solana Co-Founder Made Interesting Statements as Uber’s Rival Switched to the Chain
Teleport, a new ridesharing service built on the Solana blockchain, has launched its operations in a startup city with 857 registered drivers. Solana co-founder Raj Gokal weighed in on this important milestone. Additionally, Gökal expressed optimism about such decentralized on-chain initiatives.
Solana Founding Partner at the Launch of Teleport
In his post about X, Gökal stated: “Onchain Uber has been a popular idea in crypto for a while. “This could really work.” For context, Teleport, developed by Decentralized Engineering Corporation (DEC), runs on a unique ridesharing protocol known as Trip. Additionally, this DePIN protocol is designed to be an open infrastructure that other vendors can use to build their own ridesharing services.
Additionally, Teleport’s mobile app is the first to take advantage of this innovative system and promises to reshape the landscape of the ridesharing industry. Currently, Uber collects 44% of ride fares; This is a significant outage affecting both passengers and drivers. In contrast, Teleport through the Trip protocol offers a more equitable distribution of earnings by only charging 15% of fees.
This difference highlights the potential for a more cost-effective and driver-friendly alternative to traditional ride-sharing models. Additionally, the main reason for Uber’s high percentage cut is the significant expenses incurred in hiring both passengers and drivers. This cost is ultimately passed on to consumers and trips become more expensive.
Meanwhile, Teleport’s TRIP protocol offers a revolutionary alternative by using on-chain rewards to incentivize existing users to recruit new ones. This model significantly reduces recruitment costs so savings can be shared between drivers and riders.
According to Litepaper, this decentralized approach could lead to a more balanced and fair ridesharing ecosystem. While passengers can expect lower costs, drivers can earn a significantly higher share of the fare. The aim is to promote a freer and fairer ridesharing market that benefits all participants and creates new opportunities for entrepreneurial ventures and innovation.
GEZİ Design and Use
The smooth operation of the TRIP Rideshare Protocol relies on a few key components:
one. Riders and Drivers: They connect to the protocol through various applications to offer or request rides.
2. Operators: These organizations perform regulatory and operational duties necessary for the provision of ridesharing services. They also use Rideshare Server software and can act as Transportation Network Providers (TNPs), Transportation Network Companies (TNCs) or Fleet Managers depending on local regulations.
3. TRIP Marketplace: This marketplace of blockchain smart contracts provides coordination and consensus services. It is also governed by a Decentralized Autonomous Organization (DAO) to ensure impartiality and fairness without central control.
4. Stabilizers: These participants help address supply and demand imbalances by hiring additional drivers and passengers.
5. Validators: Responsible for checking driver’s licenses, performing vehicle inspections, performing background checks and verifying phone numbers.
6. Auditors: They confirm the legal and operational readiness of both validators and operators.
When there is at least one approved operator and a sufficient number of validators in an area, the TRIP protocol is considered operational in that area. This decentralized structure ensures that any capable and legally permitted organization can take part in the system and fulfill the roles.
Solana co-founder Gökal’s positive reception of Teleport’s launch underscores the potential impact of this decentralized approach to ridesharing. As he puts it, “This could really work,” ushering in a new era where blockchain technology could redefine how ridesharing services operate.
Also Read: Solana Price Drops To 45-Day Low, Will It Recover?
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