TRIP protocol lets ride-sharing businesses and drivers compete for passengers, while blockchain disrupts markets.
Decentralized Engineering Cooperation (DEC), the firm behind the Solana-based protocol TRIP that allows mobility-based apps, said Web3 protocols will allow new organizations and drivers to bid for trips using a matching algorithm.
DEC says firms and riders may cooperate and compete on TRIP. The protocol gives active drivers and consumers a role in its governance.
Teleport, a decentralized ride-sharing software powered by DEC, will start on TRIP in December. Foundation Capital and Road Capital lead the $9 million seed round.
DEC CEO and Teleport co-founder Paul Bohm told Cointelegraph that Web3 technologies, including TRIP, would replace “closed platforms operated by corporate monopolies with decentralized, open source protocols”
Bohm said the cash would “launch TRIP permanently in specified locations.” It helps the firm decentralize.
By employing a blockchain-based approach, TRIP passengers may pay with USD Coin on Solana and fiat currency with Apple Pay, while drivers can take the stablecoin as payment to their bank accounts or wallets.
Ryan McKillen, a former Uber employee and one of the seed round investors, said Teleport is doing what Uber should be building now. Thursday Ventures, 6th Man Ventures, 305 Ventures, and Common Metal are investors.
Precedence Research predicts ride-sharing would reach $344.4 billion by 2030.
93 million people use Uber monthly, according to Statista.
