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REV is building a tokenized ridesharing platform that enables the free-market to enter to the ridesharing economy. Instead of acting like a middleman, REV allows for payment directly from Riders to Drivers, and allows Drivers to set their own rates for their services. This unhindered free market allows for increased Driver autonomy, which unshackles from the top-down decisions made by legacy ride-sharing systems.

The removal of the middleman decreases costs for Riders while enabling fair wages for Drivers, and also incentivizes Driver engagement in their service to Riders.

The On-Demand Transportation Industry

The ridesharing industry has exploded in the last few years, and shows no signs of slowing down. Aided by the incredible growth of smartphones adoption and internet connectivity, the on-demand transportation industry is expected to grow eightfold by 2030. In the USA alone, ridesharing accounts for over 40 million monthly rides, and over 5 billion rides were completed in 2017 alone. Users of ridesharing services is expected to top 500 million users by 2021.

A Market Facing Growing Pains

Despite the high demand for ridesharing services, there are numerous problems with the current ridesharing platforms. Drivers of current systems feel resentment towards the company that only gives Drivers a few of benefits of being a ‘contracted worker’, while retaining control over what the Drivers are allowed to charge. Current ridesharing platforms also charge high middleman fees for simply connecting Drivers and Riders; costs that translate into higher prices for Riders while giving no benefit to Drivers. Unpredictable and non-transparent ‘price-surging’ frustrates Riders who are often forced to pay a rate that is not set by the free-market. Indeed, centralized control of the price of transportation is one of the biggest drawbacks of current ridesharing platforms.

These pain points of the current ridesharing ecosystem leaves the industry ripe for disruption by a company who can innovate new features and bring an open market.

The REV Solution

REV is creating a decentralized platform for Riders and Drivers, by allowing these two parties to connect directly through the REV platform, rather than through a middleman. This unobstructed free marketplace gives Drivers the freedom from authoritarian control over Driver pay that has spawned so much resentment in the current ecosystem. The ability for a Driver to set their own rate is integral for allowing Driver agency and personal investment to their service. A new level of accountability can be given to Drivers, who now undoubtedly work for themselves, rather than as a contractor for an authoritarian platform.

By using a hybrid Fiat/Token payment system, REV is bridging the two worlds with an innovative, simple platform that seamlessly integrates both types of currency.

Riders who prefer to pay with a credit card will find the REV app operates in very familiar fashion, while those savvy to cryptocurrency and tokenized payments will appreciate the freedom that the REV app provides with interoperability with secondary markets. This Fiat/Token hybrid model is designed to allow for maximal consumer outreach as users do not need any knowledge or experience with cryptocurrencies, as well as provide a consumer adoption and value onramp to the digital currency world.

Users of legacy ride-hailing services are familiar with the review system in place that allows riders to rate their driver, and vice-versa. Identity integration allows for a key feature in the REV ecosystem. A reputation system rewards responsible drivers for their professionalism, and rewards courteous riders for their respect. This is designed to bridge the gap between the anonymity typically found in blockchain services, and enables trust between parties to be fostered even before a transaction is made.

Additionally, it incentives drivers to provide a unique, enjoyable riding experience, as they will be rewarded with a higher reputation score that will allow them to charge a premium rate for their high-quality service.

Payment Process

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Step 1: At sign up, passenger registers and adds their preferred payment details into the REV app.

Step 2: A ride is selected, and a fare quote from the Driver is given. The passenger can accept or decline the submitted ride.

Step 3: If accepted, the REV app will charge the passenger’s credit card for the exact amount of the ride, plus the fixed transaction fee in fiat currency (to send the REV tokens to the driver’s wallet at the end of the ride). The REV app manages this for the Rider, and the token-transaction is abstracted as a familiar Fiat-payment to the driver.

Step 4: Once the ride has ended, the REV coins are transferred from the passenger wallet to the driver wallet as payment.

Step 5: The driver has the choice to:

Exchange back to fiat currency by clicking one button.

Keep their REV coins in their REV wallet

Transfer onto any external REV coin-compatible wallet/exchange

The REV App

The final version of the app will host the REV ridesharing platform, an in-app REV wallet, and a variety of different transportations options, such as:

GO Freedom: Passengers are able to start a ride without having to commit to a destination.

GO Pink: Female passengers are able to request female drivers

GO Budget: Passengers on a budget are able to request vehicles from 5 to 20 years old, so long as these vehicles has passed the same safety standards as other vehicles.

GO Green: Passengers can request electric or hybrid cars to ensure a minimal carbon footprint

GO Standard, Pool, Lux, and Large: Users of current ride sharing platforms will be familiar with these categories.

GO Language: Riders can request a Driver who speaks a specific language, which can help reduce frustration in communication and create a more positive, personalized experience for both users.

Roadmap

2017 :

Q1 : Driver and passenger global market research

Q2-Q4 : Ridesharing functionalities built in REV app (without the payment process)

2018 :

Q1-Q3 : Blockchain development, REV wallet and REV token development

Q4 : Development of REV cashier

2019 :

Q1-Q2 : Launch of the REV app

SECURITY TOKEN OFFERING (STO)

REV is doing a security token offering open only to accredited investors.