Ex Uber Employees’ Solana-based Decentralized Ride Sharing Startup Raised $9M.
According to Decentralized Engineering Corporation (DEC), the company behind the Solana-based protocol TRIP, which enables mobility-based applications, the ride-sharing industry is poised for another paradigm shift, with Web3 protocols enabling new companies and drivers to bid for rides based on a matching algorithm.
A $9 million decentralization fund was successfully raised by them. Among the investors are 6th Man Ventures and Common Metal, as well as former Uber general manager for New York Josh Mohrer, Flexport founder Ryan Petersen, and former Uber employee Ryan McKillen.
The Protocol Give an Award to The Most Active Participant
DEC says that the TRIP platform allows companies and riders to collaborate and compete in a shared marketplace as well as reward active participants with stakes in its governance.
Trip’s network is open source, allowing network participants to use dispatch services, payments, background checks, and dispute resolution.
CEO and founder of DEC, Paul Bohm said, “You can have multiple rideshare operating companies and multiple clients connecting to that same network and working together in creating this marketplace.”
“… As opposed to Uber, which is a singular monopoly that no one can compete [with], no one can build on, no one can innovate and change,” added him.
The First Service Called Teleport
TRIP’s first service is Teleport, a decentralized ride-sharing application that will be launched by parent company DEC in December on the Solana blockchain.
Paul Bohm, CEO of DEC and co-founder of Teleport, told Cointelegraph that Web3 technology, including TRIP, would replace “closed platforms run by corporate monopolies with decentralized protocols that are open source, competitive, and fair for everyone.”
The additional funding will be used by Bohm to “launch TRIP permanently in specific cities.” The funding will also help the company reach its decentralization milestone.
In the TRIP ecosystem, riders can pay with USD Coin through Solana and fiat currencies through Apple Pay, and drivers can accept the stablecoin directly into their bank accounts or wallets via a blockchain-based solution.