The ride-sharing sector is gearing towards an extra paradigm shift, with Web3 protocols enabling new firms and drivers to bid for rides using a matching algorithm. 

Specifically, the development was shared by the Decentralized Engineering Cooperation (DEC) – the entity behind the Solana-powered protocol TRIP that supports mobility-based applications.

Per DEC, upon the TRIP platform, establishments and riders are able to work together and compete in a shared marketplace. The protocol also rewards participants with the highest activeness, with a stake in its governance for both drivers and customers.

The first service is planned to function on TRIP is Teleport, a decentralized ride-sharing application set to be rolled out in the final month of 2022, and operated by parent firm DEC. 

On Oct. 27, DEC reportedly disclosed details of a $9 million seed round co-led by Foundation Capital and Road Capital. 

DEC CEO and Teleport co-founder Paul Bohm reportedly revealed that Web3 technology, including TRIP, will fight to be the replacement for “closed platforms run by corporate monopolies with decentralized protocols that are open source, competitive, and fair for everyone.”

Bohm claimed that the extra funding will be dedicated towards “launching TRIP permanently in specific cities”, apart from assisting the firm in hitting its decentralization milestone.

Via utilizing a blockchain-powered tool, riders using the TRIP ecosystem will be able to complete payment using USD Coin on Solana and fiat currencies via Apple Pay, while drivers will have the freedom to accept the stablecoin as payment straight to their bank accounts, or have it deposited into their wallet.

“By turning ride-sharing into a protocol, Teleport is building what we couldn’t build at Uber in 2010, and what Uber should be building today,” said Ryan McKillen, a former Uber staff and one of the investors who took part in the seed round.