A new rideshare start-up, Drife, is offering Uber some competition in India. After learning how little control both drivers and riders have concerning whom they ride with and how much they earn or pay, Firdosh Sheikh chose to create a decentralized rideshare platform. The platform aims to give users more control by harnessing blockchain technology.
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Unlike Uber and Lift, which take a share of the profits, Drife allows drivers to collect the entire fare. Eventually, the platform will charge drivers a monthly subscription fee. Currently, however, Drife is waving said fee to encourage drivers to sign up.
“We don’t charge anything from the fare that you pay as a rider,” said Sheikh, Drife CEO and cofounder. “A centralized entity who has a profit motive in the fare that I pay as a rider will start manipulating the fare and exploiting it for their own profit motive, and that’s where both drivers and riders struggle.”
The ride-hailing app, which launched in November, currently has 10,00 drivers and 100,000 riders signed up to use the platform. However, Drife only does about 7,000 rides per week, while Uber does millions of rides daily.
How Does Drife Work?
A base fare is determined by the distance to the destination and the type of vehicle. Riders, however, can attract more drivers by offering a higher rate and said drivers can make counteroffers. The user can then choose which driver they want based on fare and the driver’s ratings. Since Drife isn’t taking a portion of each fare, prices will likely be lower than alternative rideshare apps.
Drife also has its cryptocurrency, DRF, which will be required for those purchasing franchise rights. Already the app has received 60 franchise requests from cities worldwide. Just under a third of DRF tokens are being reserved for the app’s ecosystem fund, which will offer riders and drivers incentives and rewards.