DRIFE - Nexgen ride hailing platform

sawervc (22)in #ico • 5 years ago

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.

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’.

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.

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 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 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 disintermediation of payment to an 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.
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

Architecture: The GET model
Built over the EOS blockchain, architecture leverages three unique properties of the parent chain:

Decentralized Technology and Economics
Staking Economic Model
Speed and High Performance

The GETmodelwillensure that community is well incentivized to build the ecosystem for the next generation ride-hailing platform.

Governance

Every nation has its 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 weight of voting. This is followed during any decision-making. 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-per-ride. 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 a token-allocation program to incentivize the discussions among the drivers and passengers on a social platform for a lifetime. This would help in bettering the platform by highlighting the flaws and finding a good solution relatively.

Technology

It plays the role of 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, ride-access. As the platform scales among users in the market, there is going to be a huge amount of data generated, stored on EOS. The need for a 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.

The Ecosystem: VALUE CREATORS & EXTRACTORS

A 3-Way Incentive Ecosystem
The platform is designed to reward contributors with incentives for the development of the ecosystem.
Through the DRIFE architecture, are able to completely offer the best service practice to enable all stakeholders in the economy to derive maximum utility satisfaction from the product.

Drivers

It empowers the drivers in the ecosystem to receive the complete fare paid by the passengers because of no commission feature.
• Stable and sustainable Income
• No Commission pay-out
• Network Building and passive income generation.

Commuters

It empowers the rider through 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.

Tokenomics

Drife token, DRF is a utility token that will also function as a currency within the platform. It will be used to execute ride payments, access loyalty rewards, and staking functions on the platform.

Blockchain type	EOS
ICO Token Type	ETH ERC-20 Compliant Token
Token symbol	DRF
Total supply	325 Million DRF tokens
Economic model	1-3% annual Inflation
Whitelist	Yes
KYC	Yes

ICO Model

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 SALE WILL OCCUR IN THREE STAGES:

Presale	Discount Rate-20%
Total No. of DRF to be sold	32.5 Million
Main ICO I	Discount Rate-15%
Total No. of DRF to be sold	65 Million
Main ICO II	Discount Rate-10%
Total No. of DRF to be sold	65 Million
Token Sale	https://www.drife.one/

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

Fund 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.