What is FYDcoin?
FYD (FYD) is an online community of freelancers and crypto enthusiasts that aims to create a decentralized gig-economy utilizing web dApps, blockchain, and cryptocurrency. FYD educates newcomers about cryptocurrency, staking, mining, NFT, and Masternodes. FYD has its own live blockchain, is funded by the community and automated treasury, and has never had a pre-sale, ICO, or IEO.
FYDcoin is an opensource cryptocurrency designed for digital freelancers, such as web designers, programmers, animators, writers, and online content creators. FYD coins are digital coins that can be sent from person to person without the need for a bank, making them useful for P2P microtransactions necessary in the gig-economy. The fast transaction times (confirmed under a minute) and low transaction fees (under $0.0001) make FYDcoin a viable option for micro-exchanges.
In addition to transacting value, FYDcoin can also be used to store value. FYDcoin has a maximum supply of 650 million, and holders can stake FYDcoin with any household PC or laptop to mint cryptocurrency. FYDcoin can be tracked on a decentralized ledger or blockchain explorer available online for everyone.
FYDcoin is the native currency used for:
- Rapid micro-exchanges between users, third-party platforms, and FYD's native applications without the need for a trusted third party, such as a bank.
- Incentivizing stakers to support/security of the FYD chain.
- FYD project development through the automated treasury.
- Decentralized governance on chain.
- A store of value (finite supply and yearly halving).
- An eco-friendly mining alternative (Proof-of-stake algorithm).
FYD has several native applications, including the FYD wallet, FYDme, Staking ledger, FYDswap, and FYDwiki. The FYD wallet is a user-friendly desktop wallet that allows users to keep their own private keys, stake FYDcoin, and set up Masternodes without the need for a third-party platform. FYDme is an application where freelancers can connect with clients without the need for a third-party platform, such as fiverr or upwork. The Staking ledger is a hardware wallet that can host a copy of the FYD blockchain and stake FYDcoin for users without the need for a PC/Laptop or third-party service. FYDswap is an application where users can swap FYD peer-to-peer for BTC and DASH without the need for a third-party exchange. Lastly, FYDwiki is an online platform that provides information and resources for newcomers into cryptocurrency.
As of Mar 25, 2019, FYD Protocol launched its mainnet with 650,000 FYD created at genesis. Currently, there are 547,392,500.07 FYD, which were all minted by the community over 2.5 years. Starting at block 245,001, 10% of every block reward is automatically redistributed to a community treasury to fund future development. Currently, 70% of the block rewards are received by the FYD Masternodes (400K FYD collateral), 20% goes to the users that are staking FYDcoin, and currently, there are 300M FYDcoin locked as collateral. The current reward for staking is 70 FYD, the current Masternode reward is 140 FYD, and the current amount distributed to the community treasury is 10 FYD. Every 526,001 blocks, the block rewards are reduced until the maximum supply has been reached.
In conclusion, FYD is a decentralized gig-economy platform that utilizes blockchain, web dApps, and cryptocurrency to empower freelancers and promote financial freedom. FYDcoin, the platform's native cryptocurrency, is designed for rapid micro-exchanges and value storage, and it also incentivizes users to support the security of the FYD blockchain. With its user-friendly desktop wallet, hardware wallet, and various applications, FYD provides a seamless experience for its community members. As FYD continues to grow and evolve, it is poised to become a major player in the crypto space, providing a decentralized alternative to traditional gig-economy platforms.
The investment information, comments, and recommendations provided here do not fall under the scope of investment consulting. Therefore, making an investment decision based solely on the information and comments provided here may not yield results that meet your expectations.
Stay ahead of the competition by accessing high-quality data, advanced tools, and expert research.Try for Free