Built on Solana, Teleport plans a ridesharing app against “atrocious” Uber.
The concept of a decentralized ride-sharing system was theorized by Vitalik Buterin, co-founder of Ethereum years ago with other companies already taking a swing at the market via decentralized apps. There has yet to be a system created that could fully take on the likes of Uber and Lyft.
That may all change as the Decentralized Engineering Corporation (DEC) believes they may have the magic solution to the issue and has the funding to do so on Solana. With $9 million in funding announced by the company via seed funding, the DEC has a new platform called The Rideshare Protocol, or TRIP. TRIP is designed to power rideshare apps from a multitude of future companies with the tools they need to succeed. The solution is to provide a platform that all ridesharing apps can use to connect drivers with riders. The first platform being created using TRIP will be Teleport.
The seed round which was co-led by Foundation Capital and Road Capital was joined by Thursday Ventures, 6th Man Ventures, 305 Ventures, Common Metal, Uber alumn engineer Ryan McKillen, Social Media Influencer Jake Paul, Flexport founder Ryan Peterson, and Farcaster co-founder Dan Romero.
At this time Uber is known essentially as a monopoly in some areas, true there is some competition but not enough to declare the rideshare sector decentralized. TRIP is designed to be a decentralized protocol that various app makers can use as a marketplace connecting passengers to drivers and vice versa. A token will also be used for governance of the protocol and the idea is to create innovations around a shared marketplace.
The design of Teleport is very much like that of Uber allowing for ease of use for customers that are already familiar with the ride-sharing behemoth. Payment for rides is easy as credit cards or USDC stablecoin can be used for payments.
Paul Bohm, CEO of DEC stated that he did not want to make things too difficult for either the driver or the passenger so crypto was not the first idea for payments.
The next Solana Breakpoint event is almost upon us and the company will be holding demonstrations of the tech there as well, the next stop for the demonstration will be the Art Basel Miami in December. Bohm has called Uber “atrocious” in providing service around big events and states the plan of Teleport is to provide “table stakes or better quality” during the testing phases of Teleport.
After the demonstrations, Bohm plans to roll out the full service in the next half year to nine months with gradual decentralization planned. There are some companies and car fleet operators that have expressed an interest in collaborating with DEC and using TRIP to create their own apps.
Other projects may not have been very successful in creating the next “Uber Killer” app but Bohm believes DEC is on the right track this time.
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