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Friday, February 3, 2023

DEC’s TRIP Protocol Has Raised USD 9M

DEC maker of TRIP protocol has raised USD 9 M in seed funding to power decentralized Uber rival. Apart from its own Teleport app, other companies can build their very own apps around shared Solana-driven Marketplace.

TRIP Protocol To Rival Uber

Though the concept of Rideshare is not new and others have attempted to build a decentralized Ridesharing service.

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Decentralized Engineering Corporation now thinks it has developed the right model and has raised $9 M as funding to bring its newly developed model to life on Solana.

DEC announced that it will build the Rideshare Protocol, which is commonly known as TRIP protocol. TRIP protocol will be designed to power Ridesharing apps from numerous companies in the future. All will share the same core technology to connect the riders with the drivers. DEC will build the first application to prove that the model they have chosen is the correct one. 

Teleport Founder and presently its CEO, Paul Bohm analyzing the model of Uber says that the model Uber has chosen is very centralized and is practically running a monopoly. Uber provides the platform to connect riders with drivers and takes a massive cut in fees or commissions as one can put it. As per data received it has roughly 72 percent of the ridesharing market if the United States of America.

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TRIP protocol on the other hand is a very decentralized model and any app maker can hook up as a marketplace to connect the drivers with the riders. All this without a centralized heart at the core of it.

This model will spur competition as well as cooperation. This will encourage the participants to build the best app around the shared marketplace.

The developed protocol will behave very much like Uber and will provide a hassle-free ride experience to the rider. The passengers can pay either through credit card or USDC Stablecoin.

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