Drife

Disclaimer
Drife Technologies expressly disclaims all responsibility for any direct or consequential loss or damage of any kind whatsoever arising directly or indirectly from: reliance on any information contained in this document, any error, omission or inaccuracy in any such information or any action resulting there from
None of the information or analyses presented are intended to form the basis for any investment decision, and no specific recommendations are intended. Accordingly this document does not constitute investment advice or counsel or solicitation for investment in any security. The positions and plans outlined in this Light Paper may be altered as the project progresses.
This Light Paper represents work in progress and illustrates the intent of Drife Technologies to develop the project described in it. This document is for informational purposes only and does not constitute an offer or solicitation to sell shares or securities in Drife Technologies or any related or associated company. Any such offer or solicitation might be made only by means of a confidential offering memorandum and in accordance with the terms of all applicable securities and other laws.
Introduction
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, 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'.
Centralization
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.
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.
Unsustainable Driver Income
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.
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.
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
Surge Factors:
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.
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.
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.
Our Solution
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.
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
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.
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
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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WEB SITE: https://www.drife.one/
WHITEPAPER: https://www.drife.one/wp-content/uploads/2018/10/Drife-Lightpaper.pdf
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ABOUT ME:

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