Blockchain Technology
Integrating blockchain technology into consumer products like ride-hailing services must prioritize a smooth, fluid user experience (UX) that does not detract from user convenience and satisfaction. It's essential for blockchain applications to seamlessly blend into daily habits and routines, ensuring that technology serves the user and not the other way around. Only by making blockchain interactions intuitive and user-friendly can we expect this technology to become a regular part of our daily lives, focusing on wide adoption.
Leveraging blockchain technology within ride-sharing creates an innovative and powerful ecosystem that empowers communities in unprecedented ways :
Cost-Efficient Payment Infrastructure: Using blockchain’s and stable coin in our payment infrastructure, avoid the high charges of traditional PSPs (Payment Service Providers) for payouts. Even though transactions are in FIAT, users benefit from lower fees.
Faster Payouts: The blockchain infrastructure allows instant transactions, enabling drivers to receive their earnings immediately post-ride, while they receive them once a week on traditional platforms.
Open Governance: Our community isn't just an audience; they're stakeholders. Through a governance token, active members can lend their voice to shape COMIN's direction and decisions.
Rewards Program: Using a utility token, rewards are distributed fairly and transparently. This allows passengers to receive discounts or a new way of tipping drivers, while drivers can occasionally reduce commissions and cover their recurring expenses (insurance, accounting, etc.).
Data Ownership: Users who share data are rewarded for their contributions. For instance, we distribute tokens to drivers and riders who rate their trip. This data is highly valued as it enhances the overall functionality and efficiency of the solution.
Transparency: With blockchain, there's clear visibility on governance, workflows, payments, and how governance and rewards tokens are distributed.
Security and Privacy: Decentralization enhances data protection. This makes potential cyber intrusions more challenging, as highlighted by incidents with major platforms, like the one mentioned in Coin Telegraph's article by Max Thake.
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