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Sunday, September 19, 2021

Drife.io Ico Review: Leveraging Smart Contracts

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About Drife.io

Drife.io is a decentralized ride-hailing platform powered by blockchain with the intent of empowering value creators within the ecosystem – these include the drivers, riders, and community developers. DRIFE plans to disrupt the existing business model and remove the corporate intermediaries involved in the transactions. In less than a decade, over 1600+ cryptocurrency platforms built on the premise of the blockchain technology now exist.

New startup enterprises, great innovative technologies, and improved scalability features from the original blockchain have elicited awe. However, more than 90% of these projects lack practical application or utility. Most of them are created as sub-chains or sidechains leveraging the power of more efficient systems.

ICODETAILS
Company NameDrife.io
Token SymbolDRF
Token TypeUtility
Token Price0.2500 USD
CountryUK
KYCYES
Ico Start5th Oct 2019
Ico End26th Oct 2019
LangugaeEnglish
StatusActive
Total Supply325000000
Social SupportYes
WebsiteHomepage

Why Blockchain?

Transparency

The fare will be fixed on the basis of specific criteria defined in the smart contracts, bringing trust and transparency to the system.

Leveraging Smart Contracts

Using smart contract for Fare Negotiations, Governance, Managing Stake-based services and privileges.

Peer to Peer Network

Drife.io true peer-to-peer network, where the two main stakeholders – the rider and the driver  are directly connected for mutual benefit.

Tokenized Economy

The ability to tokenize the ride-hailing economy using various on-chain digital assets, both fungible and non-fungible.

DRF Utility

Fees & Discounts

Drife.io Get discounts on fares for riders and platform subscription fees for drivers.

Platform Governance

Create proposals and vote for new features on the Drife products.

DRF – Drife Utility Token

Drife will have a token economy system that rewards users for offering and availing rides, and for participating in, engaging with, and promoting the Drife platform. Users will be rewarded in the form of Drife’s blockchain-based cryptographic utility token, DRF. Smart contracts will not only be used to tokenize Drife loyalty, incentivization, and rewards and put it onto the blockchain, but also for managing and distributing them using customdefined rules.

This will eventually transform the way they attract, engage, reward, and retain customers in ways never before possible for a ride-hailing platform. This incentive drives active participation in the success of the platform driving growth and promoting engagement.

Lack of Transparency & Freedom

Drivers are typically hired on the terms of independent contractors while for all practical purposes they are made to serve like company employees. As independent contractors, drivers are not given any employment benefits and are required to pay all gas, maintenance, and depreciation on their vehicles. Whereas, at the same time, drivers are unduly treated as employees because they have next to no choice or freedom as one would expect for independent contractors. They are forced to serve any ride request that is sent their way.

While drivers can technically refuse a pickup, this is heavily penalized in the compensation structure. Drivers and riders are thus forced to enter into ride agreements without knowing complete information (like pickup and drop details, fare calculation, commission split and rider/driver ratings) about the same. Also, drivers are encouraged to stay with one company and work hours consistent with a full-time employee through puny bonus offerings. To achieve these bonuses, drivers are required to drive their cabs a set number of hours across the day, specifically at rush hours.

Governance

Franchise owners can govern local operations by configuring the smart contracts appropriately using the FNFT leased to them. Being a local entity, franchisees can work with the best interests of drivers in mind and make the best decisions for the community. The platform itself is governed by a DAO where everyone can participate in decision making by putting forth proposals and voting on them.

Cost Optimization

Drife.io Blockchain enables riders to directly connect with drivers through the decentralized platform, reducing the additional costs incurred due to the involvement of too many unnecessary intermediaries. Replacing legacy systems and record-keeping infrastructure with an immutable tamper-proof distributed ledger also helps in reducing costs. Finally, by removing the need for third parties to manage transactions, blockchain technology can massively reduce transaction costs.

Drife System Design

By being a decentralized application, a lot of Drife’s business logic is implemented within Drife’s Smart Contracts running over the public Aeternity blockchain environment. However, to build an enterprise-level application that will scale, and is easy to use nonetheless, Drife integrates a complete backend implemented in a microservices architecture pattern. The interoperability of microservices and smart contracts is crucial in building a unique platform that leverages blockchain technology for overcoming significant platform-centric issues facing ride-hailing applications these days. Drife has both Android and iOS applications for riders and driver-partners.

Drife Micro Services

Microservice architecture plays a critical part in allowing the Drife.io application to operate at scale. As illustrated in the system design diagram above, the following microservices are integral in Drife’s architecture:

User service – is used for onboarding riders onto the platform and for managing user profile and settings, getting help and reporting issues. This service also authenticates users.

Driver service – is used for onboarding driver partners onto the platform and for managing personal documents, KYC information, vehicle details, and application settings. It also provides support for getting help, reporting issues and requesting callbacks from the franchisee support. This service also authenticates driverpartners.

Ride allocation – service is responsible for finding and allocating drivers eligible to serve each user ride request base. Google Firebase Realtime Database (with GeoFire Library) is being used to store and query geo-location data.

Trip service manages the entire ride flow is responsible for tracking rides, authenticating correctness of ride completeness.

Blockchain service – is responsible for triggering smart contracts, pushing transactions to the blockchain and reading the state of the blockchain

Team

Firdosh Sheikh

CEO & Cofounder

Surya Ranjit

COO & Cofounder

Mudit Marda

CTO & Cofounder

Rakesh Sahu

 Frontend Lead & Founding Member

Drife Ico Review

https://1fd43b25-d251-4d48-b369-e3495c2fbbec.filesusr.com/ugd/3af3d0_25392fa7ed6e401abe6fdea1fd3c4b9a.pdf
5

Expert Trading

5.5/10

ICO QUALITY

4.5/10

DESIGN

5.0/10

Pros

  • Fees & Discounts
  • Tokenized Economy
  • Transparency

Cons

  • Not For Beginner
  • No Live Support
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Drife Ico Review

https://1fd43b25-d251-4d48-b369-e3495c2fbbec.filesusr.com/ugd/3af3d0_25392fa7ed6e401abe6fdea1fd3c4b9a.pdf
5

Expert Trading

5.5/10

ICO QUALITY

4.5/10

DESIGN

5.0/10

Pros

  • Fees & Discounts
  • Tokenized Economy
  • Transparency

Cons

  • Not For Beginner
  • No Live Support