ChainZilla Partners with The ABEE Foundation: Funding the next wave of the sharing economy

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chainzilla

4 min readOct 30, 2018

When services like Uber (2009), and later Lyft (2012), first introduced their concepts to the world, they revolutionized the way many of us get from point A to point B. And even though the rideshare industry has offered us user-friendly and reliable alternatives to the traditional taxi industry, there is still room for improvement. Innovation is always just around the corner.
Now, that new innovation is here. Using blockchain technologies powered by Qtum and Dash, The ABEE Foundation is preparing to launch ABEE Ride, a blockchain-powered ride-hailing company. The aim is to put the power back in the users’ hands and create an improved ride-sharing experience for both passengers and drivers.

Inefficiencies with The Current Rideshare Giants

As rideshare giants grew in size and popularity, they started to be seen as less of a “partner” and more as a one-sided, monolithic, profit-driven entity that ignores their most valuable resource — the drivers. In fact, improving employee relationships to maintain the current supply of drivers became crucial for companies like Uber and Lyft. This task is becoming more difficult as driver relationships deteriorate, primarily due to low earnings for drivers.

Uber is also known to use a combination of subsidies and promotions to grow its driver pool. The company also uses a process called slogging — singling out drivers on competing services such as Lyft to convert them to Uberl.

However, after completing their first handful of rides, many of these newly-recruited drivers notice a significant drop in the number of ride requests they receive. This obviously results in a drop in earning. For many drivers, the decrease in revenue can be so severe that they choose to stop driving for Uber altogether.

In addition, the subsidies Uber offers mask the true cost of a ride. In 2015, passengers that used Uber were paying only 40% of the actual cost of their trips and new drivers were receiving less than 70% of the fair.

Over the past 4 years, the ride-hailing giant has also had a series of scandals that put the company’s ethics into question. To cite one example, in October 2016, Uber deliberately concealed a massive breach of the personal information of 57 million users and drivers. A year later, in 2017, revelations about Uber using custom-built tools to deceive law enforcement came to light.

Chainzilla partners with ABEE Foundation

What is ABEE and What Can It Do For the Sharing Economy?

The ABEE Foundation focuses on the entire sharing economy not only ridesharing which is to grow to $335 billion by 2025. To start, ABEE Rideshare — the first ABEE company — will receive seed funding from the foundation, which will strategically compete with Uber, Cabify, and municipal taxis in multiple countries.

ABEE is re-thinking the ridesharing business model from the ground up. By introducing transparency and leveraging blockchain technology, ABEE will offer a good faith rideshare application.

ABEE Rideshare has created a suite of dynamic features that users want but existing rideshare apps have failed to deliver. The incumbent rideshare companies have paved the way, providing important insight so that services like ABEE Rideshare can avoid early mistakes and improve the industry without the accumulation of enormous debt, liabilities, and unnecessary overhead.

Some of the benefits of ABEE Rideshare will have over the competition include:

Allowing drivers to keep 90% of their earnings. For comparison, other platforms give drivers 50% — 75% of the total fare.
Riders and drivers can both monetize through On Trip Ads, creating a strategically-structured fare subsidy that gives passengers cheaper rides and drivers an additional way to monetize.
Drivers can create a loyal client base with Favorite Driver. Akin to an on-call private driver, where riders can have reoccurring rides with a driver they trust.
Partnership with the instant-confirmation cryptocurrency Dash — ABEE Rideshare will be the first rideshare company to support cryptocurrency payments.
Blockchain based voting for users to vote on app upgrades

What’s Next For ABEE?

In the coming months ABEE Rideshare will have a soft launch in multiple countries. The ABEE Rideshare driver and user apps will be available for download on mobile devices soon.

ABEE’s team is currently focused on testing their mobile apps and developing strategic partnerships to expand in different countries. We are happy to announce that ChainZilla is now one of ABEE’s partners for the Latin American region. Both of our communities will work together to seed new markets, improve applications, and establish good faith businesses that leverage blockchain technologies. ZILLA token holders will receive an ABEE airdrop after we launch. Join our discord to stay up to date with the latest developments:

Discord: https://discord.gg/meJxuCA