FYD is an online community of freelancers, businesses, and crypto enthusiasts, all on a mission to build and cultivate a decentralized and democratic work economy. What is the use of decentralization in the gig economy and what role does FYD intend to play? We will address these questions in a moment.

But first, let’s quickly point out that this is not a FYD or FYDcoin review of the platform. Rather, it is an overview of what the platform promises to represent, how it aims to achieve those goals, and the economic incentive associated with the broader FYD ecosystem.

Let’s start with a quick look at the current state of the global economy and how blockchain has a role to play in helping it mature.

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global gig economy is expected to grow 17% annually to $ 455 billion by 2023, according to a Mastercard study. Note that this study was conducted even before the COVID-19 crisis occurred. So the projected figure is very likely to rise further in the wake of the pandemic and the insurance lockdown that has since led to many job cuts and a widespread economic crisis.

For those out of the loop, the gig economy basically encompasses all digital platforms that connect freelancers with clients to provide services and / or share resources.

Until now, the gig economy has been totally dominated by a few centralized platforms that control the vast majority of the freelance market. This monopoly, coupled with the follies of a centralized operating and profit-sharing structure, has left the autonomous community eager for a better and more transparent alternative.

As a result, it was only a matter of time before a decentralized alternative powered by blockchain technology emerged to challenge the status quo.

FYD is precisely that emerging alternative that challenges the status quo. It is one of the first decentralized platforms that promises a fair, transparent and democratic market for freelancers.

FYD promises to disrupt the concert economy

FYD prides itself on being a young but thriving online community of freelancers and crypto enthusiasts who share a common goal of building a giant decentralized economy and ecosystem.

Backed by the resources of FYD (Automated Treasury Fund), this community is ready to use blockchain technology, decentralized applications, AND CRYPTOCURRENCY redefining the way independent markets operate. As a platform, blockchain, and community, FYD has been around for almost 2.5 years.

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team behind FYD categorically pointed out to BeInCrypto that, unlike many crypto projects, they have never held an ICO or pre-sale of FYDcoin.

” coin has been trading since day one without any ICOs or IEOs,” the team noted.

Like the popular mainstream online freelance marketplaces (read: centralized), FYD also welcomes freelancers from nearly all walks of life, including web designers, accountants, consultants, programmers, animators, authors, and content producers in line, to name a few.

Now we come to what separates the two.

FYD vs. centralized autonomous marketplaces

Centralized freelance markets basically play the role of an escrow service between freelancers and clients. se platforms assure freelancers that they will be paid upon meeting customer terms, but therefore incur a high fee, sometimes up to 20% or even more.

Also, in the event of a dispute between a freelancer and a client, these centralized platforms are generally considered client-side because they see clients as their main source of income.

Thanks to blockchain technology and its derivatives such as smart contracts, FYD is immune to these problems that freelancers have always faced.

most promising aspect of FYD is that users can work as a peer without having to pay third party fees. y can keep 100% of their winnings on the platform, or withdraw their winnings in their wallet to enjoy passive income through gambling.

Meanwhile, the use of smart contracts allows freelancers and clients to reliably connect with each other and exchange services. there is no room for biased judgments by an intermediary.

FYDcoin (FYD)

At the heart of the FYD ecosystem is the platform’s native digital asset, FYDcoin (FYD). It is also an inherently deflationary reserve asset like Bitcoin in the sense that its supply is limited. re will only be one maximum supply of 650 million FYDcoin.

This means that as the supply of new coins coming into circulation gradually dwindles and eventually dries up, the price of FYDcoin will only continue to rise. Of course, this assumes that demand remains stable.

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FYDcoin halving is scheduled every year, as opposed to the Bitcoin halving, which occurs once every four years. If you’re not sure what halving events are, check out BeInCrypto’s detailed guide on the Bitcoin halving for an overview.

Anyone can mine or mint FYDcoin. In fact, you could mine it using any average laptop or desktop – no expensive hardware required.

This basically makes FYDcoin bulk mining accessible, helping to further decentralize the network. And since the mining process is not resource intensive, it requires much less energy to protect the network.

You can keep your stash in your FYD wallet to protect the network (and earn interest in return) or you can also exchange it for Bitcoin on cryptocurrency exchanges such as Hotbit and Crex24, among others.

Alternatively, you can also earn FYDcoin on the FYD market by offering small gigs or freelance services.

Bet FYDcoin for passive income

By maintaining an active balance in your FYD wallet with a stable internet connection, you have the ability to earn FYDcoin rewards in bulk. higher the balance in your wallet, the higher the chances of getting a block reward.

You can Share FYDcoin using any laptop or desktop. If you maintain a stock of 400,000 FYDcoins, you have the option of hosting a server that contains a copy of the FYD blockchain. This also entitles you to win even more prizes than, for example, gambling with a masternode.

Advantages of FYDcoin

• Fast transactions: FYDcoin peer-to-peer transactions generally occur in seconds, unlike the average BTC transaction, which can take several minutes.
• Low transaction fees: FYDcoin’s transaction fees are close to zero compared to Bitcoin or other popular cryptocurrencies.
• Passive Income: You can earn up to 10% passive income by staking your stash of FYDcoin or by hosting a masternode on your server to earn 15%.
• Tradable: FYDcoin is listed on several mid-range cryptocurrency exchanges where you can trade it for Bitcoin.

Final thoughts

So as you can see, the FYD ecosystem really has potential if it can deliver on the promises of building a fair, transparent and financially rewarding decentralized independent marketplace.

We understand that this article has skipped the technical aspects of the FYD ecosystem. But as we said at the beginning, the goal here was to present an overview of FYD as a platform and its goal of decentralizing the gig economy.

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If you are interested in investing in FYD, Hotbit.io is listing FYDcoin at the end of the month (October 2021) where you can exchange Bitcoin for FYD and vice versa. You may want to keep an eye on the listing on Twitter for the exact date and time of listing. Besides Hotbit, you can find other markets here.

We promise to take a closer look at FYD as the platform matures, and while we’re at it, we might as well come back with a detailed review to describe our findings. Until then, skip the FYD Official Site for more details and regular updates.

Disclaimer

All information on our website is published in good faith and for general information purposes only. Any action taken by the reader on the information found on our website is strictly at your own risk.

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