What is DRIFE & why we think we'll
be the next ‘Big Thing’?
DRIFE is a decentralized ride-hailing platform powered by blockchain with the intent of empowering value creators within our 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. Our ride-hailing platform has created a new paradigm for the ride-hailing industry. We are the first platform in this niche to express the full features of the decentralized ride-hailing economy. 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. 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.
Why are we Important?
In less than a decade, over 1600+ cryptocurrency platforms built on the premise of the blockchain technology now exist. New startup enterprises, great innovative technologies, andimproved scalability features from the original blockchain have elicited awe. However, more than 90% of these projects lack practical application or utility. Most of them are created as sub-chains or sidechains leveraging the power of more efficient systems. Despite the opportunities being accorded by the blockchain enterprise, adoption for most of these platforms is still out of reach because:
‘not many real-world use cases have been fully disrupted’.
Our ride-hailing platform has created a new paradigm for the ride-hailing industry. We are the first platform in this niche to express the full features of the decentralized ridehailing economy.
Problem
Centralization
The existing taxi aggregator firms have a very centralized system in place. These firms actively collect data from Commuters and drivers, which are fed to proprietary algorithms to find the best possible match.
This model has worked exceedingly well with the firms penetrating more markets and customers receiving affordable rides. In turn, these models have helped in creating highly valued privately held corporations across the globe. But what people don’t realize is that it is also the perfect example of a centralized structure.
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. Currently, there are a couple of major players operating at each geography and are engaging in price wars which results in a high burn rate of their investments. The ulterior motive of such endeavours is to create a monopoly or duopoly market in future where they can inflate the prices and commissions, with an iron hold over the governance.
Unsustainable Driver Income
Drivers confront a noteworthy investment cost when they purchase a new vehicle in the hopes that the new avenues of opportunity will make it easy for them to repay the cost at a profitable margin in the shortest period possible.
When the incumbent firms began operations, drivers saw the benefits from these platforms and expected the good days to continue over a long period. When these expectations rose, the market became oversaturated with drivers, who are all left with greatly reduced income and must compete frantically for every ride, in a market overrun by competition. The initial benefits were made possible because the costs were borne by the firms that again comes back to the issue of high burn rate of investments.
A driver with a renowned taxi company, who requested for
anonymity, said:
I have to drive for more hours per day to boost my income compared to when I joined the company. Earlier, our incentives were measured on the number of trips completed. But that has changed along with higher commissions being charged by the platform now
According to a sample of drivers interviewed for MIT research, (https://techcrunch.com/2018/03/02/mit study-shows-howmuch-driving-for-uber-or-lyft-sucks/), 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.
A report released by the guardian.com (https://www.theguardian.com/technology/2018/mar/01/uberlyft driver-wages-median-report) suggests a majority of rideshare workers make below minimum wage and that some actually lose money, the report also stated that for 54% of drivers, the profit is less than the minimum wage in their states and that 8% of drivers are losing money on the job.
Lack of Loyalty from Commuters
Surge Factors:
As incumbents have established market superiority in markets and there is either a Monopoly or a duopoly situation, the introductory cheap prices are being hiked up in a gradual manner.
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.
During high demand low supply periods, the firm increases the price of the ride and sometimes these charges will be exorbitant, and customers with no other option will decide to go ahead with the ride even though they are not satisfied with the price point. In such a scenario, there is no valid justification/ reasoning or proper break up of price structure paid by the customer. This lack of consistent pricing and transparency has disturbed customers, which is very much evident from complaints registered by customers on social media platforms.
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 3-Way Incentivized Economy (Drivers, Developers and Commuters)
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 following factors are contingent for every successful ride-hailing platform:
i. The drivers depend on the platform to connect them with Commuters.
ii. The platform depends on the Commuters to use their platform to search and explore ride.
iii. The developers create a unique platform that enhances user experience through the optimization of features to include highperformance GPS tracking and mapping, arbitration systems in case of disputes, unbiased platform reviews and feedback from other users, and especially driver ratings based on other user experiences.
iv. The Commuters depend on the authenticity and efficiency of the platform and drivers before they begin their ride.
Each of these factors is an important marker to the building of the ecosystem and are considerable lagging in most platform’s design.
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.
We are invested in blockchain not because it has so much hype. We believe in the blockchain because the future of the internet economy (internet 3.0) depends on it. And our platform is internet-dependent.A few platforms have attempted the development of ridesharing using the blockchain and while this is applauded, no single entity exists in the decentralized world with an allinclusive incentivized product for value creators of the ridehailing industry
Decentralized Platform
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
Our 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 solvingthe 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.
Transparency
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.
We 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
My Conclusion
Good Day Everyone ! Drife is a project that is a much more meaningful than other ICO ! This project can be applied in real world which it can help commuters and also Drivers to have a fine share of good and healthy Ride Hailing ! We cannot take the fact that there are so many hailing company that is not worthy of being praised because of sick rules and not raking good care of the drivers. We need DRIFE because this will surely remove all the wrong thing in Ride Hailing Industry ! I really support this project and fell inlove with it after I fully read the Lightpaper & surely this project will surely be on trend and I know that this project will also have a big investors like large taxi companies so I really ask everyone to support this swesome project and grab your own share of DRIFE ! :)
If you want to know more about this project or already interested in it just check out the links below for more information:
Website: http://drife.one/
Lightpaper: https://www.drife.one/wp-content/uploads/2018/10/Drife-Lightpaper.pdf
Twitter: https://twitter.com/Drife_official
Facebook: https://www.facebook.com/drife.official
Medium: https://medium.com/@drife_official
Youtube: https://www.youtube.com/channel/UC6hDbqlihawJTGlmYa4P2Tg
Telegram: https://t.me/drife_official
Thank you so much for giving your precious time in reading my article I really appreciate it so much ! More power & Happy Trading ! =)
My BTT Profile Link: https://bitcointalk.org/index.php?action=profile;u=2182909
#decentralised #ridehailing #blockchain #drife #ico
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