August 20, 2021 - 3 min read
DRIFE is aiming to lead the charge in the disruption of decentralized ride-hailing using blockchain technology to create a more transparent and mutually beneficial relationship between drivers and riders. A key element to its success will be the processing of true P2P geodata and that is where SupraOracles will play a pivotal role with its innovative solutions.
While drivers and riders are the communities that help the ride-hailing economy thrive, the centralized “man in the middle” approach leads to drivers earning low profits after popular ride-hailing platforms charge their increasingly high commissions.
In addition, the incumbents of ride-hailing apps dictate the pricing of rides and often include hidden multipliers that lead to undesirable price surges for riders.
So then what’s the solution to re-imagining a better economic model that is better for both drivers and riders?
By integrating SupraOracles’ hyper-accurate geodata of both drivers and riders alike onto a blockchain network, it allows for the transition away from a centralized hub that makes decisions on behalf of its participants and into a true decentralized P2P network that can also incentivize participation.
DRIFE is introducing a zero-commission structure for drivers and instead will use a subscription-based model. This allows drivers to pass economic benefits onto their riders and also provides riders the flexibility to choose drivers based on their rating, fare price, time for pickup, and other criteria.
Since decisions will have to be made in real-time, it is critically important for data between drivers and riders to flow quickly, accurately, and securely. DRIFE will leverage SupraOracles’ computer science breakthroughs in its integration, such as its cross-chain oracles and novel consensus algorithm for increasing throughput and providing 3-5 second on-chain refresh rates.
Through this re-imagined decentralized ride-hailing experience, DRIFE and SupraOracles aim to eliminate excessive transaction fees, enhance transparency, and redistribute value back to the community.
Firdosh Sheikh, CEO and Co-founder of DRIFE, commented: “We are very pleased to be working with SupraOracles’ innovative and accurate systems for tracking geodata to make our platform experience as smooth as possible. The whole DRIFE team is looking forward to this solution bringing our product to the forefront of innovation in ride hailing.”
Joshua D. Tobkin, CEO and Co-founder of SupraOracles, commented: “Decentralizing ride-sharing business models have been cited countless times as a potential use case for blockchain. It is very exciting to see the transition beginning to finally occur. SupraOracles is happy to be a ‘part of the ride’ as DRIFE moves towards its ambitious goals.”
DRIFE is a decentralized ride-hailing platform which aims at empowering both the driver and rider communities. DRIFE is the first platform in this niche to express the full features of the decentralized ride-hailing economy, including a whole new economic model that incentivizes all the value creators in equitable terms.
DRIFE’s aim is to eliminate excessive commission, reduce censorship and redistribute value back to the community, and enhance the quality of rides.
SupraOracles strives to bridge the gap between traditional capital markets and the Web3.0 ecosystem. Our vision and driving mission is to empower the developer community with a novel oracle toolset so that they may conveniently create, deploy, and manage data applications with superior performance, robustness, and agility.
Our project is supported by seasoned professionals with experience in the architecture of consensus mechanisms, randomness research, real-time data services, investment banking, digital securities, traditional stock exchanges, big data, doctoral academia, big 4 consulting, blockchain/DLT, and DeFi.
Together with our developer community and growing list of partners, SupraOracles aims to solve the oracle dilemma and ultimately, power the future of finance.
Sign up for the Supra newsletter for company news, industry insights, and more. You’ll also be the first to know when we come out of stealth mode.