Drife - ICO Review

DRIFE: Blockchain-Based Next Generation Taxi Service

DRIFE is a ride-hailing platform developed by a team of Indian entrepreneurs and enthusiasts on the EOS blockchain. It was designed to solve the problems associated with the poor quality of taxi services and offer a unique value for drivers, passengers, and holders of platform’s native DRF tokens, which are currently being sold via IEO on the Shortex exchange.

The platform will operate on a no-fee basis, thus providing an economic incentive for both cabbies and riders. Moreover, the pricing on DRIFE will be determined by the market conditions, void of any hidden and extra charges.     

Token economics

The DRIFE token (DRF) is a utility token adherent to the ERC-20 standard. DRF will also act as a means of payment for the taxi rides, ordered through the platform. The holders will also be eligible for the rewards within different loyalty programs as well as regular payments for staking DRF. Moreover, DRIFE will introduce the lending program, which will allow holders to earn interest from loaning DRF.  

The users of the DRIFE platform would also have to pay a subscription fee which is going to be denominated not in the native token, but in USD.  

The DRIFE team

  • Firdosh Sheikh. The founder and CEO. Sheikh is a young blockchain entrepreneur who is also a certified chartered accountant. Her professional experience includes a year-long stint with Microsoft and the assistant manager job at Viteos Fund Services. She founded DRIFE in February 2018.
  • Surya Ranjith. The co-founder and CFO. A Master of Business Administration from Christ University in Bangalore, Ranjith has a history of working in the field of hedge fund management, as well as the implementation of the blockchain technology in several companies, including the mentioned Viteos Fund Services.    

IEO details

DRIFE is currently conducting the Round 1 of the IEO that takes place on the Shortex Launchpad that belongs to the Estonia-based cryptocurrency exchange. The first round is scheduled to run till October 10, with the final date of the token sale event set on October 25.

The DRF tokens are being sold at a price of $0.25 per unit, though there are also token bonuses available during each of the rounds. The ongoing 1st round provides for the 40% token bonus for all early investors — the project allocated 162,5 million tokens for sale, out of the total supply of 325 million DRF. DRIFE also affords the followers the possibility to earn extra tokens through the bonus and airdrop programs.

According to the whitepaper, DRIFE intends to use 35% of the obtained funds to carry out the development of the proprietary mobile application and other products; 50% of all money will be used for marketing and promotional purposes.

Investments can be made only in ETH, with the minimum purchase limit being established at 0.1 ETH. In order to be admitted to the sale, one must pass the KYC procedure. That’s basically the only condition for participation in the IEO since DRIFE chose not to discriminate investors on the basis of their place of residence.    

Author: Alex Paulson for Crypto-Rating.com

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StartOctober 5, 2019
EndOctober 20, 2019

I think that Drife will provide a new angle for the development of the entire taxi industry. This is probably the first project that tries to enter this field, although it was fairly obvious that this space needed a change because the quality of work, and the cost, of most taxi services left much to be desired. Certainly, there's nothing breathtaking about Drife, it doesn't offer us flying cabs or robot drivers, but that is probably for the best. Drife just tries to make the usual taxi drive much more transparent and efficient.

Ilari0000n   October 16, 2020  

So, DRIFE is basically Uber on a blockchain, but, please, don’t think that I’m trying to bash this project. In my opinion, Uber, and similar taxi services need a lot of improvement, especially in the department of drivers’ responsibility and punctuality. I hope that DRIFE will be able to solve that, along with other mentioned issues. The startup looks promising, though I would still like to see detailed plans regarding the entrance to the global market.

C0ll1n   October 7, 2019  

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