Ride-hailing companies, also referred to as ride-sharing, are bringing in returns in by the billions of dollars in revenue by disrupting local markets. But drivers on the road have designed a strategy to maximize profits and that is through diversification.
Ride-hailing drivers are technically independent contractors, so they’re not tied to just one company. The more apps they’re on, the more money they get.
But shuffling among many ride-hailing platforms can be complicated. Fumbling between phones or apps to manage new rider requests while navigating the road isn’t always the most efficient, or safe, way to work.
But the surge in ride-hailing technology hasn’t been a boon for everyone on the roads. Taxi drivers are struggling to keep up with the industry disruption, and some feel the cards are stacked against them.
Problems of the current Ride hailing platforms
There are a number of sticking issues with the current ride-hailing economy and these include:
Centralization - this is because the current taxi firms sustains a highly centralized system.
They collect data from travelers and drivers, which are incorporated to proprietary algorithms to search out the most appropriate match.
This is a good instance of a structure that is centralized.
There is also the problem of driver’s income being unsustainable. This happens when drivers make investment cost by buying a new vehicle with the expectation that new opportunities will make them repay the cost very easily in a brief period of time and eventually things don’t get to add up as they thought.
There is the lack of loyalty from commuters owing to the lack of consistency in pricing and lack of transparency from many of the firms.
Finally, there is the sticking issue of lack of 3-way incentivized economy.
Introducing Drife: Ride- hailing on a decentralized blockchain
By leveraging blockchain everything is refined or processed through decentralized applications utilizing smart contracts to establish trustlessness so that each and every transaction is part of the blockchain with its feature of immutability.
What the DRIFE project represents is a revolutionary in the landscape in the sense that it’s platform exists in the decentralized world with an all encompassing incentivized product for value creators of the ride-hailing industry.
The existing platforms have only tried to develop a ride-sharing system using blockchain and have stopped at that level.
Drife’s Decentralized platform
By leveraging blockchain, the project seeks to unveil a new template for the ride-sharing model and tackle the many challenges that are associated with the current system of decentralized enterprise.
The growth of the platform brings a kind of chain benefits to all involved like the driver’s income, rider’s fare, cyber security and a governance structure that is transparent.
Achieving a continuous driver income
The goal here is to do away with the exorbitant trasaction fee, and cut down on the rate of censorship while also redistributing value back to the most important stakeholder – the community.
The intention is to tackle the existing concerns in the driver’s community and at the same time ensuring that customers get to enjoy quality rides.
Transparency
One of the great features of blockchain is its ability to create a complete auditable and acceptable ledger of transactions that is difficult to remove and can’t be forged. By introducing a user-friendly interface to access the same, payments and fare calculation will be transparent.
Drife Tokenomics
Drife token is a utility token that will also operate as a currency within the platform’s ecosystem.
Blockchain type EOS
ICO Token Type ETH ERC-20 Compliant Token
Token symbol DRF
Total supply 325 million DRF tokens
http://drife.one/
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