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FYD is an online community of freelancers, businesses, and crypto enthusiasts, all on a mission to build and nurture a decentralized, democratic gig economy. What’s the use for decentralization in the gig economy and what role FYD aims to play there? We will address those questions in a bit.
But first, allow us to quickly point out that this is not a review of FYD or the platform’s homegrown FYDcoin. Rather, it’s an overview of what the platform promises to stand for, how it aims to achieve those objectives, and the economic incentive associated with the broader FYD ecosystem
Let’s start with a quick look at where the global gig economy stands today and how blockchain has a role to play in helping it mature.
The global gig economy is expected to grow 17% a year to $455 billion by 2023, according to a study by Mastercard. Note that this study took place even before the COVID-19 crisis unfolded. So, odds are high that the projected figure could go even higher in the wake of the pandemic and the ensuring lockdown that has since led to a lot of job cuts and widespread economic crisis.
For those out of the loop, the gig economy basically encompasses all digital platforms that connect freelancers with customers to provide services and/or asset-sharing.
Until now, the gig economy has been totally dominated by just a few centralized platforms that control the vast majority of the freelancing market. This monopoly, along with the follies of a centralized operational and profit-sharing structure, has left the freelancing community wanting for a better and more transparent alternative.
Consequently, it was only a matter of time until a decentralized alternative powered by blockchain technology emerged to challenge the status quo.
FYD is just that emerging alternative challenging the status quo. It is one of the first decentralized platforms promising a fair, transparent, and democratic marketplace for freelancers.
FYD promises to disrupt the gig economy
FYD prides itself as a young but thriving online community of freelancers and crypto enthusiasts who share the common goal of building a decentralized gig economy and ecosystem.
Backed by FYD’s resources (automated treasury fund), this community is all in for using blockchain tech, decentralized applications, and cryptocurrencies to redefine the way freelance markets operate. As a platform, blockchain, and community, FYD has been around for nearly 2.5 years.
The team behind FYD categorically pointed out to BeInCrypto that, unlike many crypto projects, they have never held an ICO or a presale of the FYDcoin.
“The coin was traded from day-1 without any ICO or IEO,” the team emphasized.
Just like popular conventional (read: centralized) online freelance marketplaces, FYD also welcomes freelancers from pretty much all walks of life including web designers, accountants, consultants, programmers, animators, authors, and online content producers, just to name a few.
Now let’s come to what separates the two.
FYD vs. centralized freelance marketplaces
Centralized freelance marketplaces basically play the role of an escrow service between freelancers and clients. These platforms assure freelancers that they would be paid upon meeting the client’s terms, but in doing so levy a hefty charge — sometimes to the tune of 20% or even higher.
Also, in the event of a dispute between a freelancer and a client, these centralized platforms are typically seen siding with the client because they see clients as their main source of revenue.
Thanks to blockchain technology and its offshoots like smart contracts, FYD is immune to these problems that freelancers have been facing all along.
The most promising aspect of FYD is that users are able to work peer-to-peer without having to pay any fees to a third party. They can keep 100% of their earnings on the platform, or withdraw their earnings to their own wallet to enjoy a passive income through staking.
The use of smart contracts, meanwhile, lets freelancers and clients connect to each other and exchange services in a trustless manner. There’s no room or scope for biased judgments from an intermediary.
At the heart of the FYD ecosystem is the platform’s native digital asset, the FYDcoin (FYD). It is also an inherently deflationary store-of-value asset like Bitcoin in the sense that it is finite in supply. There will only ever be a maximum supply of 650 million FYDcoins.
That means, as the supply of new coins entering circulation gradually decreases and eventually dries off, the price of FYDcoin will only continue increasing. Of course, that’s assuming that the demand will remain steady.
FYDcoin halvings are scheduled to take place every year as opposed to Bitcoin halving that happens once every four years. If you’re not sure what halving events are, check out BeInCrypto’s detailed guide to Bitcoin halving for a general perspective.
Anybody can mine or mint FYDcoin. In fact, you could mine it using any average laptop or desktop computer — no expensive hardware needed.
This essentially makes mining of FYDcoin mass accessible, which helps to further decentralize the network. And since the mining process is not resource-intensive, it requires significantly less energy to secure the network.
You can hold your stash in your FYD wallet to help secure the network (and earn interest in return) or you can also trade it for Bitcoin on cryptocurrency exchanges such as Hotbit and Crex24, among others.
Alternatively, you can also earn FYDcoin on the FYD marketplace by offering small gigs or freelance services.
Staking FYDcoin to earn passive income
By maintaining an active balance in your FYD Wallet with a stable internet connection, you stand a chance to earn FYDcoin block rewards. The higher the balance in your wallet, the higher the chance of earning a block reward.
You can stake FYDcoin using any laptop or desktop computer. If you maintain a stash of 400,000 FYDcoin, you get the chance to host a server containing a copy of the FYD blockchain. This also entitles you to win even more rewards as compared to, say, staking with a masternode.
Fast transactions: Peer-to-peer FYDcoin transactions usually take place in a matter of seconds, as opposed to the average BTC transaction that can take up to several minutes.
Low transaction fees: FYDcoin transactions fees are next to nothing as opposed to Bitcoin or other popular cryptocurrencies.
Passive income: You can earn as much as 10% in passive income by staking your FYDcoin stash, or host a masternode on your own server to earn 15%.
Tradeable: FYDcoin is listed on multiple mid-tier crypto exchanges where you can trade it for Bitcoin.
So, as you can see, the FYD ecosystem indeed has potential if it can deliver on the promises of building a fair, transparent, and financially rewarding decentralized freelance marketplace.
We understand that this article skipped over the technical aspects of the FYD ecosystem. But as we mentioned right in the beginning, the goal here was to present a general overview of FYD as a platform and its goal of decentralizing the gig economy.
If you’ve become 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 might want to keep an eye out for the announcement on Twitter for the exact date and time of listing. In addition to Hotbit, you can find other markets here.
We promise to keep a closer look at FYD as the platform matures and while at it, we might also come back with a detailed review to outline our findings. Until then, hop over to the FYD official website for further details and regular updates.
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