RideNode is an Ethereum blockchain-based transportation solution token and promises to disrupt the current market dominated by the likes of Uber, Lyft, Via and many other taxi services. The ERC-20 based RideNode token promises to provide a better alternative to the customers with a zero percent commission fee, and use of blockchain to cut the middlemen.
The transportation industry is a whopping $300 billion large and it is still growing at a fast rate. The evolvement of technology in the past decade has made these services more accessible with a few taps on your phone. However, like any other industry, big companies like Uber and Lyft have most of the market share which gives them a sort of monopoly which in turn leads to a decline in service quality, low paid drivers, bad insurance models, and many such issues. In the current system, the customers have kept paying more while the driver’s cut has been getting lower.
The main reason for such distress is the centralization of control in the hands of a few cash-rich giants whose only aim is to make as much money as possible while sidelining the needs of the drivers. Some of the most common problems of the current industry include,
- The passenger safety and security being compromised and threatened, mostly resulting in bodily harm and tragic deaths.
- Drivers were forced to drive more and receive less and fewer earnings that are too low for them to make ends meet, inevitably damaging morale and resulting in them feeling hopeless and desperate, and in some cases even pushing them to tragically take their own lives.
- Drivers being denied the tools and information they need for optimal choices to make regarding insurances, accounting, and general safety.
RideNode aims to end this monopoly with the help of blockchain technology, where the use of Distributed Ledger Technology (DLT) would allow them to keep the benefits between the driver and the customer instead of third parties and middlemen. RideNode promises to provide a superior service quality with an emphasis on customer and driver security.
How RideNode Works?
RideNode would operate via the BayRide Mobile application where it can be used as a payment currency for the transportation service a customer use. There is no commission charged by the firm from drivers to use its a platform. The customers pay directly to the driver unlike the current model where the customers pay to the company and the company pays a cut of the ride to the driver.
In case a customer search for a ride in a particular area using BayRide services, they first upload the screenshot of the price of their ride from traditional service providers like Uber and Lyft, the BayRide drivers then bid a lower price for the ride and the customer can decide whether the price is acceptable by done. All of this is done in real-time using Bayride’s proprietary technology, S.M.A.R.T.FARE™. Once the rider accepts a price from the driver, it is locked in a smart contract.
The firm is also planning on creating a tool to detect any fake screenshot which users may try to pass on to get discounted rides. The aim is to create a common marketplace for both the riders and the drivers with better service quality and efficient pricing.
RideNode token is an ERC-20 based token with a total market supply of 25 billion tokens. The public sales of the token started on August 10th and will be continued till January 8th, 2020. The current IEO sale is for 2.5 billion tokens valued at 0.04 USD.
The IEO will be conducted in 4 sessions starting on 22nd November and ends on 6th December. Customers can buy a minimum of 1000 RIDE token against BTC, ETH, USD, and USDT. Users who buy more than 1000 RIDE token would get a 20% discount.
The firm is planning to get into the full-scale deployment of its service by the first quarter of 2020, launch and deploy its RideGuard, RideEx, and OnAir programs and by the end of 2020 conduct its IPO for BayRide on New York Stock Exchange.
First session of IEO is Live on P2PB2B. Buy RIDE Now!