Set for IDO on the 6th of August 2021 DRIFE disrupts Uber and Lyft’s damaged, unfair mannequin, empowering drivers to take house 100% of fares and passengers to pay utilizing bitcoin
LONDON, UNITED KINGDOM / ACCESSWIRE / July 30, 2021 / DRIFE, the world’s first decentralised ride-hailing platform, has at this time introduced the opening of its Preliminary DEX Providing (IDO) on 6th August 2021. Powered by blockchain, DRIFE’s disruptive taxi platform empowers each drivers and riders, bringing equity and transparency to ride-hailing providers for the primary time – alongside crypto-progressive Bitcoin cost choices sooner or later.
DRIFE is already in discussions with representatives from El Salvador – which will recognize Bitcoin as legal tender from 7th September 2021 – to find out subsequent steps for registering within the nation. May extra passengers all over the world quickly be driving a ‘crypto cab’ and paying with bitcoin earlier than we all know it?
CEO and founder Firdosh Sheikh explains why the present trip hailing mannequin is so damaged: “The worldwide ride-hailing market is value $113b and is predicted by many specialists to develop to over $350b by 2025. Manufacturers like Uber and Lyft have grow to be family names, however regardless of their measurement and worth, these platforms are all struggling ethically and with profitability. The worth they obtain doesn’t trickle right down to the drivers and riders producing the worth. With fee wherever from 15-20% and upwards and with roughly 74% of drivers earning less than minimum wage after costs and fees, as soon as drivers be part of these centralised transportation networks, they’re beholden to their homeowners and really a lot at their mercy. On the flipside the black-boxed fare calculations and hidden multipliers in centralised ride-hailing firms are geared to exploiting riders.”
With drivers and riders begging for a substitute for the massive gamers DRIFE’s blockchain-enabled public sale mechanism is geared in direction of market dictated pricing, with no extra fee to the intermediary, no extra fare manipulation and the liberty to decide on/trip flexibly.
To this point, DRIFE has 2,000 registered drivers and 20,000 riders able to trip in Bangalore, India with a goal of 10,000 lively drivers by Q3 2021. It’s also in superior levels of gaining operational approval in Brazil, France and Dubai, with plans for EU, US and Asian market expansions to comply with.
Constructed on public blockchain know-how DRIFE brings much-needed transparency into the ride-hailing trade, making certain equity in the way in which the platform is operated and creating an open, clear and free market for exchanging rides. Blockchain know-how has additionally enabled DRIFE, for the primary time, to tokenize the ride-hailing economic system utilizing varied on-chain digital property of each fungible and non-fungible nature. DRIFE allows riders to immediately join with drivers by way of the decentralized platform, lowering the extra prices incurred as a result of involvement of too many pointless intermediaries. Changing legacy techniques and record-keeping infrastructure with an immutable tamper-proof distributed ledger additionally helps in lowering prices. Lastly, by eradicating the necessity for third events to handle transactions, DRIFE massively reduces transaction charges.
DRIFE gives an revolutionary franchisee mannequin, enabled by non-fungible token (NFT) know-how, that may assist the community scale internationally in a short time. This mannequin allows franchise operators to faucet right into a extremely environment friendly and clear blockchain-powered taxi service wherever on the planet with out worrying concerning the platform infrastructure. DRIFE’s open governance mannequin allows franchise homeowners to manipulate native operations. Being an area entity, franchisees can work with the very best pursuits of drivers in thoughts and make the very best choices for the group. The platform itself is ruled by a decentralized autonomous group (DAO) the place everybody can take part in resolution making.
DRIFE’s franchise mannequin permits entities that personal giant quantities of the native tokens ($DRF) to make bids for a franchise spot of their respective jurisdiction. The winner of the bid has their tokens staked (locked up), granting them rights to run the jurisdiction for 3 years (barring particular agreements/amendments) and earn a share of the income generated from the transactions on the platform. Different customers are capable of contribute their very own DRF tokens on behalf of the entity of their selection, that means members of the jurisdiction can assist the bids of their favorite representatives with their tokens, additional strengthening the innovation of DRIFE’s decentralized governance fashions.
Firdosh Sheikh concludes: “When two events are sharing worth amongst themselves, they need to even be sharing the rewards. I did not come from a blockchain background however once I noticed first-hand the human influence that the vicious cycle of centralized ride-hailing platforms has on drivers I made it my mission to interrupt that cycle and create a possibility that no others may for drivers and riders to reclaim their energy.”
About DRIFE
DRIFE is a decentralized ride-hailing platform powered by blockchain with the intent of empowering the drivers, riders, and group builders. DRIFE plans to disrupt the prevailing enterprise mannequin and take away the company intermediaries concerned within the transactions. The corporate is backed by Grasp Ventures, 18 Ventures, AU21 Capital, GD10 Ventures, FBG, Everse Capital, AE Ventures, AVstar Capital, Area Capital, BTA Ventures, Squares Capital and has efficiently raised 2.7 million in funding thus far forward of its Preliminary DEX Providing (IDO) on August sixth.
An in depth whitepaper on DRIFE’s proposition and its know-how structure is accessible here.
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Official web site: 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
Media Contact: RTC [email protected]
Web site: https://RT.Capital
SOURCE: Drife
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