FYDcoin is a decentralized cryptocurrency similar to Bitcoin. Without a central point of authority, a finite supply (650 million), a decentralized blockchain, and a yearly halving. FYDcoin differs from Bitcoin in terms of confirmation time (under 60 seconds), low transaction fees ($0.000001), and the required energy to mine/mint new blocks which is significantly lower due to its Proof of Stake algorithm.
FYDcoin is designed as a currency for the global gig economy, an exploding industry that is, according to a Mastercard study, projected to have a gross volume of 455.2 billion U.S dollars in 2023. The gig economy is currently dominated by a handful of centralized platforms such as Fiverr and Upwork which charge exorbitant fees (up to 20%!) for acting as a trusted third party.
FYDcoin can be used in FYD’s native use-case called FYDme, a platform for the gig economy that eliminates the need for a large centralized organization to act as an intermediary. Users can buy and sell “gigs” on FYDme, for free using FYDcoin. In addition, freelancers can generate a passive income by staking FYDcoin on FYDme or in their Desktop wallet.
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