Topic: [ANN] BitCab - Ridesharing 2.0 for the blockchain age - page 12. (Read 2114 times)

Good afternoon. How are u gonna to protect the network from the hacker attacks? Anyway, u use fiat, and it makes the transactions attackable.

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?

Is it necessary to obtain a special license in order to become a market maker on your platform?

Thank you for your support jznsamuel! Don't hesitate to ask any questions you come up with as you go through the white paper.

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)

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.

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.

Interesting project and the team certainly seems very promising. Going to go through the whitepaper. Looking forward to more updates.

Why is it impossible to automate the verification of transactions? Why should you involve the additional group of users?

Thanks for your question bars_kz!

Let me quote from our WP (https://bitcab.io/BitCab_WhitePaper.pdf page 12):

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.

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.

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.

Thank you for your question JohnEther! The bounty program is under development and will be announced towards the start of the pre-ICO.

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.

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.

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?

Thank you for your question Sarul!

Here is a quote from our white paper ("All aboard the rocketship: How the ICO will work" section):
https://bitcab.io/BitCab_WhitePaper.pdf

You can find more details in that section of the WP.

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.

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.