork V3 allows clients and freelancers to control escrowed funds without having to trust us or any third party. This feature, often referred to as 'trustlessness,' assures our users of their control over their funds while using our platform.
Importantly, the admin capabilities are carefully limited. A bad actor with admin access can, at most:
Only withdraw fees taken (but obtain no original funds)
Release funds back to users arbitrarily (but freelancers and clients still maintain complete control over the release or return of escrowed value)
Bad actors cannot drain funds or gain extra revenue from arbitration, further protecting our users.
Admin cannot remove funds beyond what has been withheld as fees. Nor can admin increase the fee-taking mechanism beyond 10%.
These enhancements aim to give both prospective clients and freelancers the utmost confidence that they have control over the escrowed funds and that their trust in us is not misplaced. This is what we call trustlessness.
We've also improved our tests and put the code through automated vulnerability detectors like Slither and AI. Independent auditors have worked on this version, adding an extra layer of security and robustness.
Through these processes, we aim to ensure that CanWork V3 is as secure and reliable as possible. Your trust— or trustlessness — in our platform is of utmost importance to us.
What does this actually mean for users
Simply. Peace of mind.
Freelancers can see the money upfront.
Clients know their money is safe until they see the deliverable
Admin is available for disputes or arbitration
Ultimately, admin cannot pull the rug on you
If the admin account is compromised, bad actors can't pull the rug on you
Freelancer & client retains control of the escrow functions at all times -- above & beyond CanWork admin.
Only 1% for freelancers... and a little gas fee for clients!
CanWork Freelance Escrow V3 is a leap forward in providing a secure, trustless freelance platform. We are committed to continually enhancing our platform's security and functionality to ensure a safe and efficient working environment for all our freelancers and clients.
Say goodbye to payment disputes and hello to secure, trustless transactions.