FYD: Pioneering a Decentralized Gig Economy
Overview of the Gig Economy
The proliferation of freelancing by major gig economy players such as Upwork, Fiverr and Freelancer, reveals a massive shift from traditional 9-5 jobs to a more robust and independent contracting system. It has become more common for individuals to generate income from multiple sources, working when they want and from wherever they want. In 2017, for example, freelancers contributed $1.4 trillion to the US economy.
A study conducted by the second largest freelancing network, Upwork, in 2014, disclosed that one in every three Americans had been involved in one form of freelancing work within that year. Putting this in perspective, that was about 33% of the total US workforce, equivalent to 53 million workers. By 2018, this figure had risen to 56.7 million workers with estimates of reaching 60 million by 2020.
Despite these interesting facts, the rather centralized gig economy is faced with a plethora of issues; from high fees to the possibility of customers losing their funds.
Talking about high fees, centralized platforms such as Fiverr, Upwork, and many others charge a fee of 20% on orders. For example, if you receive an order worth $200 on Fiverr, the platform gets to keep $40 for themselves. Some of these platforms go to the extreme, charging both buyers and sellers.
There have also been incidents of these centralized platform closing a seller’s account without warning. In addition to this, money is held in an escrow on centralized freelancing platforms. This makes it a honeypot for hackers. Customer funds may disappear in the event of a hack. Taking it a step further, dubious buyers may decide to file a claim with PayPal to avoid paying once a job is delivered.
The FYD Solution: A Platform & Cryptocurrency
FYD is a community-driven blockchain-based freelance platform specifically designed to meet the needs of developers and designers who are ready to strike out on their own.
The platform touts itself as the perfect place for anyone within the global tech, design, and marketing niche; from web developers to mobile app and DApp developers, graphic designers, software engineers, UX designers, video editors, SEO specialists, content creators and digital marketers.
FYD is changing the way work happens in a centralized gig economy by removing the bottlenecks in the industry. The dedicated peer to peer platform enables freelancers to set their own rates without any interference from third parties, thus, maximize their earning potential.
The platform uses a revolutionary escrow technology to secure transactions. Negotiations between buyers and sellers happen in the absence of an intermediary party that charges exorbitant fees. Once the agreed terms are reached the network uses a smart contract to secure the escrow until an order is fulfilled.
The network is powered by FYDcoin, a p2p crypto that enables low transaction fees and lighting fast transactions.
FYDcoin is an entry cryptocurrency for less-technical freelancers looking to get involved with cryptocurrencies. In addition to being the default currency of the FYD platform (FYD dApp), the coin doubles as a decentralized store of value and as a means of generating passive income. FYDcoin can be held to generate interest through staking or as a masternode. Transfer fees are almost negligible.
On the subject of block reward, 70% of block rewards are allocated to masternodes, 20% goes to stakers, while the remaining 10% is channeled to a development pool. Operating a masternode requires a collateral of 400,000 FYDcoins.
The current priorities of the blockchain include working on network stability, visibility, liquidity and community participation. Longer-term goals include increasing marketing efforts, working on its desktop wallet, mobile wallet and crypto-fiat payment gateway.
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