News
22 Oct 2021

FYD: A decentralized gig ecosystem

It’s 11 AM, I’m still in my pajamas and walking toward my coffee machine after turning on my laptop. If this was 1999 people would assume I’m jobless, actually it is 2021 and I’m preparing for a new day working in the gig economy.

I have been a web designer/ web developer since 1992 so I’m accustomed to working remotely, setting my work hours, and working in my pajamas. Still, something has changed. Where I used to spend time trying to attract new clients I find it has gotten much easier. This is thanks to the rise of the online “gig economy” and the digitalization of the world, clients can contact me anywhere in the world. Are you not familiar with the gig economy?

Let me break it down for you:

The gig economy is like Uber; except you are not looking for a ride but a freelancer. These freelancers offer their services in the form of a “gig”. There are a few platforms online such as Fiverr and Upwork that function as intermediaries between you and the freelancers.

When you’ve found the right gig for you, you pay the platform as a trusted third party that will keep the funds in escrow until you receive your work.

So how big is the gig economy? In 2023, the projected gross volume by a MasterCard study of the gig economy is expected to reach 455.2 billion U.S. dollars. Who or what is driving that expansion you might ask? Millennials and Gen Z-ers in the main and any other generation that has cottoned on to the action.

The gig economy is changing the model of traditional working. Long-term employment for a single boss seems to get outdated as in 2025 Millenials and Gen-Z will make up 75% of the workforce according to Forbes. In a report from Statista, it is said that 44% of Millenials between the ages of 23 and 38, participated in freelance work.

However convenient, there is a downside for freelancers with the rise (and power) of these centralized platforms. Acting as a digital automated agency, connecting freelancers to clients, gig platforms ask high fees (up to 20%!) for the connection. On a job of $1000 that is a fee of $200, for simply facilitating the ecosystem.

“Your work is great, unique, fundamentally inspiring, and yet the centralized platforms treat you like a disenfranchised employee. You put in the effort and they take the cream.” - Gig worker

83% of Millenials believe that too much power is in the hands of a few companies according to a study by Brookings. If you are like me, looking for an alternative to working in the gig economy and are tired of the high fees centralized platforms start you might want to read up on what FYD is doing.

What is FYD?

FYD is a group of like-minded freelancers that form a global community with a shared goal; to develop a decentralized ecosystem for the gig economy. That’s a lot of words for saying that we are a group trying to make the gig economy (less) dependent on big centralized platforms.

So how is FYD different?

FYD develops software for a decentralized gig economy that is not dependent on financial intermediaries such as banks or trusted third-party platforms to function as an escrow. FYD has its decentralized blockchain, and a cryptocurrency called FYD coin.

What is FYD coin?

FYD coin is the first product delivered by FYD. FYD coins are a new form of digital money that is not controlled by any third party,  government, or country similar to Bitcoin. There is no central ownership or authority that can control the supply of coins. Transactions can be viewed on a ledger (online spreadsheet) that is hosted by a network of computers. Anyone with a household PC or laptop can generate new FYD coins by staking or hosting a masternode.

How is FYD coin different from Bitcoin

FYD coin can be sent and received anywhere in the world within seconds, Bitcoin, while a great store of value, has a confirmation time of 20-40 minutes. In addition to the transaction speed, the popularity and demand for Bitcoin in correlation to its maximum supply (21M) can run transaction costs up to $80. FYD coins are sent/received within seconds, and confirmed within 60seconds, with an average fee of $0.00001 per transaction. This makes FYD coin a suitable currency for microtransactions, and as a store of value within the gig economy.

FYD’s focus points

         - FYD Coin is FYD’s decentralized blockchain with a cryptocurrency similar to Bitcoin

         - FYD me is a platform for freelancers to work with clients without paying high platform fees. FYD is used as the native and only currency of the platform.

         - FYD wiki is a website for newcomers into cryptocurrency, you can learn about Masternodes, Crypto staking, Cryptocurrency, NFT’s, and Mining cryptocurrency for free.

         - FYD swap is a web application to swap FYD for Bitcoin or DASH.

FYD is still a small community, and slowly but surely offering a way for freelancers to take control. If this speaks to you, join the community. If you are new to the gig economy or cryptocurrencies, FYD is a great way to get introduced to both.

FYD Hotbit listing

Starting the end of October FYD can be traded on Hotbit.io with a BTC pairing. Hotbit.io is one of the leading cryptocurrency exchanges, with an average volume of 200 million euros per day, and 1.3million active users. You can find more information about the listing here: https://coinmarketcal.com/en/event/hotbit-listing-94629

For more information about FYD

Visit: https://www.fydcoin.com/

Find us on Twitter: https://twitter.com/FYDcoin

Connect with us on Telegram: https://t.me/FYD_COIN

 

(Sponsored Article)

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