DRIFE Project Review

What is DRIFE Project?

DRIFE is a decentralized ride-hailing platform powered by blockchain with the intent of empowering both, the drivers and 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.

DRIFE Ecosystem: Value Creators & Extractors

At the core of our ecosystem are our value creators (Drivers) and extractors (Riders) - we take good care of them:
A. Drivers: 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’. We at DRIFE 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.

B. Riders: 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.

Other key participants in our ecosystem:

C. Developers*: 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.

D. Investors*: it’s our desire that our 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.

In summary, our economic model encourages active participation from the community members towards the building and maintenance of the ecosystem.

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.

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

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.

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
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