The Technology behind DRIFE- Taxi 3.0
DRIFE's tech stack comprises several cutting-edge technologies, including blockchain, smart contracts, DRF tokens, Governance, and FNFT.
Blockchain: DRIFE is built on the Polygon blockchain, a high-performance Ethereum-compatible blockchain that supports fast and low-cost transactions. The use of blockchain technology ensures transparency, immutability, and security in the platform's operations.
Smart Contracts: DRIFE's smart contracts are written in Solidity, a programming language used for building smart contracts on the Ethereum network. These contracts manage various aspects of the platform, including ride flow, fare calculation, user onboarding, token issuance, and payments.
DRF Token: DRF is the utility token that powers the DRIFE platform. It is used for loyalty management, rewards, staking to win Franchise NFTs, accessing platform-specific features, and availing of discounted services by both riders and drivers on the platform. DRF is an ERC-20 token that can be stored in any ERC-20 compatible wallet.
Governance: DRIFE has a decentralized governance model that allows DRF token holders to participate in platform decision-making through voting. The governance model ensures that the platform's development and evolution are aligned with the interests of the community.
FNFT: Franchise Non-Fungible Tokens (FNFTs) are unique, non-interchangeable, and non-divisible tokens that represent a geographically bounded and geo-fenced unit of operations within the DRIFE platform. These tokens are minted and managed by the platform's smart contracts and are used for managing operations and governance within the unit of operation.
DRIFE has Android and iOS applications for both riders and driver-partners. The platform's smart contracts are written in Solidity, a high-level programming language designed for Ethereum and Polygon blockchains.
DRIFE's developers have adapted their coding practices to Solidity's syntax and semantics and have undergone thorough audits to ensure that the smart contracts are secure and function correctly on the Polygon network. As a result, DRIFE's smart contracts are able to take advantage of the features offered by the Polygon blockchain, such as fast transaction speeds and low gas fees. This benefits both riders and driver-partners, who can enjoy a more efficient and cost-effective platform.
Key Smart Contracts:
- Ride Contract: This smart contract manages the flow of rides on the DRIFE platform. It maintains the details of each ride, such as the pickup and drop-off locations, ride ratings given by both the riders and drivers, and the current status of the ride.
- Fare Contract: The Fare Contract is responsible for calculating the base fare for a ride, negotiating fares, computing the final chargeable fare, and managing fare payments by splitting and disbursing payments to different beneficiaries.
- Utility Token Contract: This contract creates, issues, and transfers DRF tokens, which are the platform's utility tokens used for loyalty management, rewards, staking to win Franchise NFTs, accessing platform-specific features, and availing of discounted services by both riders and drivers on the platform.
- Stable Token Contracts: The DRIFE platform manages stable tokens backed by fiat money such as INR, USD, EUR, etc. Multiple stable token contracts are used to manage the supply of stable tokens used for making fare payments within the DRIFE platform.
- User Service Contract: The User Service Contract is responsible for onboarding users onto the platform, and storing user details such as ratings, ride counts, referrers, dues, etc. It also handles stable token deposits and withdrawals from user accounts against bank transfers in and out of the system and for adding and clearing rider dues related to a particular ride.
- Franchise NFT Contract: This contract mints and manages unique, non-interchangeable, and non-divisible pieces of geographically bounded and geo-fenced units of operations as Franchise Non-fungible Tokens or FNFTs.
- User Service: This microservice is responsible for onboarding riders onto the platform and for managing user profiles, and settings, and reporting issues.
- Driver Service: The Driver Service is responsible for onboarding driver partners onto the platform and for managing personal documents, KYC information, vehicle details, and application settings.
- Ride Allocation Service: This service finds and allocates drivers eligible to serve each user's ride request. It ensures that the driver allocation process is efficient, fair, and transparent.
- Trip Service: The Trip Service manages the entire ride flow and ensures the authenticity of ride completeness. It ensures that the ride is completed within the stipulated time and that the ride status is updated on the platform.
- Blockchain Service: This microservice is responsible for triggering smart contracts, pushing transactions to the blockchain, and reading the state of the blockchain.
- Notification Service: This microservice sends real-time push notifications to riders and drivers for application-level events. It ensures that both riders and drivers are informed about important updates related to their ride status, payments, etc.
- Payment Service: The Payment Service manages payment authorization with third-party fiat payment gateway integration and provides seamless functionality for capturing money in users' wallets. It ensures that payments are processed quickly, securely, and transparently.
- Admin Service: This microservice is used by franchisee administrators to tweak various application smart contracts for managing operations and governance within the unit of operation. It ensures that the franchisee operations are efficient, transparent, and compliant with the relevant regulations.
Blockchain technology can enable a more efficient and personalized ride-hailing experience in several ways.
Firstly, blockchain technology can provide a secure and transparent platform for riders and drivers to interact with each other. By using smart contracts, the platform can automate several processes, such as ride allocation, fare calculation, and payment processing, reducing the need for intermediaries and minimizing the associated fees.
Secondly, blockchain technology can enable riders and drivers to have greater control over their data and personal information. By using decentralized identity solutions, riders and drivers can maintain ownership of their data, and choose which information to share with the platform and other users.
Thirdly, blockchain technology can facilitate a loyalty and rewards program that is more efficient and secure than traditional methods. By using utility tokens, riders, and drivers can earn rewards for using the platform, which can be redeemed for discounts, free rides, or other benefits.
Finally, blockchain technology can enable greater transparency and accountability in the ride-hailing industry, reducing the potential for fraud and abuse. By using blockchain-based solutions for dispute resolution and rating systems, riders and drivers can have greater confidence in the reliability and safety of the platform.
Overall, blockchain technology has the potential to transform the ride-hailing industry by providing a more efficient, secure, and personalized experience for riders and drivers.