It’s 11 a.m., I’m still in my jammies, and I’m heading toward my coffee machine after turning on my laptop. People would think I’m unemployed if this were 1999; however, it’s 2021, and I’m ready for a new day working in the gig economy.
I’ve been a web designer/web developer since 1992, so I’m used to working remotely, establishing my own hours, and working in my pajamas. Still, something has changed.
Where I used to spend time attempting to attract new customers, I now find it a lot simpler. Because of the growth of the internet “gig economy” and the digitization of the entire planet, customers may reach me from anywhere in the world nowadays.
Are you unfamiliar with the gig economy?
Let me explain: the gig economy is similar to Uber, only you’re not looking for a ride, but rather a freelancer. These freelancers provide their services as a “gig.” There are a few online platforms, such as Fiverr and Upwork, that act as middlemen between you and freelancers.
Once you’ve got the right gig for you, you pay the platform, which acts as a trusted intermediary and holds the funds in escrow until you receive your work.
But, what is the size of the gig economy? According to a MasterCard analysis of the gig economy, the projected gross volume in 2023 is 455.2 billion US dollars. You may wonder who or what is driving this expansion. Millennials and Gen Z-ers, in particular, as well as any other generation that has caught on to the action.
The gig economy is distorting the conventional working model. Long-term employment for a single boss appears to become outdated, as Forbes predicts that by 2025, Millenials and Gen-Z will account for 75% of the workforce. According to a Statista report, 44 percent of Millenials between the ages of 23 and 38 worked as freelancers in their professional careers.
However convenient, the emergence of these centralized platforms has a drawback for freelancers. Gig platforms, which act as an agency linking freelancers to customers, charge hefty fees (up to 20%!) for the connection. On a $500 job, that is a $100(!) fee for simply aiding the ecosystem.
“I love my job, every second of it. The environment is comfortable, the work hours are flexible and working with different people all over the world is inspiring and enriching. Yet the platforms can leave a bad taste in your mouth after treating you like a disenfranchised employee. You put in the effort and they take the cream.”
- Gig worker
According to a Brookings Institution study, 83 percent of Millenials genuinely think that too much control is concentrated in the hands of a few corporations. If you, like myself, are looking for an alternative to working in the gig economy and are fed up with the excessive fees that centralized platforms charge, you should check out what FYD is doing.
What exactly is FYD?
FYD is a global community of like-minded freelancers with a common goal: to build a decentralized and fair environment for the gig economy. That’s a lot of words to say that we’re a group working to reduce the reliance of the gig economy on large centralized platforms.
So, what makes FYD unique?
FYD creates software for a blockchain-based gig economy that does not rely on financial middlemen like banks or trusted third-party platforms to act as an escrow service. FYD has its own decentralized blockchain as well as its own cryptocurrency, named FYD coin.
What exactly is FYD coin?
FYD coin is the group’s first product. FYD coins, like Bitcoin, are a new type of digital money that is not controlled by any 3rd party, government, or nation. There is no centralized ownership or authority that can influence the coin supply. Transactions can be viewed on a ledger (online spreadsheet) hosted by a computer network. Anyone with a PC or laptop in their home can generate new FYD coins by staking FYD coins or hosting a FYD masternode.
What distinguishes FYDcoin from Bitcoin?
FYD coin can be sent and received anywhere in the world in real time, whereas Bitcoin, while a wonderful store of value, takes 20-40 minutes to confirm. Aside from transaction speed, the growth and popularity of Bitcoin in relation to its maximum supply (21 million) can result in transaction fees of up to $80. FYD coins are sent/received in seconds and confirmed in 1 minute, with an average transaction fee of $0.00001. As a result, FYD coin is a good choice for micropayments and as a store of value in the gig economy.
FYD’s focus points
- FYD Coin is FYD’s currency which is tracked on a decentralized blockchain. The cryptocurrency has many similarities with Bitcoin and several advantages such as faster transactions, a lower transaction fee and minting FYD requires less energy than mining Bitcoin.
- FYD me is a gig platform for freelancers to work with clients without paying high platform fees. FYDcoin is used as the native and only currency used on 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 a growing community that is gradually but steadily providing a way for freelancers to take control. Join the community if this speaks to you. If you’re new to the gig economy or cryptocurrencies, FYD can be a great place to start your journey.
FYD Hotbit.io listing
On the 25th 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.
For more information about FYD: