According to Decentralized Engineering Corporation (DEC), the company behind the Solana-based TRIP protocol that powers mobility, the car-sharing industry is poised for another paradigm shift: Web3 protocols allow new businesses and drivers to offer rides using a matching algorithm. based applications.

According to DEC, on the TRIP platform, companies and drivers can collaborate and compete in a common market. The protocol also rewards the most active participants in management shares for both drivers and customers.

The first service to run on TRIP is Teleport, a sharing decentralized application scheduled to launch in December and operated by parent company DEC. On October 27, DEC announced a $9 million seed round to be led by Foundation Capital and Road Capital.

DEC CEO and Teleport co-founder Paul Bohm told Cointelegraph that Web3 technology, including TRIP, will compete to replace “closed platforms ruled by corporate monopolies with decentralized open source protocols that are competitive and fair for all.”

Bohm stated that the additional funding will be used to “permanently launch TRIP in certain cities.” It will also help the company reach the decentralization milestone.

Using a blockchain-based solution, drivers using the TRIP ecosystem can pay with coins in US dollars (

) in Solana and fiat currencies via Apple Pay, and drivers will be able to accept stablecoins as payment directly to their bank accounts or transfer them to their wallets.

“By making ridesharing a protocol, Teleport is creating what we couldn’t do at Uber in 2010 and what Uber needs to create today,” said Ryan McKillen, a former Uber employee and one of the investors who joined the bud. round. Additional investors included Thursday Ventures, 6th Man Ventures, 305 Ventures and Common Metal.

Related: Web3 is the solution to the Uber hacker problem

According to Precedence Research, by 2030, the ridesharing market will grow to $344.4 billion. Statista data shows that Uber is the most popular ride-sharing app in the world, with 93 million monthly users.

Source: CoinTelegraph