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Home»ALTCOIN NEWS»How Solana’s ‘TRIP’ aims to disrupt Uber’s ridesharing
ALTCOIN NEWS

How Solana’s ‘TRIP’ aims to disrupt Uber’s ridesharing

By Crypto FlexsJune 23, 20245 Mins Read
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How Solana’s ‘TRIP’ aims to disrupt Uber’s ridesharing
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  • uber Ride sharing pioneer ModelHindrance taxi industry.
  • Solana-based travel is planning to introduce a ride-sharing app.
  • travel We envision several competitive ridesharing initiatives. Operator its execution platform.

Ridesharing apps have revolutionized the taxi industry with innovations such as cashless payments, rating systems, and competitive pricing. Despite competition from Lyft and Grab, Uber remains the global leader, facilitating 7.6 billion trips and generating $31.9 billion in revenue in 2022, but reported a net loss of $9.1 billion during the period.

But a new blockchain-based challenger called TRIP is gearing up to disrupt the disruptor. Built on the Solana blockchain, TRIP is launching a decentralized ridesharing network that aims to provide better deals for riders and drivers.

Solana-powered TRIP to shake things up

According to TRIP, Uber’s rapid growth and dominance in the ride-hailing sector has come at significant costs, including significant infrastructure costs such as paying salaries to 32,800 employees and servicing $9.5 billion in debt. Ultimately, Uber’s business model and costs are passed on to passengers through higher fares. At the same time, drivers will see less income as Uber tries to cover its costs.

However, TRIP, powered by Solana, is positioning itself as a decentralized, open protocol that aims to disrupt the ridesharing industry. TRIP aims to leverage blockchain technology to give users access to cheaper rides while also allowing drivers to take home a larger portion of each fare compared to traditional ridesharing companies like Uber.

The core of TRIP’s innovation is the use of blockchain smart contracts and a network of decentralized operators, validators and auditors that coordinate rides without a centralized intermediary taking a huge cut. This architecture allows TRIP to operate with low overhead costs that can deliver savings to both passengers and drivers.

Learn more

TRIP’s main incentive mechanism is the use of “TRIP Miles”. This refers to non-transferable tokens earned by network participants for activities such as taking rides, giving away rides, referring new users and drivers, and facilitating rides.

TRIP miles are allocated to participants in proportion to their contribution, with riders and drivers receiving the largest allocation of TRIP miles at 29% each.

TRIP mileage reward allocation

The current TRIP mile distribution is set at 1,793,868 TRIP miles per minute. As activity increases, this allocation interval and quantity are adjusted upward. For example, as demand increases, the number of TRIP miles increases to 17,938,682 every 10 minutes.

TRIP Miles can be traded for “TRIP Rewards,” which are digital collectibles (or NFTs). The amount of TRIP Miles an individual has determines their reward tier, with rare NFT traits available to higher tier members. These incentive mechanisms gamify ridesharing.

Example TRIP reward NFT.
Example TRIP reward NFT

network participant

TRIP provides the basic decentralized infrastructure to facilitate ridesharing services, but requires several other participants beyond riders and drivers to complete the process.

The client builds a software app that connects riders and drivers and allows both parties to interact with the TRIP network. Our first client is Teleport, whose slogan is “Pay less.” earn more Get paid.” Teleport founder Paul Bohm confirmed that his service is currently only available in Austin, Texas, but that the team is working to obtain licenses to expand to an unspecified number of U.S. states.

Operators play an important role in matching available drivers with passenger requests and making price offers for both parties.

Verifiers provide attestation services to the network to ensure that drivers have the necessary certification to provide driving services. This may include background checks, driver’s license, vehicle inspections, etc.

Balancer promotes the TRIP platform in various locations to build a network of riders and drivers. Each successful referral is recorded on the customer’s platform.

TRIP’s setup, which allows clients and operators to set their own rates, allows for an open marketplace where multiple client apps and operators can participate in the same network, effectively creating a platform with competitive ridesharing services.

summary

At its core, TRIP establishes a decentralized infrastructure and a set of rules and checks that govern how ridesharing services are promoted more equitably.

From requesting rides to receiving payments and earning rewards, the protocol facilitates the process by coordinating the actions of network participants:

  • Passengers and drivers connect to the protocol through apps provided by operators, but Teleport is currently the only operator.
  • The verifier verifies driver credentials (license, background check, etc.) off-chain and issues an encrypted certificate.
  • Auditors ensure that operators and validators are legally compliant to operate on the network.
  • When passengers request a ride, they receive price and ETA offers from licensed operators in their area.
  • After riding, riders pay with credit cards, debit cards, Apple Pay, or stablecoins. Drivers are paid in USDC stablecoin, while an estimated 15% commission on TRIP is deducted.
  • Ride data is reported to the blockchain TRIP Marketplace, which reconciles payouts and allocates TRIP mile rewards based on contribution.
  • Users can use their accumulated TRIP Miles to claim random NFT TRIP rewards of different rarity levels.

Solana grows the most DEX users despite increasing competition from Base.
Native DEX user growth surpasses BNB chain, Trails Solana

Bored Ape Yacht Club fell as the NFT market weakened.
BAYC NFT falls to 150-week low due to market decline.

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