BitCab ICO: Blockchain Ride Sharing Transportation CAB Tokens?
What Is BitCab?
BitCab is a ridesharing venture that will utilize the power of blockchain technology to create a platform for users to connect, interact and offer ridesharing services. The blockchain platform touts itself as an Uber 2.0 that will introduce an ecosystem with its very own ride-sharing token. The ride-sharing functionality, BitCab wants to strengthen the networking between the supply and demand sides of the taxi industry. Consequently, this will create self-funding growth mechanism and a decentralized ecosystem for all its users with the BitCab (CAB) tokens.
The BitCab Ecosystem
- Token holders- will provide the capital necessary to build the BitCab ecosystem by either holding or trading the BitCab token (CAB) rewards they receive.
- Champions- this will include drivers or riders who get rewarded for helping grow the ecosystem. Their activities will consist of referrals or other incentive measures to improve the platform gain reputation.
- Online approvers- help identify the profiles of new BitCab drivers by reviewing the uploaded details or any other profiles platforms.
- Offline approvers-validate the suitability of the drivers and their cars through their appearance and get rewarded regarding CAB tokens
- Sages-assist in answering user queries or other platform participants
- Arbiters- acts as an arbitration system to solve any Driver-Rider disputes that arise within the ecosystem
- Developers- are essential to building and improving the BitCab ecosystem
- Lenders-provide peer-to-peer loans to drivers who need to upgrade or fix their car.
BitCab CAB ICO Details
Unfortunately, with the regulation facing cryptocurrency, BitCab will not be available to all crypto users. It is common knowledge that China and other countries prohibit their citizens from partaking in ICOs or cryptocurrency. As a result, BitCab will not be available for Chinese nationals. Any investors from the USA are also subject to prohibition from participating due to US laws. Only accredited investors will have the chance to invest and use the BitCab platform. If you are interested in joining, you will have to get legal advice to ensure you comply with the laws of your jurisdiction.
Is BitCab Blockchain Ride Sharing Transportation Unique?
The lack of customer loyalty within the taxi industry is a huge challenge for most ride-sharing startups. Getting customers to stick to one range of cabs is proving a challenge. However, BitCab has found a way to become unique for not only the free ride applications but also the ride-sharing blockchain platforms. BitCab plans to stand out and eliminate competition from the taxi industry through a combination of:
- Token incentives-BitCab will offer Loyalty tokens (LT) to incentivize the behavior of the platform’s participants.
- Social incentives- participants inventing new drivers, riders or other users will get rewarded with generated tokens for their useful contributions to motivate referrals
- The gamified experience-the platform allows for the gamification of both driver and rider experiences to enable real-time monetary rewards
Although the platform is not available yet, there is still potential regarding how BitCab can live up to the task. However, the significant negatives that come with the ride-sharing business are the competition that is present in the industry. Similarly, for BitCab, the opposition is much higher regarding there are already existing and well-established ride-sharing blockchain applications. And although BitCab might have some unique features, I still don’t see how the venture will live up to expectations and overcome the competition we witness in the sector.