How FYD is redefining the gig economy for freelancers
Having taken the risk to join the gig economy as a writer almost six years ago, it has been an exciting time for me. The nature of the work ensures that there is never a dull moment and the pressures are often more than those of a full-time job.
The biggest benefit for me is that the gig economy has given me the opportunity to travel. I work from wherever I decide to be at any given time. However, I have encountered some problems: grumpy clients, those that don’t respond to requests for clarification, and extremely high fees on most platforms. I once even had an unexpected loss of funds a whole two months after the gig was completed with no explanation.
Before going on to the news of the exciting new entry for freelancers in the gig industry, let me explain what the industry is about and how it has mostly worked until now.
How big is the gig economy?
Freelancing is growing worldwide. The short-term arrangements of the gig economy seem to suit an ever-growing number of workers and companies, with freelancers providing services that include everything from driving a taxi, renting out a property, consulting, marketing, secretarial, writing and many more vocations. Figures speak for themselves and if the U.S. trend is anything to go by, they have an estimated 60 million people who are freelancing in 2020, then these figures are probably very indicative of how many people globally have chosen this form of employment.
Freelancing is not only used by people wanting to supplement an existing income and for many people today it’s their only source of money. Of course, technological growth has given everyone the ability to constantly be connected and to work from anywhere, anytime. Examples of existing platforms are Fiverr, a string of brands known as Elance/Odesk/Upwork, Peopleperhour, Freelancer.com and so forth. But none of them are quite like FYDcoin.
From high fees to loss of funds
On most platforms, for example, Fiverr and Upwork, the fees are high at 20% per order and this is paid by the freelancer who will only receive $160 from a $200 order. On some platforms, both the buyers and sellers are charged for each order.
In addition, there have been reports of some seller accounts being closed without any forewarning in the case of PeoplePerHour and others. Since it takes some time to build up a regular clientele as a freelancer, this can be devastating since that person has to start all over again on another platform.
Also, some buyers have been known to file a claim with PayPal for a return of held funds to avoid paying for work that has already been delivered.
Finally, these centralized platforms usually hold seller funds in an escrow where they are easily accessible to hackers.
There has long been a need for a feeless platform that also keeps up with the pace of the fast-paced technological changes in the tech world and meets the needs of freelance developers and designers.
Announcing the FYD solution
FYD is an exciting addition to the gig industry and the idea is almost like Fiverr, Peopleperhour and Freelancer, etc. However, at FYD the concept is built in such a way so that it tackles a plethora of issues that have plagued the buyers and sellers on some of these major gig economy platforms until now.
This is the perfect place for anyone that wants to freelance in the global tech, design, and marketing niche. This includes digital marketers, content creators, SEO specialists, video editors, UX designers, software engineers, graphic designers and developers of web, mobile, and DApps.
The platform is dedicated to allowing freelancers to set their own rates so that they can maximize their earning potential and without any third-party interferences. FYD is bypassing the major stumbling blocks faced by many freelancers working in the centralized gig economy up until now.
Powered by FYDcoin, the network enables low transaction fees and all transactions take place at lightning speed.
How FYD and FYDcoin work
The ever-growing FYD community enjoys all the benefits of the escrow technology used by the platform. It secures transactions between buyers and sellers (peer-to-peer) and negotiations are free of an intermediary party that charges exorbitant fees. A smart contract secures the escrow once the terms are agreed and until the order is completed.
Powered by FYD coin, a p2p crypto that enables both low transaction fees and super-fast transactions, the FYD platform uses it as its default currency.
FYDcoin was recently listed on CoinMarketCap, the popular platform that tracks the capitalization of cryptocurrencies. Freelancers looking to get involved with cryptocurrencies can also generate a passive income as the hold FYDcoin to generate income or as a masternode with very low transfer fees.
With collateral of 400,000 FYD coins, someone can operate a masternode where 70% of block rewards go; with 20% going to “stakers” and finally, 10% is channeled to a development pool.
Freelancers can now master their own financial destiny while paying smaller fees and feeling more secure than ever. To follow FYDCoin on Twitter: https://twitter.com/Fydcoin
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