Listing With IDEX Signals Step Forward for Ride-Hailing Company
IDEX, the only Ethereum-based, fully decentralized crypto exchange
with real-time trading and high transaction throughput has announced the listing of RedCab LLC’s REDC token. RedCab, a decentralized peer-to-peer transportation solution entirely powered by blockchain technology, announced the listing this week with the Panama-based exchange.
IDEX is recognized as the most advanced Ethereum DEX in the industry, supporting limit and market orders, gas-free cancels and also the ability to fill many trades at once. Consisting of a smart contract, trading engine and a transaction processing arbiter, the smart contract is charged with trustlessly storing all assets and also with executing trade settlement, while all trades must be authorized by the users private key. RedCab has ambitious plans to expand beyond its native Egypt into Bahrain, the KSA, as well as Asian and European markets.
At this stage, almost everyone has heard of, and possibly even tried out, some of the larger ride-hailing companies on the market, such as Uber, Lyft and Grab, but few know the way those companies go about running their business. A 25 percent profit is made through each driver, which makes it difficult for those working for those companies to earn a respectable living. With a 15 percent profit cut, RedCab provides drivers with a higher percentage of take-home pay, and have a distinct focus on community, providing users with an entirely different experience than those who use Uber.
One question on many readers minds is likely to be “Why RedCab?” According to the company itself, “Many start-ups have been rising in the market recently to solve the transportation issue. Most of them are successful as a business, but none of them have succeeded without social collateral damage.
“Despite the fact that technology has bridged the gap for transportation needs and has successfully solved some problems in the past ten years, this left us with multiple copycat business models without any iteration or innovation.” One pet peeve that many have with Uber is the spike in fares when certain conditions occur, such as rain and heavy traffic. “Customers are not only searching for a trendy service, but looking for a true reliable service with sustainable quality and safety, that offers all transportation options and services with a low competitive price, and because customers hate to be abused; so on a rainy day, or a day with heavy traffic; “high rates” fare is not a good move.”
RedCab seem able and willing to provide drivers with more tangible benefits than we’ve yet seen in this industry; “Based on a recent survey conducted on drivers working as part-time for one of the major car-hailing services app, 91% of the population have joined the hailing service apps to increase their income and 87% to work flexible shifts. Our business model guarantees a 20% increase in the income of drivers with a clear strategy to capitalize on the network dominance where the time of the people who chose to partner with us and drive is managed more efficiently.” The listing with IDEX is yet another step forward for this company that is looking to take the industry in a new, more community-based direction.
Chronic crypto nut and freelance writer/editor for longer than I care to remember. Have finally found a home here at Crypto Disrupt.