Authored by: @hetty-rowan
Follow Your Dreams
That sounds exciting and good, right? I think so, because ultimately that's what we'd all like to do. Being able to follow our dreams, and being able to do what you love most, AND also live a good life without having to worry about anything.
We all know that this is not for everyone. And it certainly won't come to you without having to put in some effort. In short, we will have to work for it. At least 99% of the world's population. The 1% who are born rich, and who have never heard of the term “work”, let's leave them out of consideration for a moment.
Normally you will have to work for your money, or for your crypto. It is now possible to do both. And when we start talking about crypto, most people still only think about Bitcoin and Ethereum. These are of course also the best-known two, which does not alter the fact that we here at Leofinance are really aware of the fact that there are now an awful lot of crypto coins and tokens.
However, not all of this crypto has been developed from the point of view of serving as a means of payment. Bitcoin is! But yeah, Bitcoin… that's not within everyone's reach anymore, and on top of that Bitcoin, may have a bit of an outdated technology. If we look at the furious speed with which crypto is developing new developments, Bitcoin's technology may be a bit outdated by now.
Add the transaction costs, and you see that it is not always convenient to want to pay with Bitcoin. Finally, it is not so nice to want to pay an amount of 5 dollars, and have to pay 20 dollars transaction costs. However?
Many people are afraid of that. And that got the team at FYDcoin thinking!
FYDcoin, What is that? I can hear you think. If you're interested, read on because I'm going to explain it to you now!
FYDcoin can be compared to cryptocurrencies, such as Bitcoin: this crypto coin is mainly made to be used as a means of payment. However, this FYDcoin has a number of specific properties that make this coin unique and smart. This is partly due to what the team behind FYDcoin has developed.
What is FYDcoin (FYD)?
I already mentioned that you can compare FYDcoin with Bitcoin because the FYDcoin was also developed to be used as a means of payment. You may think that all cryptocurrencies are developed this way, but then you are mistaken. Many coins and tokens, including ETH, for example, were once developed primarily to run the platform. FYDcoin was not developed with the idea of running the platform, but FYDcoin was really developed to be used as a means of payment, just like you use euros, dollars or British pounds.
You can use FYDcoin very easily and quickly. All you have to do is install the wallet they have developed. To get started, you don't have to register yourself first, so NO KYC process. It is also not necessary to link a credit card to your wallet.
Through the special FYD Explorer, you can also track all transactions.
Freelance Community
And now we come to a unique piece of FYDcoin. A clear idea about WHO would use this coin. The coin was mainly developed for freelancers who have a lot of interest in cryptocurrencies. The idea behind this is that freelancers can easily and quickly pay or get paid with FYDcoins. And that can certainly bring benefits.
When you work as a freelancer for a foreign client, it can sometimes be difficult to receive payments. The other way around is also a problem: when you want to pay someone abroad, this can sometimes cost a lot of time, money and effort. This is because a central authority, such as a bank, must be used to convert the currency into the recipient's currency first.
This can be a lot easier with the arrival of cryptocurrencies. There is no longer any need for an intermediary. Ah, there we have one of the great advantages of crypto. Remove the middle men! Since transactions are processed on the blockchain, it takes a lot less time and money to execute this transaction.
However, we also have to deal with the fact that many of these freelancers have little knowledge of cryptocurrencies. FYDcoin provides a lot of information on their website about cryptocurrency, NFTs, mining, staking and masternodes. In this way they hope that the Freelancers who enter can at least get in with enough correct information. And let's be honest, the latter is not entirely unimportant in this world of crypto in which you are responsible for your money, for your profit and for your loss. And where there is no umbrella organization where you can turn to when you're doing a wrong transaction. Where you are responsible for security yourself, and you cannot go to a bank if a hacker has got hold of your keys, or where you have your bank account blocked because you have lost your phone.
Microtransactions
Carrying out a transaction on the FYDcoin blockchain is virtually free: FYDcoin claims that the transaction costs are below $0.0001. (I have not tested this). If true, this could be an ideal means of payment for freelancers, such as content creators, illustrators, social media administrators, photographers, website administrators, etc.
When they make a small transaction, of course, they don't want to pay high transaction costs. Suppose that an invoice for $10 has to be paid, the transaction costs of Bitcoin or Ethereum would be higher than the actual amount on the invoice.
But this is also ideal for developing countries where bank transactions are often expensive, because let's not ignore it. Nobody really likes paying a high fee. At least, I certainly don't either!
FYD versus BTC
Now that we know what FYDcoin is, and that it can be compared to Bitcoin, it's time to take a look at the differences between the two. Because both are used as a means of payment, but there are really differences to be found.
- The main difference is the transaction speed. When you perform a Bitcoin transaction, it takes an average of 20 minutes for the transaction to be completed. Executing a transaction on the FYDcoin blockchain takes less than a minute.
- Another difference is the aforementioned transaction costs. Despite the fact that the transaction time is much lower, you do not pay for this extra speed. Conducting an FYDcoin trade is virtually free! In comparison, a Bitcoin transaction costs an average of $20.
- Finally, it is possible to generate a passive income of 10% with FYDcoin (this is not possible with Bitcoin). At FYDcoin this is possible through minting and staking.
How does FYDcoin work?
Let's take a look at the different parts of the FYDcoin project, to learn more about how this project works.
Proof of Stake
Bitcoin uses PoW (Proof of Work), and FYDcoin uses PoS (Proof of Stake). As a result, you do not have to think about mining with FYDcoin as you do with Bitcoin. So you do not need extremely powerful equipment for FYDcoin, as is the case with Bitcoin.
Instead, it is possible to mint. This is very similar to mining, but is slightly different. Minting is the creation of the new blocks by master nodes that are added to the circulating supply. It is therefore possible to run a master node within the FYDcoin network.
In addition, you can also choose to stake by leaving your FYD wallet connected to the internet. This way you help to process transactions within the network, and you automatically get FYD coins in return. This is called running a deligator.
Both masternodes and deligators validate transactions, put them into blocks, add them to the blockchain, and then receive a block reward for them.
Master nodes
In addition to staking, the blockchain of FYDcoin also offers the possibility to set up a 'master node'. By securing 400,000 FYD (in your own wallet), you can earn more FYDcoins than staking FYDcoins.
There will only be a maximum of 1625 FYD master nodes in total. It is important to note that you earn a higher percentage return from running a master node than from staking. You will have to lock in more FYD coins (400,000 FYD) for this. In addition, you also have to set up your own server where you can host the blockchain. This means that there are also more costs associated with running a master node, compared to staking.
Staking FYDcoin
You can also choose to stake for the network of FYDcoin. This means that you have to lock in some FYD coins so that you can run a deligator within the network.
In exchange, you can receive a reward on the amount you are going to stake. This is also referred to as an interest.
FYD Coin
The currency of FYDcoin is called FYD. A maximum supply of 650 million coins has been chosen. This is quite low, according to the team behind FYDcoin, compared to many other tokens and coins.
The fewer coins there will be, the better that can work out for the future price of a coin. When supply decreases or stays the same, while demand rises, the price will increase.
Of course, this does not guarantee a bright sunny future for FYDcoin. Results from the past can never offer a guarantee for the future.
Conclusion
FYDcoin is a cryptocurrency that would like to compete with Bitcoin. Like Bitcoin, it mainly serves as a means of payment, but it is fair to say that FYDcoin does have some advantages over the world's largest cryptocurrency:
- Low transaction costs
- Fast transaction processing
- Opportunity to earn passive income
In addition, they also have a clear target group in mind: they want to become the cryptocurrency for freelancers. This target group does not feel like paying sky-high transaction costs, which sometimes exceed the value of the transaction. This could make FYDcoin a solution for microtransactions.
FYDcoin is still young, and as usual we have to wait and see if this project will actually succeed. That is why it is important to always do your own research into a project before you decide to invest in it.
As always, Not Financial Advise and Do Your Own Research!
Posted Using LeoFinance Beta
the concept sounds similar to Hive to a certain extent. I'm curious if you can earn FYD like you do on Hive besides staking of course
The project has eye-catching advantages over Bitcoin. Who really would want to pay a high cost for a small transaction. The FYDcoin I believe will be engaged by freelancer if it prove all stated benefits. The fact that it's still young may scare people on the security, no one likes to put in all in a new project, but then this is a good news to freelancers.
It's an interesting project but I wonder how it would let people change in and out of money. In a way, there are plenty of coins with some similar advantages but I think you still need to go to an exchange to convert your FYD into BTC or some other crypto before converting it into fiat.
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FYD can be traded for Bitcoin 24/7 on online exchanges such as Crex24. So yeah, you're right about that. You still need an exchange to convert your FYD into BTC or fiat. And through their website you can Swap BTC/FYD without a third party exchange
Posted Using LeoFinance Beta