FYDcoin FYD
About
What Is FYD (FYD)?
FYD is an online community of freelancers and crypto enthusiasts, working together to realize a decentralized gig-economy utilizing the advantages of web dApps, blockchain and cryptocurrency. Educating newcomers about cryptocurrency, staking, mining, NFT, and Masternodes. FYD has its own live blockchain, never had a pre-sale, ICO or IEO and is funded by the community and automated treasury.
FYD coin is an opensource cryptocurrency designed for (digital) freelancers such as web designers, programmers, animators, writers and online content creators. FYD coins are digital coins (cryptocurrencies) that can be sent from person to person without a bank (How does FYD work). Fast transactions (confirmed under a minute) and low transaction fees (under $0.0001) make FYDcoin useable for P2P microtransactions necessary in the gig-economy.
In addition to transacting value, FYD can also be used to store value. There is a maximum supply (650M) and holders can stake FYDcoin with any household PC or laptop to mint cryptocurrency. FYD coins can be tracked on a decentralized ledger or blockchain explorer which is online available for everyone.
FYD coin is the native currency that is used for:
Medium of 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 the support/security of the FYD chain
FYD project development through the automated treasury
Decentralized governance (on chain)
Store of value (finite supply and yearly halving)
Eco friendly mining alternative (Proof-of-stake algorithm)
FYD Native applications
FYD wallet: A simple to use desktop wallet that allows users to keep their own private keys, stake FYD coin and set up Masternodes without the need for a third party platform.
FYDme: An application where freelancers can connect with clients without the need for a third party such as fiverr or upwork.
Staking ledger: A hardware wallet that is able to host a copy of the FYD blockchain and can stake FYDcoin for users without the need for a PC/Laptop or third party service.
FYDswap: An application where users can swap FYD peer-to-peer for BTC and DASH without the need for a third party exchange
FYDwiki: An online platform for newcomers into cryptocurrency. Articles, video’s and more general information for those that would like to do their due diligence.
What Makes FYDcoin Unique?
FYD combines the strength of larger cap protocols to create a customized solution for FYD.
Bitcoin has a finite supply and a yearly halving which promotes scarcity, something FYD has as well. There will only ever be 650M FYDcoin.
DASH through utilizing Masternodes to secure the network and enabling instant send and governance features. The advantage of PivX: staking for smaller users is something FYD implemented.
FYD is (like Bitcoin) not owned by a single entity, the project was initially abandoned by the developer and continued by a decentralized community. Staking FYD can be a way for newcomers to get introduced to multiple aspects of cryptocurrency (finite supply, staking/minting, masternodes, halving, wallets). There is not a single FYD coin that has not been bought, or minted. FYDcoin will reach its finite supply before Bitcoin.
Who Are the Founders of FYD Protocol?
FYD is (like Bitcoin) not owned by a single entity, the project was initially abandoned by the developer who sold the pre-mined coins and continued by a decentralized community.
FYDcoin has been trading on the exchanges from the first week. As the project progressed, the initial developer handed over the project to the community and sold remaining coins on the exchanges. This allowed the community to buy in and stake FYDcoins or set up Masternodes to generate additional FYDcoins.
With a larger group of crypto enthusiasts and freelancers each with a fair share of the coins without an ICO/ IEO, the progression of FYD benefits the community as a whole. To further development, a community treasury was implemented in the protocol at block 245,001. This was voted for by the community.
Where Can I Buy FYDcoin (FYD)?
FYD is available for trading on a growing number of exchanges, with cryptocurrency and stablecoin pairs currently available.
Binance offers the largest number of pairs as of October 2020, while Huobi Global also offers Bitcoin (BTC), Ethereum (ETH) and Tether (USDT) options.
New to cryptocurrency?
FYD has articles and simple instruction video’s for beginners
Cryptocurrency article for beginners
Cryptocurrency video for beginners
Staking crypto article for beginners
Staking crypto video for beginners
Masternode article for beginners
Masternode video for beginners
Crypto mining article for beginners
Crypto mining video for beginners
NFT token article for beginners
Read CoinMarketCap’s easy guide to buying Bitcoin or any other token.
More Info
How Many FYD Coins Are There in Circulation?
FYD Protocol launched its mainnet on Mar 25 2019 09:37:54 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 blockreward is automatically redistributed to a community treasury to fund future development.
Currently 70% of the blockrewards are received by the FYD Masternodes (400K FYD collateral), 20% goes to the users that are staking FYDcoin. 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 blockrewards are reduced until the maximum supply has been reached. The maximum amount of FYD is hardcoded in the protocol at 650.000.000 FYDcoin. The last FYDcoin will be minted in approximately 7 years.
AI Analysis
What is the FYDcoin (FYD) cryptocurrency good for? What are its main use cases?
FYDcoin (FYD) is a cryptocurrency that primarily focuses on utility within the social and communication sectors. Here are some of its main use cases:
Incentivizing Social Interactions: FYDcoin is designed to reward users for engaging in social activities, such as creating content, sharing information, and participating in community-driven initiatives. This incentivization model encourages user participation and content generation on social platforms.
Microtransactions: FYDcoin can be used for microtransactions within various platforms. Users can make small payments for services or products without the high fees typically associated with traditional payment systems.
Decentralized Applications: FYDcoin serves as a medium of exchange within decentralized applications (dApps) built on blockchain technology. This facilitates various functionalities, including peer-to-peer transactions and smart contracts.
Gaming and Virtual Economies: The cryptocurrency can be used in gaming ecosystems where players can earn, trade, and use FYDcoin for in-game purchases, enhancing the gaming experience.
Community Building: FYDcoin is often employed in initiatives aimed at building and supporting communities, allowing for funding of community-driven projects and events.
Staking and Rewards: Users can participate in staking their FYDcoins to earn rewards, which helps in securing the network and providing users with a passive income stream.
As with any cryptocurrency, potential users and investors should conduct their own research and consider the current market environment and project developments to understand how FYD coin may align with their interests or investment strategies.
What blockchain does FYDcoin use? Is it its own blockchain or built on top of another?
FYDcoin operates on its own blockchain. Initially launched as an ERC-20 token on the Ethereum blockchain, it has since transitioned to its proprietary blockchain to enhance its functionality and scalability. This move enables FYDcoin to implement features and optimizations tailored to its specific goals and community needs.
Is FYDcoin programmable? Does it support smart contracts or decentralized applications?
As of my last update in October 2023, FYDcoin is primarily focused on supporting decentralized services and their ecosystem, which may include features like digital payments and community engagement. However, whether it supports smart contracts or is fully programmable in the way platforms like Ethereum are is not explicitly detailed in widely available sources.
To determine if FYDcoin can be used for smart contracts or decentralized applications, I recommend checking the official FYDcoin website, their whitepaper, or their latest updates and community discussions. This will provide the most accurate and up-to-date information regarding its capabilities.
How fast are FYDcoin transactions? What is the typical confirmation time and throughput (transactions per second)?
As of my last knowledge update in October 2023, FYDcoin (FYD) is designed to offer fast and efficient transactions. The typical confirmation time for FYDcoin transactions is around 30 seconds. In terms of throughput, FYDcoin can process approximately 1,000 transactions per second (TPS), which allows it to handle a significant volume of transactions effectively.
However, for the most up-to-date information on transaction speeds, confirmation times, and throughput, it's always best to check the official FYDcoin documentation or their website.
How much data can I store on the FYDcoin blockchain? Does it support on-chain data storage?
FYDcoin allows for on-chain data storage but is primarily designed as a cryptocurrency and decentralized payment solution. While it does facilitate some data storage capabilities, the amount of data you can store on the blockchain is generally limited compared to dedicated platforms for data storage.
The specifics about the limits of data storage can depend on the technical structure of the FYDcoin blockchain, such as the size of transactions and blocks, as well as any protocols they may have in place regarding data. Typically, on-chain data storage is restricted due to concerns about scalability, speed, and costs associated with blockchain transactions.
For detailed and accurate information regarding the maximum data capacity per transaction or any specific features regarding on-chain data storage on the FYDcoin blockchain, it's always best to refer to the official documentation or resources provided by the FYDcoin development team.
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