Uber and Lyft are kind of like the Amazon of the transportation world. They disrupted car service similar to how Amazon knocked other e-commerce players out of the picture. That hasn't stopped other e-commerce plays from going up against the retail Goliath just like ride-sharing companies are continuing to build their business on the blockchain. Los Angeles-based SnagRide is one such startup, and it's planning an upcoming ICO.
SnagRide is currently in beta format. The SnagRide app is expected to launch on iOS and Android in the coming months, with the public launch of the ride-sharing service scheduled for Q4 2018. The upcoming ICO is scheduled for Feb. 7, and the ICO pre-sale is unfolding in January. The US startup issuing 100 million MILE tokens at a rate of 1 MILE = $0.25, and they're taking ETH, BTC and LTC as payment during the token sale.
Upcoming ICO Goes the Distance
SnagRide differentiates itself in that it is a smart-contract driven ride-sharing platform specializing in mid- and long-distance trips. They are attempting to fill a gap left by the leading ride-sharing plays, Uber and Lyft, where you can't always expect the driver to agree to cross-city distances.
Drivers that are already taking a trip are matched with passengers who need a lift, the latter of whom contribute their share of the cost of the trip. Passengers can pay using SnagRide's MILE tokens or fiat money; the platform supports both but they prefer a token-driven ecosystem to avoid authorization and transaction fees that are inherent with credit cards.
SnagRide uses a mix of Ethereum blockchain technology and artificial intelligence (AI) to facilitate smart contracts between the passenger and the driver. The SnagRide developers have even built a bot dubbed Miles that uses AI to analyze data on both parties, the driver and the passenger, to assign trips. Data on drivers and passengers will be on the Ethereum blockchain and encrypted for security.
SnagRide doesn't allude to its key competitors in the white paper or the risks associated with entering the market.
For a list of all upcoming ICOs, we advise coinlist.