Solana

Teleport, a new rideshare service built on the Solana blockchain, has launched its operations in a genesis city with 857 registered drivers. Solana co-founder <a href="https://coingape.com/solana-news-co-founder-warns-against-funding-random-presales-x/" target="_blank" rel="noopener">Raj Gokal</a> has weighed in on this significant milestone. Moreover, Gokal expressed optimism around such decentralized on-chain initiatives. 
<h2 id="solana-co-founder-on-teleport-s-launch">Solana Co-Founder On Teleport’s Launch</h2> 
In a post on X, Gokal remarked, “Onchain Uber has been a popular idea in crypto for some time now. This one could actually work.” For context, Teleport, developed by the Decentralized Engineering Corporation (DEC), operates on a unique rideshare protocol known as Trip. In addition, this <a href="https://coingape.com/top-depin-projects-on-solana/" target="_blank" rel="noopener">DePIN</a> protocol is designed to be an open infrastructure that other vendors can utilize to create their own rideshare services. 
Moreover, Teleport’s mobile application is the first to leverage this innovative system. It promises to reshape the landscape of the rideshare industry. Currently, Uber takes 44% of ride fares, a significant cut that impacts both riders and drivers. In contrast, Teleport, via the Trip protocol, only takes 15% of fares, offering a more equitable distribution of earnings. 
This difference highlights the potential for a more cost-effective and driver-friendly alternative to traditional rideshare models. Furthermore, the primary reason for Uber’s high percentage cut is the substantial expenditure on recruiting both riders and drivers. This cost is ultimately passed down to consumers, making rides more expensive. 
While, Teleport’s TRIP protocol offers a revolutionary alternative by using onchain rewards to incentivize existing users to recruit new ones. This model drastically reduces recruitment costs, enabling savings that can be shared between riders and drivers. 
According to the <a rel="nofollow" href="http://guides.trip.dev/litepaper" target="_blank">litepaper</a>, this decentralized approach could lead to a more balanced and fair rideshare ecosystem. Riders can expect lower costs, while drivers can earn a significantly higher share of the fare. The goal is to foster a freer and fairer rideshare market that benefits all participants and opens up new opportunities for entrepreneurial ventures and innovation. 
<h2 id="trip-design-usage">TRIP Design &amp; Usage</h2> 
The TRIP Rideshare Protocol relies on several key components to function smoothly: 
1. Riders &amp; Drivers: They connect to the protocol via various apps to offer or request rides. 
2. Operators: These entities handle the regulatory and operational tasks necessary for providing rideshare services. In addition, they utilize Rideshare Server software and may act as Transportation Network Providers (TNPs), Transportation Network Companies (TNCs), or Fleet Managers, depending on local regulations. 
3. TRIP Marketplace: Composed of blockchain smart contracts, this marketplace provides coordination and consensus services. Moreover, it is governed by a Decentralized Autonomous Organization (DAO) to ensure neutrality and fairness without centralized control. 
4. Balancers: These participants help address supply and demand imbalances by recruiting additional drivers and riders. 
5. Verifiers: Responsible for checking driver licenses, conducting car inspections, performing background checks, and verifying phone numbers. 
6. Auditors: They confirm the legal and operational readiness of both Verifiers and Operators. 
When an area has at least one approved Operator and enough Verifiers, the TRIP protocol is considered operational in that region. This decentralized structure ensures that any capable and legally permitted entity can participate and fulfill roles within the system. 
<a href="https://coingape.com/blog/solana-price-has-dropped-to-a-45-day-low-will-it-recover/" target="_blank" rel="noopener">Solana</a> co-founder Gokal’s positive reception of Teleport’s launch underscores the potential impact of this decentralized approach to ridesharing. As he stated, “This one could actually work,” a new era where blockchain technology could redefine how rideshare services operate may emerge. 
Also Read:&nbsp;<a href="https://coingape.com/blog/solana-price-has-dropped-to-a-45-day-low-will-it-recover/" target="_blank" rel="noopener">Solana Price Has Dropped to a 45-day Low, Will It Recover?</a> 
The post <a href="https://coingape.com/solana-co-founder-makes-interesting-remark-as-uber-competitor-goes-on-chain/">Solana Co-founder Makes Interesting Remark As Uber Competitor Goes On-chain</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Solana Co-founder Makes Interesting Remark As Uber Competitor Goes On-chain

Table of Contents

Coingape News Media

Other articles published on Jun 21, 2024

3iQ Requested Solana ETP In North America; Is Solana ETF Next?

Bitcoin ETFs Record $140M Outflows, BlackRock’s IBIT Sees $1M Inflow

AI and Crypto: A Match Made in the Digital Revolution

What If Peter Schiff Had Invested $10K In Bitcoin Instead Of Dissing It For The First Time 13 Yea...

EFCC Pushes Forward with Money Laundering Case, Binance Exec’s Wife Frustrates

Analyst Observes Decline in Bitcoin Investor Interest

Join our free newsletter for daily crypto updates!