🏅RECAP AMA EPID COMMUNITY x DRIFE
🕖AMA Timing : 16th May 2PM UTC | 9 PM (GMT +7)
🏚Venue For AMA: @EPID_Community_VN
💰Reward Pool : 200$
➡️Part 1: Project Introduction.
Q1. Could you briefly introduce yourself as well as your project?
My Name is Firdosh Sheikh, I am CEO and Co-founder of Drife.
I have a strong professional background in financial management and analysis and graduated from the Institute of Chartered Accountancy of India. I have worked with Microsoft India and few hedge funds before starting my journey of Drife.
Drife is a blockchain-based mobility platform that seeks to decentralize the Ride-Hailing ecosystem. Consumers’ privacy is reinforced and drivers’ rights' and remuneration levels are transparent and fairly distributed. Drivers retain their rights to unionize while the system allows local regulations and compliance to be upheld.
Drife aspires to disrupt the existing business model dominated by Uber & Lyft with a fairer, more efficient, and transparent ride-hailing economy and transportation marketplace, built on the Blockchain.
Our Unique features are
✔️Ride-Sharing App that removes centralization by allowing ALL cars to become ride-sharing vehicles
✔️DRIFE allows Drivers the ability to keep 100% of their fare.
Q2. What makes the DRIFE project stand out more than the projects in the same direction at the moment?
No doubt Ride-hailing platforms are a boom in the taxi industry, With the influence of technology and economic motivation growing side by side, the business of mobility has never been more interesting.
With just a few taps in our mobile app, they are all selling us convenience at our doorsteps. And allowing drivers to make a decent income and be their boss.
We take pride in ourselves on being the zero-commission platform. And because we won’t have any profit motivation in the fares paid by riders, We will be able to remove all the unnecessary multipliers from fare which increases the burden on riders. DRIFE eventually becomes a platform that provides high incomes to drivers and reduced fares for riders.
Q3. What are the memorable milestones of DRIFE in the research and development process?
To start with figuring out the implementation of blockchain in the ride-sharing space is a milestone in itself.
However, Our patent-pending fare pricing mechanism is a memorable milestone, with which we are able to take away the concept of platform dictated pricing and replace it with market dictated pricing.
Q4. What does DRIFE plan to do to attract more users in the upcoming time?
Drife’s franchise model will allow us to launch DRife to a different part of the world in no time, however, our economic model encourages active participation from the community members towards the building of the ecosystem.
Both drivers and rider earn 1% of the fare paid by their network as a continuous reward for their contribution to the growth of the drife ecosystem. And this is a continuous incentive that a community member can earn for life time.
This incentives will be distributed in our native currency "DRF", thus creating loyal customer base
➡️Part 2: Question From Twitter (5 best questions).
Q1. NFT is currently a very interesting trend in the DeFi and blockchain world. Is DRIFE planning to integrate this type of asset into your platform in the near future? What do you think about these NFTs?
Indeed NFT is very hot now.
We are introducing for the first time, a franchise model to the ride-hailing industry, enabled by NFT technology. With this unique model, Drife brings a lucrative business opportunity to run the operations of a highly efficient and transparent blockchain-powered taxi service anywhere in the world without worrying about the platform infrastructure.
To get the franchise rights in a particular unit of operation, the franchisee needs to stake more than 10 Million DRF. The maximum staker wins the FNFT (Franchise NFT) and his stake gets locked.
FNFT by Drife is the only NFT in the world which will allow community to participate in real operations of the company
Q2. Can you tell about your listing plans?Specially the ones involving major exchanges, CEX and DEX. What types Partnerships you are looking for and what values would they bring?
Our role-out plan is divided into 3 phase
IDO Platform- that we have already finalised and we will make the announcement soon
DEX Listing- We are working on it, mostly Uniswap
CEX Listing- We are working hard to get at least 2 Top 5 exchange listing on TGE
Apart from that we are working on other partnership in the crypto space and mobility space separately and will unveil more information in the upcoming weeks.
Q3. What can we expect to see from this project in the short-term (at some point in 2021) and 2022 and beyond (long-term goals)?
In short term we will launch the app in Bangalore India and will also open up a franchise in Paris and Brazil this year.
In Long term, we wish to expand globally and introduce Governance, staking mechanism in the ecosystem.
Q4. I've seen a lot of defi projects pop up recently, and die from a lack of liquidity and confidence in the dev. question how do you convince investors because of this problem?
Drife is not just another DeFi project, It’s more of a traditional project with a real-life use case of crypto and blockchain. We are working towards bringing mass adoption of crypto and blockchain. Thus Our problem is not similar to Defi projects.
We are working towards creating an ecosystem that can sustain itself on its own.
Q5. What is the role of tokens in the ecosystem? Where can people currently buy it? What is the functions of the tokens?
The native cryptocurrency of the Drife platform, the DRF, is a utility token that will also function as a payment method within our platform. It will be used to execute ride payments, access loyalty rewards and staking functions on our platform.
✔️DRF token utility is as follow
Platform access: Pay a platform subscription fee and avail discounts on rides.
Staking: Different franchise contenders can propose different shares of profits between themselves and the community stakers.
Franchise- To get the franchise rights in a particular unit of operation, the franchisee needs to Stake more than a predefined minimum of 1 Million DRF => maximum staker wins and his stake gets locked.
Governance Possessing DRF tokens gives one the rights to propose changes and vote on important community matters related to the ride-hailing ecosystem and core development protocols.
However currently we are running Private sale, So retail users have to wait for IDO to buy the DRF.
➡️Part 3: Free asking (5 best questions)
Q1: Hello @Firdosh_DRIFE I have a question Can you list some of the features with which you are most confident about your platform? How can you advertise your project worldwide and make it popular?
Some of the USP of Drife are as follow
Shifting the focus from the existing commission-based platforms to a new subscription based economic model
Price flexibility through Drife’s patented auction-based dynamic pricing model and removal of the middleman’s profit lead to a lower price for riders and higher income for drivers. This also replaces platform controlled “surge” prices.
Freedom to choose
Drivers will have freedom of choice in subscription plans, the rides to accept and the fare they quote.
Riders have freedom to choose the driver based on driver rating, fare price, time for pickup driver.
Drivers and riders are given back their deserved right to govern themselves using the platform’s unique franchise model through token staking for network ownership.
Both the drivers and riders can earn incentives in the platform’s native DRF tokens for their active participation within the platform through ride activities, referral bonuses and bounties.
Good day @Firdosh_DRIFE Almost 80% investors have just focused on price of token in short term instead of understanding the real value of the project. Can you tell us on motivations and benefits for investors to hold your token in long term?
At Drife Both investors and community can stake their DRF for Franchise, And Franchise share a % of revenue tey earn with the Delegators, Thus with Drife's operations growing everyone makes profit.
What is the ultimate vision that Your project is trying to achieve within the cryptocurrencies market? Obviously, the whole space will experience huge growth in the upcoming years, but what role would you like Your project play in this?
At Drife our idea is to decentralise the whole mobility space, and bring mass adoption in the ecosystem
Are purchasers of franchises responsible for marketing, onboarding and so on?
Yes, Franchisees are responsible for Operations and Marketing of the Product
Good day @Firdosh_DRIFE So many projects just like to speak about the "long term vision and mission" but what are your short terms objectives? What are you focusing right now?
We have our product ready and tested. We are just not talking .
We started working for the Bangalore launch in India as we have a very good network of driver and rider and the App was supposed to launch on the 20th of April last month are we had everything in place from testing the application internally.
But because of the second wave of Covid and city undergoing lockdown we have to stop everything in the first week of April as we could see things getting worse from there and we don't want to start with something and then we have to stop in between because things are getting worse and again its something that's not under our control.
Now we are waiting for things to get better and normal in Bangalore so we can resume with application launch in Bangalore India.