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Topic: [ANN] BitCab - Ridesharing 2.0 for the blockchain age - page 12. (Read 2093 times)

full member
Activity: 336
Merit: 100
Good afternoon. How are u gonna to protect the network from the hacker attacks? Anyway, u use fiat, and it makes the transactions attackable.
member
Activity: 392
Merit: 10
Okay, it isnt necessary to pay commissions when making transaction on your platform, but the banks will charge them with the liquidity suppliers, wont they?
newbie
Activity: 210
Merit: 0
Is it necessary to obtain a special license in order to become a market maker on your platform?
newbie
Activity: 149
Merit: 0
Interesting project and the team certainly seems very promising. Going to go through the whitepaper. Looking forward to more updates.

Thank you for your support jznsamuel! Don't hesitate to ask any questions you come up with as you go through the white paper.
newbie
Activity: 149
Merit: 0
Will the token holders that dont use tokens and don’t sell them receive a kind of dividends? This is quite a good concept for stimulation of paces of growth.

Thanks for your question ggcript! That is correct for LT tokens (our long term vested tokens similar in essence to SteemPower tokens). This will encourage more participants to hold LT tokens thus increasing value and price stability of BitCab tokens. Let me quote from our white paper:

"As LT token holders are providing more secure, long term capital to the ecosystem, LT tokens are paid 10% p.a. bonus when held for at least 12 months (similarly to how banks pay higher interest rates to a term deposit than to a current account) paid to owner account monthly."

You can learn more about CAB and LT tokens in our video: https://youtu.be/-87nX81YfUc or on our website https://bitcab.io (video at the top of the page)
newbie
Activity: 149
Merit: 0
Why is it impossible to automate the verification of transactions? Why should you involve the additional group of users?
Thank you for your question askon!

The verification of transactions is automatic - to record transactions on the blockchain we will need nodes to verify and record these transactions, similarly to mining nodes for Bitcoin and Ethereum. How this will look in practice will in the end of the day depend on which blockchain we build our system on (current intent is Ethereum, but we are in discussions with development teams of multiple other protocols). But a Witness is just an owner of a computer node, it is not a manual process in any way.
full member
Activity: 392
Merit: 100
Will the token holders that dont use tokens and don’t sell them receive a kind of dividends? This is quite a good concept for stimulation of paces of growth.
member
Activity: 121
Merit: 10
“Get Paid to Play your Media on Current"
Interesting project and the team certainly seems very promising. Going to go through the whitepaper. Looking forward to more updates.
full member
Activity: 252
Merit: 100
Why is it impossible to automate the verification of transactions? Why should you involve the additional group of users?
newbie
Activity: 149
Merit: 0
Good afternoon. What will insure your tokens? Are you establishing a reserve fund or anything like that?
Thanks for your question bars_kz!

Let me quote from our WP (https://bitcab.io/BitCab_WhitePaper.pdf page 12):
Quote
All transactions on BitCab blockchain will ultimately be settled in CAB (although for fast adoption Riders and Drivers will be able to choose to pay and be paid in fiat currencies on the front end - but with transactions still settled in CAB at market rates on the back end). This will create real demand for CAB token tied to volume of transactions in the ecosystem. Essentially, all CAB tokens, existing and future, are hence by definition backed by the present value of all future transactions (mostly car rides) on BitCab ecosystem.

Like any other currency, CAB can be used to buy and sell goods and services even beyond the BitCab ecosystem. In case of BitCab success, there will be good reasons for wider application of CAB, such as millions (and billions) of users of the currency and it being backed by real value of mobility services it can be redeemed for. The present value of all future mobility services on BitCab ecosystem therefore represents not the ceiling, but the floor for the value of CAB. There is unlimited upside in CAB being adopted for wider uses - similarly to BTC, ETH and USD. One advantage of CAB over BTC and ETH as a store of value is that unlike cryptocurrencies mined by solving computational puzzles CAB is immune to the threat of quantum computers as it is issued proportionally to real world activity, not just virtual computations.
newbie
Activity: 149
Merit: 0
CAB will be ERC20 token or you will develop your own blockchain for this platform. How you will integrate fiat as payment option and when this platform will go live. Is there any chance to get free ride before move to the ICO?

Great questions Odeoke, thank you. The current plan, as you have correctly guessed, is to use Ethereum blockchain. We have also been in discussion with Waves over the last couple months and might consider using their blockchain (it has significant advantage such as transaction throughput and speed) depending on when and how smart contract functionality is implemented on Waves.

Fiat will be available in select countries. Riders will be able to select in which currency to pay (CAB / ETH / fiat), and riders - in which currency to get paid. Then the transaction will settle in market prices on the back end if exchange is required.

We estimate about 6 months would be required to develop a fully functional platform. ICO will allow us to extend our developer team with more designers and coders and embark on this mission.
newbie
Activity: 149
Merit: 0
Can passengers pay the driver with fiat money? I believe that such move will simplify attracting the drivers.

Thanks for your question gazman!

You are absolutely correct. 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 CAB. 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.
sr. member
Activity: 826
Merit: 250
It will be opportunity for many people to set up a minimum acceptable price of their own condition. This can help many people to get more clients but most probably price are predetermined for some specific zone to eliminate the dispute. I see this question was raised and answered already in details but I will keep studying this business model to fully understand it by all aspects.
newbie
Activity: 149
Merit: 0
Have you bounty program?

Thank you for your question JohnEther! The bounty program is under development and will be announced towards the start of the pre-ICO.
sr. member
Activity: 414
Merit: 250
BITDEPOSITARY - Make ICO's , More Secure
This look quite interesting. Do you have plans for other country in the future too? I would like to see something like this on a wider field. Think this could go very well

The project looks promising. I know this would be successful in the future. Maybe the dev will eventually had the plan that they will be able to   include some countries in this project if it is already profitable to everyone.
newbie
Activity: 149
Merit: 0
Hi. Is the referral program dedicated solely to the drivers? I hope you provide kinda program for the passengers, too.

Great question polonium84!

Referral program will encompass most roles on the ecosystem - not just Drivers and Riders, but also also Sages, Approvers and Arbiters. Basically if you refer someone, you will receive in perpetuity a % of all their positive contributions to the ecosystem - it does not matter whether these contributions include driving, riding, providing community support or all of the above.
sr. member
Activity: 952
Merit: 251
CAB will be ERC20 token or you will develop your own blockchain for this platform. How you will integrate fiat as payment option and when this platform will go live. Is there any chance to get free ride before move to the ICO?
newbie
Activity: 149
Merit: 0
Looks quite interesting to watch. Total Supply is 5 billion and just 3.5 billion for pre-sale and token sale. Where is the remaining will goes? for project development and reserve for team?

Thank you for your question Sarul!

Here is a quote from our white paper ("All aboard the rocketship: How the ICO will work" section):
Quote
150 million tokens (3% of total amount) will be reserved for bounties. Further, 300 million tokens (6% of total amount) will be distributed among advisors and founding team, and 1 billion tokens will be retained by BitCab Foundation for market making, development funding and operations funding purposes. Founding team members will not sell any CAB tokens for 12 months after the ICO.
https://bitcab.io/BitCab_WhitePaper.pdf

You can find more details in that section of the WP.
newbie
Activity: 149
Merit: 0
Will you be adopting delivery service like Uber is opening up too?  I believe this cash cow is ready for disruption and look forward to getting in on the ground floor for a knockoff project.  I will keep a close eye on this one.

Thanks for your question twothirtyfive!

This is definitely an opportunity down the line - partnerships with restaurants could unlock new use cases for CAB token and BitCab ecosystem.
newbie
Activity: 149
Merit: 0
How this could be possible for driver to pick the customer on him price or how customer will be agree on the driver set price. This is very complicated part of this project while there are so many exists companies providing that facility on a fix price which acceptable for both parties. So how you will resolve this issue if driver demand more high rate than other companies.
Thank you bitcircle for a very thoughtful question.

Pricing will be defined by a simple algorithm with three inputs. By default average market price (updated from all transactions for a certain relevant time period) will be used for both riders and drivers for simplicity. However, every driver can alter this setting in the app by defining their minimum acceptable price, and a rider can do the same with a maximum acceptable price (note: they will not do it for each ride separately, but by changing a general setting in the app). The market will then settle similarly to how a bitcoin transaction settles - the drivers with the lowest minimum price will get matched with passengers first, and the riders with highest maximum price will get picked up faster. This will incentivize healthy competition and market pricing on both sides of the transaction.
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