Solana Co-founder On Uber Competitor’s Move To Blockchain

Teleport, a new rideshare service powered by the Solana blockchain, has commenced operations in its initial city, boasting 857 registered drivers. Solana co-founder Raj Gokal has acknowledged this major achievement, expressing his optimism about decentralized on-chain initiatives like Teleport.

In a post on X, Gokal commented, “Onchain Uber has been a popular idea in crypto for some time now. This one could actually work.” Teleport, developed by the Decentralized Engineering Corporation (DEC), operates on a unique rideshare protocol called Trip. This DePIN protocol is intended as an open infrastructure that other vendors can use to create their own rideshare services.

Additionally, Teleport’s mobile application is the first to utilize this groundbreaking system, poised to revolutionize the rideshare industry. Presently, Uber claims 44% of ride fares, significantly affecting both riders and drivers. In comparison, Teleport, through the Trip protocol, only takes 15% of fares, ensuring a fairer distribution of earnings.

This difference underscores the potential for a more cost-effective and driver-friendly alternative to traditional rideshare models. Uber’s high percentage cut is primarily due to significant spending on recruiting riders and drivers. These expenses are ultimately passed on to consumers, resulting in higher ride costs.

Blockchain Enhances Ridesharing With TRIP

On the other hand, Teleport’s TRIP protocol provides a ground-breaking substitute by encouraging current users to refer new users through onchain rewards. This strategy allows for savings that can be split equally between drivers and riders by significantly lowering recruitment costs.

The litepaper suggests that this decentralised strategy might result in a ridesharing ecosystem that is more equitable and balanced. While drivers can make a much larger portion of the charge, riders can anticipate lower rates. The intention is to create a more equitable and free ridesharing market that benefits all parties involved and creates new chances for innovation and business endeavours.

However, Solana co-founder Gokal’s enthusiastic reception of Teleport’s launch highlights the promising potential of this decentralized ridesharing approach. He remarked, “This one could actually work,” suggesting that blockchain technology might usher in a new era for rideshare services.

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Furthermore, the author’s views are for reference only and shall not constitute any investment advice. Please ensure you fully understand and assess the products and associated risks before purchasing.

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