DRIFE - A Ride Hailing Platform Powered By Blockchain

Hello everyone, this new post I want to introduce about a very interesting and good project that is DRIFE, and for more details, let's just go to the following discussion:

INTRODUCTION

DRIFE is a decentralized ride-hailing platform powered by blockchain with the intent of empowering value creators and extractors within our ecosystem – these include the drivers, Commuters, and developers community. DRIFE plans to disrupt the existing business model and remove the corporate intermediaries involved in the transactions.

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, cyber-security and transparent governance.

WHY DRIFE PLATFORM?

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.

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, and improved 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.

And 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 trustfulness and each transaction becomes a part of the blockchain an immutable record.

PROBLEMS FACED

Each of these factors is an important marker to the building of the ecosystem and are considerable lagging in most platform’s design.

Centralized.
Unsustainable Driver Income.
Lack Of Loyalty From Commuters.
Price Surges.
Lack Of a 3-Way Incentive Economy.
Surge Impact.

SOLUTION PROPOSED BY THE PLATFORM

A few platforms have attempted the development of ride sharing using the blockchain and while this is applauded, no single entity exists in the decentralized world with an all inclusive incentive product for value creators of the ride hailing industry.

Decentralized Platform.
Sustainable Driver Income.
Transparency.
Badge of Honor.

ECOSYSTEM

Our platform is designed to reward contributors with incentives towards the development of the ecosystem. Through the DRIFE architecture, we are able to completely offer the best service practice to enable all stakeholders in our economy to derive maximum utility satisfaction from our product.

Built over the EOS blockchain, our architecture leverages three unique properties of the parent chain:

Governance: 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 decisionmaking. The voting should not be influenced by any campaigning like activities for a decision, violating the constitution's laws.

Economics: 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-perride.

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 tokenallocation 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.

Technology: 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, rideaccess. 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.

OVERVIEW

Drivers: It empowers the drivers in our ecosystem to receive the complete fare paid by the passengers because of our 'no commission’ feature.

Stable and sustainable Income
No Commission pay-out
Network Building and passive income generation.

Commuters: It empowers the rider through our dApp to have the best experiences per ride both in terms of platform multiple-option features and during their journey.

Economical Fares
Safety
A preferred list of Drivers
Community Support

Developers: It incentivizes developers to create useful tools and features to expand the platform’s economy.

Bug and security bounties incentives.

TOKEN DETAILS

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
Token Type: ERC-20
Token symbol: DRF
Total supply: 325 Million DRF tokens
Economic model: 1-3% annual Inflation (depends on decision-making by the community)
Whitelist: Yes
KYC: Yes

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 ALLOCATION

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:

Private sale (10%) .
Social Incentive (10%).
Development pool (5%).
Team members (5%).
Founder (10%).
Bounties and Airdrop (3%).
Referral, Rewards & Bonus (5%).
Advisory (2%).

TOKEN DISTRIBUTION

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.

Roadmap