Ride Hailing on a Decentralized Blockchain
Applying Blockchain technology in the local transportation or taxi industry is only a continuation of an evolution that has gone on for centuries. Everything is processed through dApps using smart contracts to establish trustlessness and each transaction becomes a part of the blockchain – an immutable record.
Decentralization aims at shifting the focus from a central authority to the driver partners. With the power of the Blockchain technology, the DRIFE platform strives to bring a new paradigm to the ride-sharing scenario and solve the horde of issues that have emerged from the current model of centralized business. The growth of the platform not only contributes to the objective of DRIFE but also enhance the overall value provided to all the stakeholders concerned like driver’s income, rider’s fare, cybersecurity and transparent governance.
Sustainable Driver Income
Aim is to eliminate excessive transaction fees, reduce censorship (reduce interference from DRIFE side) and redistribute value back to the community, enhance transparency and return governance responsibilities back to the community.
The DRIFE platform is developed with the intention of solving the current concerns in the drivers’ community, alongside enhancing the quality of rides for the customer. Drivers are given incentives to introduce new drivers to the DRIFE platform; which will in turn help to form a social community of drivers, owned by the drivers themselves. The result is a disintermediation of payment to any intermediary between the driver and the customer. This will inspire the new drivers to recommend other drivers until a critical number of drivers as defined by the network are present on the DRIFE platform.
Drivers using the DRIFE platform will be able to build and foster the growth of their own fleet of drivers. This encourages all drivers on DRIFE to start a new business for themselves, as entrepreneurs by becoming a DRIFE partner gaining individual income, without sacrificing any earnings in the form of commission.
Blockchain implementation creates a fully auditable and valid ledger of transactions that is indelible and unforgeable. With a user-friendly interface to access the same, transparency in payments and fare calculations can be achieved.
Will be storing data on EOS Blockchain, which will include all the information about the Journey, Each and every Commuters review and feedback will be stored on the distributed ledger, Commuters will be able to view all the details of drivers
Badge of Honor
Unlike the rating and evaluation systems employed by incumbent players, DRIFE brings in an innovative and holistic approach to gauge the services provided by drivers and reward them accordingly
Architecture: The GET model
Built over the EOS blockchain, architecture leverages three unique properties of the parent chain:
| Decentralized Technology and Economics
| Staking Economic Model
| Speed and High Performance
The GETmodelwillensure that community is well incentivized to buildthe ecosystemfor the nextgeneration ride-hailingplatform.
Every nation has their laws/rules written on the constitution. Any change to the constitution can only be done by the representatives elected by the citizens. DRIFE believes in a democratic voting mechanism depending on the number of tokens staked at that moment. More the tokens staked, higher is the weightage of voting. This is followed during any decision-making. The voting should not be influenced by any campaigning like activities for a decision, violating the constitution’s laws.
It encourages active participation from the community members towards contribution by incentivizing them proportionately. Monetary interest would keep the drivers active all the time. For a driver, the incentive (in DRF token) is additional to the fare-per-ride. On the other side, the rider shall pay the fare either in DRF token or other token/currency. If the fare-payment is done in DRF token, then the incentive (in DRF token) is rewarded based on the rider’s behavior for that ride. DRIFE-Economics has token-allocation program to incentivize the discussions among the drivers and passengers on social platform for lifetime. This would help in bettering the platform through highlighting the flaws and finding a good solution relatively.
It plays the role of an infrastructure available for drivers and Commuters to exchange rides. And Blockchain is the medium to achieve decentralization on DRIFE platform. All forms of request are executed through different contracts like payment, ride-access. As the platform scales among users in the market, there is going to be huge amount of data generated, stored on EOS. The need of recommendation would grow rapidly which can be handled very easily using Artificial Intelligence (AI), Machine Learning (ML) models. Eventually, DRIFE would be an amalgamation of Blockchain and AI technologies.
The Ecosystem: VALUE CREATORS & EXTRACTORS
A 3-Way Incentive Ecosystem
Platform is designed to reward contributors with incentives towards the development of the ecosystem.
Through the DRIFE architecture, are able to completely offer the best service practice to enable all stakeholders in economy to derive maximum utility satisfaction from product.
It empowers the drivers in ecosystem to receive the complete fare paid by the passengers because of no commission feature.
• Stable and sustainable Income
• No Commission pay-out
• Network Building and passive income generation.
It empowers the rider through dApp to have the best experiences per ride both in terms of platform multiple-option features and during their journey.
• Economical Fares
• A preferred list of Drivers
• Community Support
It incentivizes developers to create useful tools and features to expand the platform’s economy.
• Bug and security bounties incentives.
Drife token, DRF is a utility token that will also function as a currency within platform. It will be used to execute ride payments, access loyalty rewards and staking functions on platform.
DRF tokens will be pegged at the value of $0.25 USD
50% of token supply in ICO for sale: 162,500,000 DRF
Soft cap: 32,500,000 DRF (20%).
Hard cap: 162,500,000 DRF (100%)
After the ICO these utility tokens are not just restricted for services but also sold on exchanges.
The Driver and rider bonus tokens are to encourage loyalty from DRIFE customers, this will be distributed in form of free miles to the early adopter of DRIFE APP for commuting, and this is given to both rider and drivers for adding new people to their network.
TOKEN SALE WILL OCCUR IN THREE STAGES:
Presale: Discount Rate-20%
Total No. of DRF to be sold => 32.5 Million
Main ICO I: Discount Rate-15%
Total No. of DRF to be sold => 65 Million
Main ICO II: Discount Rate-10%
Total No. of DRF to be sold => 65 Million
Token Sale: https://www.drife.one/
Overall, 325,000,000 tokens will be released. The hard cap of the tokens for sale is 60%. The remaining 50% of total emitted tokens will be divided amongst the Private sale (10%) Social Incentive (10%), Development pool (5%), Team members (5%) founder (10%), bounties and Airdrop (3%), Referral, Rewards and Bonus-5%, Advisory (2%)
All funds contributed as part of the pre-sale will be used for development, testing and release of Minimum Viable Product (MVP). Furthermore, these funds will be used to support community building campaigns.
Funds contributed as part of ICO will be spent on rolling out the final version of the platform and its mainstream adoption. Areas on which ICO funds will be spent include product enhancements (including bug bounties), 3rd party audits, testing, marketing and reserves for any possible contingencies. Break down of funds that will be spent on each area can be seen in the given chart to the left.
Bitcointalk ANN thread: https://bitcointalk.org/index.php?topic=5027608.0