According to the Decentralized Engineering Corporation, (DEC), the company behind TRIP, a Solana-based protocol that allows mobility-based applications, the ride-sharing industry is set for a paradigm shift. Web3 protocols will allow new companies and drivers to compete for rides using a matching algorithm.
DEC states that riders and companies can join forces on the TRIP platform to compete in a common marketplace. It also gives customers and drivers a stake in the governance of the protocol, which rewards active participants.
Teleport is the first service to go live on TRIP. It’s a decentralized ride-sharing app that will be launched by parent company DEC in December.
Paul Bohm, CEO of DEC and Teleport cofounder, said that Web3 technology will compete with “closed platforms run corporate monopolies” to be replaced by decentralized protocols that can be open source, competitive and fair for all.
Bohm said that additional funding would be used to “launch TRIP permanent in certain cities.” It will also assist the company with its decentralization milestone.
TRIP riders can use a blockchain-based payment system to pay USD Coin ( USDC). Solana, fiat currencies, and USD Coin on Solana. Drivers will be able accept the stablecoin directly to their bank accounts, or have it deposited into a wallet.
“By making ride-sharing a protocol, Teleport builds what Uber couldn’t build in 2010 and what Uber should be building now,” Ryan McKillen, an ex-Uber employee who was one of the seed investors, said. Thursday Ventures was joined by 6th Man Ventures (6th Man Ventures), 305 Ventures, and Common Metal as additional investors.
According to Precedence Research, the market for ride-sharing will grow to $344.4 million by 2030. Statista data shows Uber is the most used ride-sharing app worldwide, with 93,000,000 people using it on a monthly basis.