The role of Taxi and other hDapps in Crypto Adoption
TIM network brings efficiency in IT required to run these services.
TIM is a utility blockchain where the network is operated by TIM coins. Due to higher level of security, performance and efficiency led by low energy DAG consensus, vertical sharding based scalability to boost bandwidth upto 100 Million transactions per second and tighter GPS(geoloc) integration for uniform load isolation and balancing. All these features make TIM the innovation for next generation. TIM is truly The Internet of Money or as some of supporters call it Talking IOT Machines(www.Talking.im).
In this article, we explore the adoption mechanism based on hyperlocal dapps.
Taxi is one of the key pivots in sharing economy for our city life. Based on some research, an average white collar worker spends 5%-15% of earnings and 20% of time on commute. And the largest share of this is spent on car based commute. With increasing sharing economy like Uber and Lyft, the ownership of cars has reduced considerably for good. Now people spend far less on upfront capital to enjoy comfortable commute due to these taxi hailing services.
But with new sharing economy has come newer challenges. Some facts:
- Approximately 2.5 Million Taxi drivers serve a similar or more number of commuters on the world’s biggest taxi hailing service.
- This amounts to average 5 Million Pings per Second.
- And every ping must be stored processed and matched with supply(car or commuter or info, etc.).
- And this cost millions of dollars per day.
What if this can be done better?
TIM Network is the answer. In the peer to peer network of TIM Blockchain, light and full nodes can be viewed by their geolocation. And based on push/pull mechanism, one can publicise their services or needs. You can publish anything. Like Dance classes, photography tours, eatery offers, hobby group events, and also taxi rides. We selected taxi rides because it is a very large, unorganised(somewhat), problematic, marginalised, and globally standardised service. There are a millions of taxis and they have just one rule: Take people from point A to B for money. Developing a solution for them on TIM Blockchain can get us the largest adoption. The drivers gain freedom from heavy commissions and fees which they pay to companies like Uber and Lyft etc. And Commuters get the same taxi at far better cost(savings passed on to them) and an experience of booking taxis in local p2p network — Look Ma! No congestion!!!
In a nutshell, Drivers become free from the global giants minting billions of dollars from people who earn $10 — $100 in a day to make ends meet. Also they get a sustainable platform for finding their next rides which costs no money, because there are NO servers. It’s GPS blockchain of TIM !!!
How this works for Drivers & Commuters?
Drivers and Commuters find each other on their mobile app integrated with TIM Blockchain(GDHT library). When the driver accepts the ride offer, the app generates a smart contract with driver and commuter. Both of them stake 50 TIM coins for guarantee of their promises. The promise of commuter is to pay for the ride at destination(cash, card or crypto). The promise of driver is to take the commuter to that destination. Since, the network is GPS aware, these features of destination can be mutually confirmed. If the driver or commuter break their promises, their 50 TIM stake will be lost.
As of now, we do not promote payments in TIM Coins. That is another journey where regulators have to work out their own rules and regulations. But for now, this 50 TIM coin stake to use the TIM network for any services, like Taxi, is going to create a really huge adoption.
Let us do some calculations:
- Just 10% of 2.5 Million Uber drivers can stake 12.5 Million TIM coins.
- And an equivalent amount of commuters will stake another 12.5 Million TIM coins. They get better rates and rides, free from trans-continent internet congestion.
- The 100% coverage to all of Uber alone and their 8 times users of that many drivers needs 1.3 Billion tokens.
- There are more drivers in many countries who use some other aggregator like hackney cabs in UK, yellow cabs in Kolkata and such others in Russia.
- Such hyperlocal services for food-delivery based apps can give restaurants a lot of controls and direct marketing channel. Another Billion TIM coins staked there? E-commerce, digital services, advertising! There are so many.
- TIM Network has endless possibilities. Bring your imagination to play.
About TIM Blockchain
We created TIM to enhance our own IT infrastructure budgets for IOT based solution; BitPost. We later on devoted ourselves to create a world class and state of the art blockchain solution for everyone’s use. That is TIM. That’s why we also call it Talking IOT Machines.