FYD Project: Bringing Freelancers and Businesses Together Through an Online Gig Economy
FYD is a blockchain designed for the online gig economy. Its cryptocurrency, FYDcoin is designed to serve as a reward to stakers. It can also be used as a P2P payment option, a passive income source and a store of value.
The freelance economy has been on a steady increase, thanks to the current buoyancy in tech. More than ever, companies at one end of the world can connect with skilled experts at the other end. This trend does not appear to be slowing down any time soon. For example, over 57 million US workers contributed almost $1 trillion to the US economy in 2019. There are predictions that more than half of the US workforce will become freelancers in the next 5 years and about 80% of the global workforce will be freelancers by 2030.
Whilst these stats are in no doubt impressive, the traditional freelance economy is controlled by centralized systems. Companies who generally charge high fees for linking employers to freelancers. Sites like Upwork and Fiverr, for example, charge up to 20% in fees. Rigid terms and conditions could also see freelancers kicked out of the platform without warning.
FYD is a community-driven decentralized platform that is set to revolutionize freelancing as we know it. The platform is designed to optimize the earnings of developers and designers who wish to set their own rules. Anybody from a web developer to a graphic designer, software engineer, DApp developer, UX designer, SEO specialist, content creator and video editor, amongst others can register on the platform, set their own rates and never worry about third-party interference.
Interestingly, FYD has been in the freelance space for a little over a year. Its Genesis Block was mined on March 25, 2019, and since then, the project has made some notable progress. In its first year, the FYD team focused on building a stable network which addresses usability, inflation, liquidity and community growth – all of which are key factors in the crypto sphere.
As part of its planned emission structure, FYD has gone through with its annual halving. This happened at block 526,001. As a result, the new block reward structure is 140 FYD to Masternode operators, 40 FYD to Stakers and 10 FYD to the treasury.
Talking about the growth and stability of the network, FYD currently boasts of over 850 masternode operators, 0% blockchain downtime, 1000+ wallet installs, participation from 35 countries across the globe and zero forks or chain issues.
The FYDcoin Wallet v2.0 has been released. This latest release focuses on optimizing user experience and security. It is now easier to view incoming and outgoing transactions, as well as to keep track of staking and masternode rewards.
The project has also been listed on CoinMarketCap. This is in addition to other partnerships, articles and listings geared towards an increase in visibility.
The final destination of FYD is in the hands of the community, there are key decisions that have to be made regarding the ecosystem, and the FYD platform. A feature that has our priority at the moment is governance, this will allow the community to vote and even fund development by democratically allocating the treasury when the time is right.
On the short term, the team will be working on Android and iOS mobile wallet with staking features, a fiat gateway, its governance feature, 2020 roadmap, whitepaper, pitch deck, exchange listings and advertisements. Recently, FYD has been reviewed by masternode enthusiast CryptoTube on his YouTube channel.
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