Everything about FYDcoin, FYD Masternodes and staking FYDcoin
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 ideal for P2P microtransactions necessary in the gig-economy.
In addition to transacting value, FYD is also great for storing value. There is a maximum supply (650M) and holders can easily 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.
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.
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.
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.
—