Maybe it's fine, move along the path of progress, use a chain of blocks in the project. But, what taxi drivers will use crypto currency? It is more convenient for them to use FIAT. If I'm wrong, try to convince.
Thanks for your question Krezz2017!
First, BitCab will support payments in both fiat (local currency), ETH and CAB. This will enable faster adoption - as you have correctly pointed out, this will increase our target market in terms of both riders and drivers as not everyone is prepared to transact in crypto from the start.
The expectation is that most users will initially use fiat while a small group of crypto enthusiasts might use CAB and ETH from the start. The intent is then to migrate fiat and ETH users to using. This will be achieved in four ways:
1. All ecosystem participants, in addition to direct payment between the rider and the driver, will receive long term vested incentives - LT (Loyalty Tokens) - for useful actions on the ecosystem (e.g., receiving 5 star feedback for a ride or providing community support). These LT tokens will vest over time and convert to CAB - hence people will receive CAB tokens to spend. Because they receive these tokens for valuable activities, it will be easier for the users to see its value, while vested nature will increase price stability.
2. Over time transaction costs in fiat and ETH will be increased to incentivize users on all sides of the transaction to shift to CAB.
3. Shift to CAB will be seamless: the app interface will be seamless and similar to any other ride sharing app (with more gamification to make it feel more like a new smartphone game than just a ride sharing app) with all the blockchain magic happening on the back end. A CAB wallet will be generated automatically and will be fully integrated with the app - resulting in use being easy with no particular technical / blockchain skills required.
4. Hype around cryptocurrencies will help drive adoption - drivers might initially be willing to do just some of their rides for CAB to get some some tokens without buying them for cash, and then increase their share of rides for CAB as they see low transaction costs, convenience and growth in the ecosystem.
It is also important not to underestimate the importance crypto community growing exponentially around the world. Admittedly, more of them are users of ride-sharing than drivers, but when there are millions of people in both circles (crypto enthusiasts and drivers), the Venn diagram is bound to intersect. Even a few thousands of millions at the intersection would be enough to launch the platform to stratospheric growth - just look at how small groups of users far from mainstream have launched some of the most successful online platforms:
- Ebay - initial users were collectors of rare items; now it is a multi-billion dollar per year platform selling everything from electronics to cars
- Linkedin - initial users were LION (Linked In Open Network) fanatics who just wanted to connect with tens of thousands of people - now they are irrelevant for the platform, but they created the momentum which made Linkedin one of the most successful social networks in the world
- Facebook - from a few thousand Harvard students to 2 billion MAU across the world
There are countless other examples such as Craigslist, Reddit. And this is how major cryptos such as BTC and ETH started as well - from a few coders mining with their old laptops to hundreds of billions in market cap.
Does it make sense? Let us know if you have any further questions!
