With the growth of the sharing economy, the ride-sharing sector stood to gain the most. Ventures such as Uber, Lyft among others have imploded into the scene and are making profits to the tune of millions. In less than a decade, the industry sits at an over $50 billion valuation. Keep in mind that Uber controls more than half of the industry. However, as we are witnessing it is not all good with the current business model in the sector.
The use of a centralized structure for a ride-sharing service is becoming less attractive due to several hurdles. As such now is the best time to get a remedy before it too late, and with our advancement in technology we tend to have a solution in our hands. Get to hear about a venture that is on course to replace Uber on 2018 thanks to the blockchain.
What Is RideCoin?
Ridecoin is a ride-sharing blockchain venture that aims to replace the current business model with a more decentralized structure for the ride-sharing economy. The services will work on a peer-to-peer model that will connect passengers to drivers with no need for third-parties. Interested participants will get to use cryptocurrency and smart contracts to facilitate the exchange of services. Additionally, the startup aims to work on a two-token model: Ridecoin token and Ridecoin security token. The security token will act as an ownership right for shareholders as the platform plans to enlist in the SEC within the future.
RideCoin Blockchain Ride-Share Services Token Benefits
Although the essentials of any top-tier ride-share network are there, Ridecoin does help achieve independence which is what the users want. That is not the only benefit that occurs with the crypto services as we are about to see:
For the drivers
- They get to decide their prices
- Flexibility in the working hours
- They can choose the customers
- Negotiable prices
- No intermediary hence less bureaucracy
- Incentives and a bonus system
- Lowest rates for the services
However keen we might be on the potential benefits of Ridecoin there is are also risks involved with the project. First of,f the use of cryptocurrency is facing regulation in several countries which could present a significant hurdle with its intention for a worldwide reach. Ridecoin also lacks some valuable information on how exactly the platform or token will work. Remind you the project is yet to kick off with the fundraising still going on. However, this is not enough basis to judge the venture as a scam as patience is key to waiting out to see how it turns out. The best thing to do is to wait out for more information to identify if it's a viable project or vice versa.
RideCoin ICO Conclusion
The potential to possess a blockchain technology capable of replacing Uber is no longer a reality but actual on course to happen. That is evident in projects such as Ridecoin, and although it is still in its infancy, it could make a considerable impact on the ride-sharing industry. But as with any ICO, Ridecoin will have to contend with the existing competition from the already existing ride-sharing platform. The benefits to the users do not count as a point to base the success claims as getting people on board is among the most significant challenges facing ICOs.