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RedCab

Transportation services are a booming industry now. Technology has solved our transportation needs mostly through the advent of the Uber and Ola cab services, which has made our travel easy. But, how much can we rely on these services? Are we really satisfied with the quality, safety and price that these services among the many other transportation services offering today?

A proper business module needs to be developed which will look after the interests of both the customers and the drivers.

 

RedCab: How does it work?

Founded in 2016, RedCab LLC offers peer-to-peer transportation solution to riders by catering to the actual needs of both the drivers and the customers through a more transparent, affordable, efficient and amicable customer experience. It aims to solve the problems that both the drivers and the riders are facing today. The main mission is to generate more profit for the drivers and more saving for the customers. The business model is introducing two major concepts the Proof-of-Driving and Proof-of-marketing concepts. Proof-of-Driving allows drivers to earn tokens using GPS on their smartphones. Here, as long as the app is open and the drivers are accepting trips, tokens will be generated and it will multiply by the number of successful trips covered. Proof-of-Marketing is a referral model. This is for customers. Every time a customer refers the App to his friends or families; he will earn tokens as rewards. So, bigger your network the more tokens you earn. The AI driven interface is available in App store and Google Play and can be downloaded anytime.

 

RedCab allows drivers to retain 100% of the earnings and the customers will only have to pay the cost of the ride. There are no hidden charges both for customers and riders. There is a performance reward system for drivers which will ensure maximum quality ride to the customers.

Cabbi is the personal road trip assistant of RedCab. Cabbi will help both the customers and the drivers in dealing with trips, trip rates, emergencies, wallet transfer, token generation etc.

 

A unique feature of RedCab is the choice of rides. It has four distinct car models depending on the customers need and pocket.

  1. Economy Cab: This is the most affordable one with lowest fares and suitable for everyday rides and economy class.
  2. Luxury Cab: This is for business meetings or for luxury needs.
  3. Family Cab: This is for big families, family vacations, or senior citizens.
  4. Red Cab: This is for people who want to arrive in style. This offers classy rides and is quite costly, but will leave a lasting impression on the customers.

Features of RedCab

  • Flexible working hours for drivers and more trips per hour.
  • Extremely reliable and secure transportation services for hotels and restaurants.
  • Less waiting time for customers.
  • Customers can choose from multiple riding options.
  • Reward system to earn tokens for both riders and drivers.
  • Carpooling facility where multiple customers can ride a car and enjoy the benefits of low fares.
  • The App is available in more than 6 languages and is linked with global maps.
  • A sharing ride route feature where a person can share the route with a family and even children can avail the service under the strict monitor of an adult family or friend. This ensures safety and security to the customers.
  • You can schedule your rides beforehand and plan your next meetings accordingly.
  • The Peer to Peer or P2P feature which allows customers to get the nearest drivers possible.
  • Geo-location marketing technology is used which will also boost customer satisfaction and business aspect all at the same time.
  • Customers can also link their social media account to their RedCab profile. They have to participate in a short survey which will again help the App developers to understand the customer satisfaction, behaviour and need.

 

RedCab wants to work alongside the community at large and wants to take care and contribute to the society. For e.g. if it is raining or there is a huge traffic jam near to your destination, RedCab won’t charge you more. RedCab wants to develop into a transportation platform where it can not only cater to the needs of its customers but also enhance the business module and develop the transportation industry at large.

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International Data Corporation Report: Spending on Blockchain Solutions to Hit $11.7 Billion by 2022

The International Data Corporation, a company that provides different services for businesses in such spheres as information technology, telecommunications, and consumer technology, published its new report called the “Worldwide Semiannual Blockchain Spending Guide”.

The company’s experts that have worked on the report suppose that total spending on projects in the blockchain industry will reach $11.7 billion in 2022 alone. It is important to mention that this year, it is expected that on such projects only $1.5 billion will be spent. It means that blockchain spending will grow at a robust pace with a five-year compound annual growth rate of 73.2%.

It is also said that blockchain platform software will become the major category of spending without taking into consideration the services category and one of the rapidly developing and growing categories in general together with security software.

The analysts expect the major part of funds will be allocated for blockchain-based solutions by the financial sector, with banks being the first adopters of innovative solutions. In 2018, the financial sector alone has spent a total of $552 million on blockchain. The distribution and services sector that follows the leader in this ranking has invested nearly $379 million, while the manufacturing and resources sector has already allocated $334 million for the technology.

Speaking about the U.S. only, the leading sector that invests into blochchain more than others is distribution and services. Along with the United Stated, the analysts of the International Data Corporation have considered seven other regions in the world. And there are high chances that the forthcoming reports will include China as the ninth region under consideration.

In today’s financial situation, over 36% of the spending on blockchain technology are done by the United States. The sum taken for account also includes cross-border payments and settlements. It means that the country has invested a total of $193 million in this sphere.

According to Jessica Goepfert, program vice president for the International Data Corporation, there is a number of certain use cases for blockchain technology that won’t be replaced by anything else at least in the nearest future.

Commenting her point of view, she said:

“We continue to see the greatest spending and growth for blockchain around lot lineage and asset and goods management … Manufacturers want to ensure products arrive where they are supposed to arrive. Retailers and wholesalers seek assurance around the validity and quality of the products they are selling. And consumers are demanding greater transparency from providers.”

Nevertheless, analysts expect not only the growth of spending in this sphere but the growth of the sphere itself as well. The number of experts suppose that quite soon we will see a significant increase in Bitcoin prices.

There are different points of view, for example, billionaire investor Marc Lasry predicted that the price of Bitcoin could reach a mark of $40,000 while Tom Lee insists on the mark of $22,000 in 2018.

The post International Data Corporation Report: Spending on Blockchain Solutions to Hit $11.7 Billion by 2022 appeared first on CoinSpeaker.

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New Research Finds Backdoor ‘Centralized Control’ in Many ICOs

Researchers from the University of Pennsylvania have found that a significant number of ICOs retained centralized control through undisclosed code. 


Backdoor Centralization

The full paper, titled Coin-Operated Capitalism and published on July 18, is an “interdisciplinary effort spanning law, economics, and computer science,” according to University of Pennsylvania Law Professor David Hoffman.

The researchers looked at the top fifty ICOs which raised a total of $2.6 billion USD in revenue with the notional initial market cap of $3.8 billion. “We looked at the top fifty ICOs from 2017 taking into account every white paper, T&C and prospectus, every available piece of code, and every social media post we could get our hands on,” says Hoffman.

One of the biggest takeaways is that many ICOs did not promise that investors will be protected from insider self-dealing. In other words, there was no guarantee that the tokens won’t be subject to pumps and dumps by ‘whale’ traders, insider trading, and other market manipulations.

What’s worse, an even smaller number of projects actually expressed their promises in code. Specifically:

  • of 37 that promised vesting, 80% didn’t code it;
  • of 32 that promised supply restrictions, 25% didn’t code it;
  • of 17 that promised burning, 35% didn’t code it;
  • of 10 with tokens that could be modified (like Bancor), only 4 disclosed that right in English.

Ironically, the study found that investors “didn’t react to the absence of coded governance rules” despite buying into promises of self-regulation, disintermediation, and ‘trustless’ transactions.

Hoffman notes that a substantial portion of ICOs also exaggerated their claims of decentralization as they still required trust and centralized decision-making. He explains:

Surprisingly, in a community known for espousing a technolibertarian belief in the power of ‘trustless trust’ built with carefully designed code, a significant fraction of issuers retained centralized control through previously undisclosed code permitting modification of the entities’ governing structures.

Such ‘modifiabilities’ were found in the Polybius ICO, for example, whose smart contract code “extended well beyond changes to tokenholder voting rules.” Hoffman adds:

So there’s actually a lot of ‘trust’ in this market.

Code Isn’t Law

The findings also undermine the idea of “code is law” and self-regulation, at least for the time being.

On one hand, investors must trust the development team to actually build the product they hype in their whitepaper. On the other, they must have faith “that ordinary contract law litigation will back up old-fashioned terms of use, or that the byte code, which essentially no one will or could parse, renders those promises operable.”

It comes as no surprise that blockchain projects so far have a 92 percent failure rate and an average lifespan of just 1.22 years. Meanwhile, 20 percent were found to be scams, according to a recent report.

Though given SEC’s recent statement that “decentralized” cryptocurrencies such as Bitcoin and Ethereum aren’t securities, these findings could help regulators determine which ICOs are unregistered securities, i.e. “centralized” tokens. 

The paper concludes:

As smart contracts play increasingly crucial roles in transactional relationships, courts and regulators will invariably be confronted with them in day-to-day practice. Legal actors will perhaps be faced with the task of assessing smart-contract quality to determine whether its producers lived up to duties found under paper-contract or background law.

Will these findings deter you from investing in future ICOs? Share your thoughts below! 


Images courtesy of Shutterstock.

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Switzerland to Ease Regulation for Cryptocurrency Ecosystem

Once called “Crypto Nation,” Switzerland has recently been driving away the ecosystem after setting up a more stringent regulatory framework.

Having dropped from second place last year to sixth in 2018, in a PwC country ranking of the sum of initial coin offering (ICO) funds raised, the government is attempting to make a U-turn in popularity by encouraging banks to accept the accounts of cryptocurrency companies.

Switzerland Struggles with New ICO Regulation, Plans to Facilitate Access to Banking System

Switzerland is bleeding cryptocurrency businesses to offshore rivals such as Liechtenstein, Gibraltar, the British Virgin Islands, and the Cayman Islands, following the publishing of ICO guidelines in February 2018.

The new regulation, which defines three types of tokens (payment, utility, and asset) and requires anti-money laundering compliance for payment tokens, was considered “pretty reasonable” by big names such as Erik Voorhees.

The reality is that a number of cryptocurrency entrepreneurs have lost their interest in establishing themselves in the country. Zug, one of the wealthiest Swiss cantons aka “Crypto Valley,” received up to 300 virtual currency entities in recent years. Its local government is concerned that they may leave if authorities don’t ease their way into the banking system, Zug’s finance director, Heinz Taennler, told Reuters.

“All their banking relationships are going to Liechtenstein. These are hundreds of jobs that have been created, and every job is important.”

The cryptocurrency ecosystem in Switzerland has even asked the central bank, Swiss National Bank (SNB), to relieve them from the hardships of opening bank accounts since the new legislation.

Zuercher Kantonalbank (ZKB) has closed over 20 accounts of virtual currency entities in 2017, according to Reuters, and only a handful of the country’s 250 banks have ever allowed cash deposits equivalent of cryptocurrency raised in ICOs.

Banca Zarattini banks ICO companies with know-your-customer (KYC) and anti-money laundering (AML) procedures and Hypothekarbank Lenzburg charges up to 2,500 Swiss francs for an initial assessment.

FINMA, the financial watchdog, is the one entity in charge of the issue. The challenge is to promote cryptocurrency innovation within the financial system while protecting the investors from fraud and lack of transparency. The current AML regulation on payment tokens could have banks liable for the mistakes made by the ICO issuers based in Switzerland.

Following a roundtable between the finance ministry, the central bank, the financial watchdog, and the Swiss Bankers Association (SBA) in May 2018, the latter has prepared a set of checks and conditions so that banks would allow opening an account for cryptocurrency firms in order to overcome their concerns over ICO fraud or money laundering.

The aim of the meeting was to have new FINMA-approved guidelines for cryptocurrency companies by year-end 2018.

Featured image from Shutterstock.

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Wall Street Exec Mike Novogratz: Crypto, Blockchain Mass Adoption Is ‘5 to 6 Years Away’

Mike Novogratz makes the bet that a “herd of institutions” will embrace crypto and blockchain “in the next two to three years.”

Former Wall Street executive Mike Novogratz has recently predicted that mass adoption of crypto and blockchain is “still five to six years away,” Blokt blockchain and tech news outlet reports July 19.

Speaking at the Beyond Blocks conference in South Korea, Novogratz, CEO and founder of crypto investment firm Galaxy Digital, still expressed confidence that many institutions will come into the industry “in the next two to three years,” claiming that “without that, we will be running in circles.”

However, the mass adoption of crypto and blockchain technology will come not earlier than in a half a decade, Novogratz added

“You won’t see mass adoption until the user experience does not feel like something new and that is still five to six years away.”

Novogratz explained that one of the major obstacles on the way to widespread adoption is the increasing “cost of technical talent” as well as the doubts of conventional investors, which are aggravated by “no clear precedent for the financial industry”:

“Think about how institutional investors operate. It’s hard to tell your boss ‘I have money in places you have never heard of.’ You need a trusted, name custodian — a Japanese bank or HSBC or ICE or Goldman Sachs — to allow institutional investors to feel comfortable.”

The investment banker noted the importance of the due regulatory approach of the field by the government, as well as urged the mainstream public to get into blockchain and crypto, adding that it is not necessary for users to understand the tech in detail.

Novogratz claimed that while financial regulators are mainly concentrated on professional institutions, like JPMorgan and Goldman Sachs, the industry is mostly based on retail investors. He further suggested that regulators should be more focused on the retail sector instead of large professional institutions.

Ranked one of the richest people this year, Novogratz worked at Goldman Sachs and Fortress Investment Group before launching the Galaxy Digital crypto merchant bank in January 2018.

The investment banker is famous for predicting that Bitcoin (BTC) would skyrocket to as high as $10,000 by the end of 2017, while Ethereum (ETH) would close at $500. Instead, the top cryptocurrencies have gone twice as further, with BTC hitting as high as $20,000 in December of last year, and ETH above $1,300.

In May, Galaxy Digital partnered with Bloomberg in order to launch the Bloomberg Galaxy Crypto Index (BGCI).