Date : 17th June 2021
Host : HunterX & GemFlair
Guest: DRIFE TEAM ( Firdosh Sheikh — Co Founder)
Hello! Spykefastians & Blockchain Enthusiastic!
We recently hosted an AMA with DRIFE, on 17 June at 3 PM UTC. So here we are up with the AMA transcript, for those who missed the live session, this post will be a saver & a feeder of knowledge for them.
INTRODUCTION.
HunterX | Spykefast (@realsch1- twitter) — Q1. Kindly give brief introduction about yourself, Crypto experience and your role at #Drife Project?
Firdosh DRIFE:
Hey guys, My Name is Firdosh Sheikh, I am CEO and co-founder of DRIFE. I have a strong professional background in financial management and analysis and graduated from the Institute of Chartered Accountancy of India. I have worked with Microsoft India and a few hedge funds before starting my journey of DRIFE.
I started with the idea of DRIFE a couple of years back after my interaction with 1000+ drivers and we spent a lot of time understanding the whole ride-hailing ecosystem to build something that can bridge the gaps that have been created by technological disruption in the mobility ecosystem.
HunterX | Spykefast (@realsch1- twitter):
Welcome To the field of Blockchain Tech and Crypto with Drife, your brain child. 😊😍
HunterX | Spykefast (@realsch1- twitter) — Q2. Let’s talk in detail about #Drife project What are the main features of the project? Since when the project is developing?
Gem Flair:
That’s impressive. Good to know that you have such a vast experience in finance 👍
Firdosh DRIFE:
Yeah, Our unique features will surely make us different from the existing competitors
We aim to eliminate excessive transaction fees, reduce censorship (reduce interference from the DRIFE side) and redistribute value back to the community while enhancing transparency.
A zero-commission structure leads to better incomes for drivers, who, in turn, can pass on some of those benefits to the riders who save a decent chunk on commuting costs. So the DRIFE platform eventually becomes a platform that provides high incomes to drivers and economic incentives (in the form of savings) to riders as well.
HunterX | Spykefast (@realsch1- twitter):
We call ourselves taxi 3.0, where we bring a dynamic shift by connecting the best of both the worlds with a way better approach where we connect drivers and riders. #HereToDecentralise #DrifeTech
Drife Bringing Taxi 3.0 at your doorstep. 🚕
HunterX | Spykefast (@realsch1- twitter) — Q3. What are the major utilities of holding the #Drife native token? How does team plan to enhance it value so as to attract users onboard?
Firdosh DRIFE:
DRF — Drife Utility Token
Avail discounts — Get discounts on fares for riders and platform subscription fees for drivers
Participate in platform governance — DRF token holders can create proposals and vote for new features. Franchise contenders have to stake DRF tokens to win FNFT auctions and consequently the rights to run operations in a region. This FNFT gives them admin privileges to govern platform operations in their respective regions.
Earn Interest by staking — Delegate to Franchise owners — Drivers and Riders can delegate their DRF tokens to be staked on their behalf for Franchise candidates in return for a pre-decided revenue share
HunterX | Spykefast (@realsch1- twitter):
Drife Tokenomics Breakdown & Utilisation!
What you need to know 👇
The Utilities and Tokenomics of $DRF
Found this.. For those interested.. Can give a read. ✌️
HunterX | Spykefast (@realsch1- twitter) — Q4. How is #Drife project different from other centralized competitors existing in India like Uber and Ola?
Firdosh DRIFE:
first off, We are very thankful for the other platforms for setting us up this path in ride-hailing, like we said before DRIFE is totally a decentralized commission free platform.
Unlike back in 2010 when it was so difficult for people to adapt to using mobile applications to book a taxi. Even for drivers, adoption was very difficult at a point of time, but now everybody understands how this whole ecosystem works.
It becomes very easy for us in terms of marketing the product.
Obviously, we are using Blockchain as a technology to enable certain services on the platform. Thus we are already saving a lot of cost as compared to the centralized ecosystem And if we are able to bring adoption in place it will become easier for a DRIFE to become more sustainable.
And I personally want DRIFE to self-sustain on its own where franchisees are able to take up the operation and drivers and riders will be able to take care of the network cost.
HunterX | Spykefast (@realsch1- twitter) — How does the team plan to implement with a test model and where does the team plan to launch the project?
Firdosh DRIFE:
We started working for the Bangalore launch in India as we have a very good network of drivers and riders and the App was supposed to launch on the 20th of April this year. We had everything in place from testing the application internally to having a driver-rider base.
But due to second wave of Covid and city undergoing lockdown, we were forced to halt everything in the first week of April as we could see things getting worse, its something that’s not under our control.
Now we are waiting for things to get better and normal in Bangalore so we can resume with application launch.
HunterX | Spykefast (@realsch1- twitter):
Well lockdown conditions have begun to improve.. Best wishes to the team from SpykeFast Team.
We took our time to ensure we get the product right; we were thus able to get connected with a number of drivers and understand the issues so we implement the right solution!
#ridehailing #WeareDrife #innovation
We will soon have the live AMA round, community, so be prepared with your questions.
Firdosh DRIFE:
thank you @realsch, looking for the perfect timing
HunterX | Spykefast (@realsch1- twitter) — Yes.. Its all about timing. ✌️
Q5. What major events can we expect in the 2021 #Drife Development Roadmap?
Firdosh DRIFE:
Like we said, We are waiting for things to get better and normal in Bangalore,India so we can resume with the application launch.
We are also working on the DRIFE Franchise in Brazil and Paris, So there is two very interesting partnership that we are working on one is in Brazil another is in Paris.
And two teams that we are working with have played a very important role in the launch of one of the biggest ride-hailing platform in the world. we will open up franchise applications soon for different countries by Q4 2021
LIVE AMA QUESTIONS.
Sana:
🔶Q) Do you have any plans to add Nft’s to your ecosystem as this is the hottest topic in the crypto space?
Firdosh DRIFE:
We are Introducing for the first time, a franchise model to the ride-hailing industry, enabled by NFT technology. With this unique model, DRIFE brings a lucrative business opportunity to run the operations of a highly efficient and transparent blockchain-powered taxi service anywhere in the world without worrying about the platform infrastructure.
It will also help the network scale very quickly and make the DRIFE brand reach places across the globe in no time.
To get the franchise rights in a particular unit of operation, the franchisee needs to stake more than 10 Million DRF. The maximum staker wins the FNFT (Franchise NFT) and his stake gets locked
Here’s the catch
To become eligible to get the franchise rights in a particular unit of operation, the franchisee contenders need to stake more than a minimum DRF threshold amount as specified by the DRIFE Foundation for that particular location. A franchisee contender wins operation rights in a location by staking the maximum amount of DRF tokens.
Once the franchise has won by staking the maximum number of DRF tokens, it will need to pay an upfront License/Integration Fee to the DRIFE Foundation to cover the fixed costs (including costs for infrastructure setup, development & operations). Therefore License fees will differ from one operation unit/NFT to another.
Staking Pool opened by DRIFE supporting Customisable Crowdsourcing of DRF needed to participate in the auctions by potential franchise contenders. Different franchise contenders can propose different shares of profits between themselves and the community stakers.
This whole model where you can earn profit sharing from operations will keep everyone motivated to hold and stake DRF for the different upcoming franchise.
Upul Karunarathna:
What are the your strong partnerships and investors of DRIFE project ???
Can explain about that for get brief idea of project stability..
Firdosh DRIFE:
UAE based Sheesha Finance the first comprehensive DeFi solution for investors to easily access a variety of projects while solving issues surrounding locked crypto assets.
Some of our Strategic Investors are Master Ventures, AU21, GD 10, TitanVenture, FBG Capital
So there is two very interesting partnership that we are working on one is in Brazil another is in Paris.
Apart from that, we are working with few partners in UAE to start our operations in Dubai.
jose ramon:
Many projects like to talk about “long term vision and mission”, but what interests me are your short term goals? What are you focusing on right now?
Firdosh DRIFE:
We are now focusing on IDO and Drife Launch in Bangalore, India
L:
How Drife benefits local vendors compared to other online Taxi platforms? And how many drivers do you have right now?
Firdosh DRIFE:
We have a network of 10000 + drivers alone in Bangalore,
We aim to eliminate excessive transaction fees, reduce censorship (reduce interference from the Drife side) and redistribute value back to the community while enhancing transparency.
A zero-commission structure leads to better incomes for drivers, who, in turn, can pass on some of these benefits to the riders who save on commuting costs. So the Drife platform eventually becomes a platform that provides high incomes to drivers and economic incentives (in the form of savings) to riders as well.
CLOSING REMARKS.
Gem Flair:
Thanks for answering all relevant questions
Mister WANtastic:
Thanks @Firdosh_DRIFE and the SpykeFast team! 👏
Gem Flair:
On behalf of Spykefast community,
I wish you and #Drife team all the best for timely achievement of all major milestones as per the roadmap
Firdosh DRIFE:
Thanks for hosting me today, it was a good chat. For any queries please ping us in our official group
IMPORTANT LINKS.
📌 Telegram: @Drife_official
📌 Twitter: https://twitter.com/drife_official
📌 SpykeFast Telegram — @spykefastofficial
Contact Spykefast Group (TG Members — @realsch & @Gem_Flair) for promotions and AMA!!
