Hi friends, let me let you in on an incredible news, it’s DRIFE - The Nexgen Decentralized Ride Hailing Platform!!!
The buzz about cryptocurrency is increasing, people have heard about it, and more and more people want to find more about it, and find a way to be a part of it. When blockchain technology came, so many things changed, for better, we say. So many businesses have improved, so many companies have started using crypto currencies in their work. The new ideas are coming every day. People want to invest in the new projects. We have the biggest tool in the world, and it is called the Internet. The internet is a enormous base of information where we can do anything. Internet has connected the entire world. One of these projects is DRIFE, a decentralized ride-hailing platform powered by blockchain with the intent of empowering both the drivers and commuters has arrived.
Putting all into consideration, with the power of the Blockchain technology, the DRIFE platform strives to bring a new paradigm to the ride-hailing platform and solve the horde of issues that have emerged from the current model of centralized business.
With the rate of traveling expected to rise to 1.8 billion people a year who will legally cross international borders by 2030, there are still some glaring issues that need to be fixed. Besides the usual problems that come with visiting a foreign country that has no familiar people you can talk to and get help from, traveling is infamous for financial hardships and issues that come with the country not supporting your local means of payment. The following cryptocurrencies are looking to introduce blockchain technology into the world of traveling, which should create a better experience for everyone involved.
OVERVIEW OF DRIFE
DRIFE is a decentralized ride-hailing platform powered by blockchain with the intent of empowering value creators within the ecosystem these include the drivers, commuters, and community developers. DRIFE plans to disrupt the existing business model and remove the corporate intermediaries involved in the transactions.
Drife are the first platform in this niche to express the full features of the decentralized ride-hailing economy. 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, commuters fare, cybersecurity and transparent governance.
Value Creators & Extractors
At the core of the ecosystem are the value creators (Drivers) and extractors (Riders) - Drife takes good care of them:
DRIFE aims at shifting the focus from the existing commission-based platforms to a decentralized network with a new economic model, where 100% of the fare paid by 'Rider' goes directly to the 'Driver’. The DRIFE team are determined to make an economy of Zero commission on rides, only annual Membership Fee from the driver which will give them access to DRIFE platform to get connected with the riders.
The platform fee can be paid in either DRIFE token or Fiat currency and will accrue annually, with the first year Membership Fee paid by the drivers acting as a security deposit. Drivers will be given equivalent DRIFE tokens, which is locked into the DRIFE platform as long as the Driver remains in the community. Anytime the driver wants to exit from the community, they will be free to liquidate their DRIFE token for themselves.
The second-year membership fee will give drivers access to DRIFE platform only with no DRF token equivalent given. Funds collected through membership fee will be used for pay day to day expenses to run the platform.
Passengers receive special exclusive discounts (T&C applies) when DRIFE tokens are used to make payments for trips. Further, as incentives and bonuses when they behave appropriately during rides. More so, feedbacks on the driver, trips, overall DRIFE platform use, and network building are incentivized through the DRIFE token.
A community of open-source developers are incentivized through bug bounties and for other potentially creative in-app developments that will user experience through UI interaction for both riders and drivers.
It’s the desire of the Drife team that the product will have an indirect impact on adopters ‘outside’ our user ecosystem. This will include long-term investors, traders on both decentralized and centralized exchanges and all future potentials the DRIFE token will have as a result of interaction with our product and is adoptability. Incentives here will involve periodic airdrops, selfdrops, and air grabs. More so, staking rewards are competitive and far beneficial than what is currently obtainable on other decentralized projects.
The Impending Challenges
There are many problems with this infrastructure type, namely exploitation in the name of the commission, data breach and high level of government control to a central authority
Unsustainable Driver Income
Existing aggregators increased their commissions to 20-30% of the trip value from an initial range of 15-18%. Some drivers end up losing money after insurance, maintenance, and other costs, according to a study raising concerns over labor standards
Lack of Loyalty From Commuters
Surge Factors: The prices per taxi ride for hailing a taxi has become more expensive these days, and thus Commuters look for alternatives. The ultimate aim of any ride-sharing organization is to create a loyal customer for a long term. Practices like “Surge Pricing” are becoming infamous among the customers.
Bad Service Reputation: Recently, there have been reported cases of numerous abuse of privileges and rights. In one scenario a cab driver under one of the reputable ride-hailing platform was allegedly caught beating up a passenger. On the other hand, there are also few cases of passengers attacking drivers too due to bad services rendered.
Lack Of A 3-Way Incentivized Economy: Most attempts to create a blockchain solution to the problems above, end up leaving other value creators ignored. This makes them unwilling to participate in the building of the ecosystem.
The Solution Offered
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, commuters's fare, cybersecurity and transparent governance.
Sustainable Driver Income
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.
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.
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
DRIFE aims at shifting the focus from the existing commission-based platforms to a decentralized network with a new economic model, where 100% of the fare paid by ‘commuter’ goes directly to the ‘Drivers’.
Incentivise Social Platform
DRIFE provides additional incentives to its network users contributing towards the platform’s betterment through social interaction and network building.
DRIFE believes in a democratic engagement of network participants towards financial and operational decision making for the platform.
DRIFE values the safety of the commuters and endeavours to carry out multiple security checks on the drivers before on-boarding and whilst in service. DRIFE also provides infrastructure for broadcasting Emergency SOS signals within the community to solicit help.
About The Drife Token
DRF is a utility token that will also function as a currency within our platform. It will be used to execute ride payments, access loyalty rewards and staking functions on our platform.
Blockchain type: EOS
ICO Token Type: ETH ERC-20 Compliant Token
Token symbol: DRF
Total supply: 325 Million DRF tokens
Economic model: 1-3% annual Inflation (depends on decision-making by the community)
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 Details
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
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%)
Q1 - 2018
The idea of Decentralized Taxi
Conversion of idea into Business Plan
Q2 - 2018
Listing of Drife to EOS index & other EOS projects
Social media profiles
Q3 - 2018
DRIFE Technical Architecture on EOS Blockchain
Drife to go live - Phase 1
Q1 - 2019
Pre Launch & Exchange Listing
Beta version of Dapp & Drife launch
Q4 - 2018
Demo version of Dapp
Q3 - 2019
Phase 2 Launch
Drife to go live - Phase 2
Q4 - 2019
Phase 3 Launch
Drife to go live Phase 3
Q1 - 2020
Firdosh Sheikh: Co-Founder & CEO
Surya Ranjith: Co-Founder & CFO
Abhijit Roy: CTO & Architect
Mario Pacudan: Chief Marketing Officer
Arpit Sharma: Chief Operating Officer
Andrew Willis: Chief Strategy Officer
Debraj Ghosh: IT Infra Consultant
Mudit Marda: Lead Blockchain Developer
Abhilash Verkey: Marketing & Research
Emmanuele: Content & PR
Syed Adil Nawaz: Product Designer
Samarth jain: Legal & Compliance
For more information, please visit:
My Bitcointalk Profile: https://bitcointalk.org/index.php?action=profile;u=2487106