Raj Gokal, the Solana co-founder, tweeted on the launch of Teleport, a competitor of Uber that offers on-chain rideshare services.
Teleport, a new ridesharing service based on the Solana blockchain, has commenced operations in a Genesis city with 857 registered drivers. Raj Gokal, the co-founder of Solana, has provided his perspective on this significant milestone. Additionally, Gokal expressed confidence in the potential of such decentralized on-chain initiatives.
Co-founder of Solana on the Launch of Teleport
Gokal commented in a post on X, “Onchain Uber has been a popular idea in crypto for some time now.” This option has the potential to be effective. To provide context, Teleport, created by the Decentralized Engineering Corporation (DEC), functions on a distinctive ridesharing protocol called Trip. Furthermore, this DePIN protocol is intended to serve as an open infrastructure that other vendors may employ to establish their ridesharing services.
Teleport’s mobile application is the first to implement this innovative system. It has the potential to revolutionize the rideshare industry. Uber currently retains 44% of ride fares, a substantial reduction affecting drivers and passengers. In contrast, Teleport provides a more equitable distribution of earnings by only taking 15% of fares through the Trip protocol.
This distinction underscores the potential for a more cost-effective and driver-friendly alternative to conventional rideshare models. Additionally, Uber’s substantial investment in recruiting drivers and passengers is the primary factor contributing to the high percentage cut. Rides are ultimately more expensive due to this cost being transferred to consumers.
Meanwhile, Teleport’s TRIP protocol provides a groundbreaking alternative by utilizing on-chain rewards to motivate current users to recruit new ones. This model significantly reduces recruitment expenses, which can be distributed among drivers and passengers.
According to the lite paper, this decentralized approach has the potential to result in a more equitable and balanced rideshare ecosystem. Drivers may anticipate a substantial increase in their fare share, while riders may anticipate reduced expenses. The objective is to cultivate a rideshare market that is more equitable and liberating, thereby facilitating the development of new entrepreneurial ventures and innovations that benefit all parties.
Design and Utilization of TRIP
The seamless operation of the TRIP Rideshare Protocol is contingent upon the presence of several critical components:
- Riders and Drivers: They connect to the protocol through various applications to request or offer transportation.
- Operators: These organizations are responsible for the regulatory and operational responsibilities of providing rideshare services. Furthermore, they may function as Transportation Network Providers (TNPs), Transportation Network Companies (TNCs), or Fleet Managers, contingent upon local regulations, and they employ Rideshare Server software.
- TRIP Marketplace: This marketplace offers coordination and consensus services and comprises blockchain smart contracts. Additionally, it is administered by a Decentralized Autonomous Organization (DAO) to guarantee impartiality and equity in the absence of centralized authority.
- Balancers: By recruiting additional drivers and passengers, these participants assist in resolving supply and demand imbalances.
- Verifiers: Those accountable for verifying phone numbers, conducting background checks, car inspections, and verifying driver credentials.
- Auditors: They verify the Operator’s and Verifiers’ legal and operational preparedness.
The TRIP protocol is deemed operational in a region when there is at least one approved Operator and an adequate number of Verifiers. This decentralized structure guarantees that any legally permissible and capable entity can participate and execute its responsibilities within the system.
The potential impact of this decentralized ridesharing approach is underscored by the positive reception of Teleport’s inauguration by Solana co-founder Gokal. A new era in which blockchain technology could redefine the operation of rideshare services may emerge, as he stated, “This one could work.”
