Payment Infrastructure
$COMIN is an internal, non-tradable, token "Internal Value Unit" (IVU) serves as the foundation of our monetary system, acting as our platform's stablecoin to ensure consistent payment.
It is only used as a transactional medium for the purchase of rides by riders and the payouts of drivers.
Minted each time a fiat Euro is received from riders and burnt every time a driver cashes out, it operates as a 1:1 closed-loop stable token. This ensures reliable parity with traditional currency and guarantees that the circulating amount always mirrors the actual Euro value.
Main Benefits :
Decrease Payout Fees : This token allows us to decrease the payout fees with a PSP by 90% vs traditional payment infrastructure.
Faster Transactions : Pay drivers at the end of their ride vs every week on traditional platforms.
Process Explanation:
Sale of $COMIN: When a passenger books a ride, they purchase the IVU, $COMIN, where one unit equates to 1€. For a ride costing 30€, the passenger will acquire 30 $COMIN.
Locked in Smart Contract: During the ride, the $COMIN tokens are held in the Smart Contract, ensuring the funds are securely earmarked for the driver upon ride completion.
End of Ride Confirmation: At the ride's conclusion, COMIN’s Back-end communicates the ride's completion to the Smart Contract through a "RideCompleted" status update.
Transfer to Driver: Upon ride completion confirmation, the Smart Contract automates a transaction, transferring the $COMIN to the driver's wallet.
$COMIN Conversion: When drivers want to convert their tokens to Euros, they can sell their $COMIN back to COMIN, which then processes a bank transfer to the driver's account.
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