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Solana-based protocol seeking to decentralize ride-sharing raises $9M

SOL CRYPTO_NEWS

TRIP protocol allows drivers and ride-sharing companies to compete for riders, as blockchain enables disruption in existing markets. 

 

The ride-sharing industry is poised for another paradigm shift, with Web3 protocols allowing new companies and drivers to bid for rides using a matching algorithm, according to the Decentralized Engineering Corporation (DEC) — the company behind the Solana-based protocol TRIP that enables mobility-based applications.

 

According to DEC, on the TRIP platform, companies and riders can collaborate and compete in a shared marketplace. The protocol also rewards the most active participants with a stake in its governance for both drivers and customers.

 

The first service set to operate on TRIP is Teleport, a decentralized ride-sharing application planned to be launched in December and run by parent company DEC. On Oct. 27, DEC announced a $9 million seed round co-led by Foundation Capital and Road Capital. 

 

DEC CEO and Teleport co-founder Paul Bohm told Cointelegraph that Web3 technology, including TRIP, will compete to replace “closed platforms run by corporate monopolies with decentralized protocols that are open source, competitive, and fair for everyone."

Bohm stated that the additional funding will be used to “launch TRIP permanently in specific cities.” It will also help the company achieve its decentralization milestone.

 

Source : cointelegraph.com/news/solana-based-protocol-seeking-to-decentralize-ride-sharing-raises-9m by Cointelegraph By Ana Paula Pereira - October 28, 2022

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