Welcome to the CanWork March 2023 Update.
We released a massive update in February, if you haven’t read that yet we recommend heading there before reading through this one.
This update covers the deployment of the new CanWork landing page, system upgrades, business development, and a word on the $BUSD situation.
State of Canwork
New Landing Page
We are thrilled to have finally deployed the new landing page for the CanWork web app and the server-rendered landing site.
This new landing was designed & implemented solely by CanWork freelancers who were paid via the CanWork payment & escrow system. They included:
UI/UX Designer using Figma
Front-end devs implementing into our Angular framework.
Thanks to the community for testing broken buttons, links, and other layout bugs on different devices & operating systems. We are paying out $BUSD bounties to anyone who finds an issue with the new landing page, reach out to us on Telegram if you do to claim your reward.
We also finally started and made progress toward our framework upgrades. We’ve been planning & preparing for this for some time and have now made a dent following the landing page deployments.
We prepared for the first major Angular version upgrade in some time. This required significant upgrades to the Angular CLI, Firebase & Node.js in addition to other package versioning changes and modifications to our build & deployment pipelines.
In mid-February 2023, the U.S. Securities and Exchange Commission (SEC) made allegations against Paxos, the firm behind the Binance USD ($BUSD) product. These allegations suggested $BUSD was an unregistered security (a claim that Paxos flatly denies). In response to this, Paxos stopped minting new $BUSD as of 21 Feb 2023. At this point, it is not clear how this situation will play out.
There is still over $8.3 billion worth of $BUSD on the market that is still fully redeemable at Binance or other supported platforms (at the time of writing). Paxos has also stated it will continue to support the product until at least February 2024 while it awaits further guidance from the SEC. You can read more about this situation here:
The CanWork team decided to have the Hedged Escrow pay out our freelancers in $BUSD. Many supported digital assets can be used to pay freelancers but they themselves would receive $BUSD as default. This decision was made so that our freelancers could have a predictable, non-volatile asset in receipt of their work. Additionally, U.S. dollars are widely sought after and accepted as payment in many of the nations throughout Africa and South America that many of our freelancers work from. $BUSD was chosen as it is the most liquid, supported stablecoin on Binance Smart Chain.
What does this mean going forward?
For the time being, not much. We, like the rest of the Binance Ecosystem, are waiting to hear further from the SEC & Paxos. Additionally, we are also looking to see Binance’s reaction going forward. We set up the Hedged Escrow to be flexible and if $BUSD does become at risk it is a simple step for us to adjust our escrow to support a different stablecoin.
We are also continuing our CanWork Rewards Program.
In summary, the program runs across three tiers, each with its own rewards:
Anyone who recommends a digital freelancer to the CanWork platform will receive $5 BUSD per freelancer signed up. The freelancer will need to create a valid freelancer profile which will be audited by the CanWork team. For how to claim your rewards read the blog shared above.
Anyone who refers a client to the CanWork platform that completes a job successfully will receive $10 BUSD per job completed. Read the blog above to understand how to claim your rewards.
Client Cash Back
Any client that successfully completes a job on CanWork will get $50 BUSD off the job. To prevent gaming of the system the minimum job value is $250 USD. Further details for entry and terms can be found in the cashback blog shared above.
With our freelancer profiles steadily growing we are now going to be reaching out to fellow projects across the Binance Chain Ecosystem to post jobs and work with our talented freelancers.
We will be offering cashback on posted jobs and also guiding them through the booking and payment process. Additionally, some of the projects will be offered the ability to add their native tokens to our hedged escrow payment options to further increase their utility.
We will refine this process within the BNB Chain community before looking across the broader crypto ecosystem.
We look forward to hearing from you all as we grow the platform together in 2023. Please let us know if you have any ideas you think could take off or if you’d like to contact the team on any other matters via the links below. Chat to you all soon!