Current ride-share services, such as Uber and Lyft, require all drivers and riders to transact through a middleman. This middleman sets prices and collects a margin, all while controlling the drivers directly and preventing them from knowing their passengers or routes before the ride begins. This has the effect of curtailing the amount that drivers can earn, while also driving prices up for riders.
At Ridecoin we want to turn the ride-share business model on its head by extracting the middleman and replacing him with a decentralized cryptocurrency. By bringing ride sharing onto the blockchain, we will allow riders and drivers to negotiate directly with one another. This will have the effect of lowering costs while putting control back where it belongs: in the hands of users!
In less than 10 years since its inception, the ride-sharing industry has exploded, having reached a value of over $60 billion at present. The majority of this market is controlled by Uber, which owns $51 billion of the marketplace, with Lyft and smaller ride-share services making up the remainder.
The potential and performance of the market is readily obvious. However, monopolization and the inefficiencies that brings are preventing ride sharing from working as well for riders and drivers as it should.
Through a Initial Coin Offering, we hope to give you the opportunity to become an early owner in the next revolution in the ride-share industry. So, reserve Ridecoin Security Tokens today!