LONDON, UK / ACCESSWIRE / May 17, 2021 / What do AU21, Master Ventures, GD10 Ventures and TDefi have in common? They believe and have invested in reimagining the concept of ride hailing. Imagine Uber. Now imagine it, decentralized and on the blockchain. Imagine - Taxi 3.0.
In just a decade, over 1500 cryptocurrency platforms and applications have been built on blockchain technology. However, more than 90% of these projects lack real-world use cases.
Decentralized ride-hailing is among the first platforms offering a real-world use case.
Do you believe that decentralized ride-hailing apps could outperform Uber, the current incumbent ride-hailing giant? Could Drife take a piece of the market?
According to the CEO of Drife, Firdosh Sheikh, there's an opportunity for decentralized ride-hailing apps and blockchain-based companies to overtake the centralized companies in this sector. However, the companies have to work ethically to ensure the betterment of the ecosystem.
Concurrently, Drife aims at disrupting the existing business model by making ride-hailing more efficient, transparent, and fairer.
How Would Decentralized Ride-Hailing Look Like?
Imagine a potential rider opening the app, and all the available drivers within a specific radius are discoverable. This rider specifies their destination and each driver has an equal opportunity to bid. The rider then picks one driver according to specific conditions; for example, how far the driver is, reputation and price. Then, a smart contract is generated that connects a particular driver and the rider. Escrow holds the fare until the ride is completed (the conditions of the smart contract are fulfilled). The driver gets their money and both parties get an opportunity to rate each other.
Will Decentralization Improve Ride-Hailing?
Several blockchain-based companies have come up; pointing out how they'll use decentralized technologies to give both users and drivers more control. Drife is one of these applications. It's built on the EOS blockchain and is focused on giving controlling power back to the people that create value. These people include commuters, drivers, and the community of developers.
Unlike centralized ride-hailing apps, Drife is designed to take no commissions from the drivers. As the Firdosh Sheikh elaborates, a driver working for about 16 hours deserves to take their entire earnings home. Drife only charges fees once a year as charges for using the application. The use of blockchain eliminates the need for a central authority. Drife has a token, DRF, which drivers can stake to have a higher chance at getting hailed for rides.
Drife has a feature that allows the platform to calculate a base fare according to the market. However, the feature also enables the rider and driver to negotiate on fare. This allows for fairness in pricing. Additionally, the elimination of intermediaries removes issues of unjustifiable fare increase while the ride is on.
Drife offers open governance, by allowing the riders and drivers to govern themselves. This is beneficial to both parties as they get the ability to make choices. As per the roadmap, the project is to be launched in India, in the second quarter of 2021
According to the CEO, Firdosh Sheikh, the plan is to enable the drivers to have enough experience to eventually run their business entirely on their own without the need of a third party.
Drife seems like a project that has a clear sight and focus to give real benefits to the drivers and commuters. However, how sustainable is it? Will both parties find the decentralized technology user-friendly? Time will tell. Like any new enterprise, the solution doesn't come without challenges.
Follow Drife's media channels to stay up to date with the latest news:
Official website: https://www.drife.io
Telegram - https://t.me/Drife_officialchat
Twitter - https://twitter.com/Drife_official
Medium - https://blog.drife.io
LinkedIn - https://in.linkedin.com/company/drifeofficial
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