What is RedCab?
In a nutshell, RedCab is the answer to some of the major problems in the peer-to-peer transportation industry, namely poor driver earnings and extremely high costs of market expansion and custom acquisition.
RedCab looks to entirely rework the P2P transportation industry by incorporating blockchain technology into the mix, which enables a unique number of features that were simply not possible before RedCab. Blockchain technology allows RedCab to charge 0% commission to drivers on its network, instead RedCab uses geo-based ads as its primary revenue stream, keeping costs low for riders, whilst improving earnings for drivers.
RedCab will use an evolved form of proof-of-work called proof-of-driving (POD). POD encourages RedCab drivers to take clients and drive them to their destination by tracking their miles driven via GPS. Based on the number of trips the driver makes and the total number of miles driven, they are awarded a fraction of a reserved token pool.
RedCab will also introduce a new personal assistant to the market called 'Cabbi', which incorporates artificial intelligence to help you with your daily trips, meetings and other events whilst also keeping you up to date on select news, token alerts and price information. According to RedCab, the introduction of a personal assistant into the transportation industry is one of the next great frontiers of travel.
Redcab Development Milestones
One of our favorites features of the RedCab project is its extensive, and most importantly, realistic roadmap schedule. Often, you will find ICOs making outlandish claims about their developmental milestones and targets, in order to appear to be the next big thing in crypto. However, RedCab appears to be quite conservative with their roadmap.
RedCab understands that their offer is a complex one and hence, not something that can be created, launched and marketed overnight. Because of this, RedCab indicates their Proof of Driving and Proof of Marketing product development will begin in mid-2019 and should be ready for launch approximately a year later.
Whilst long timelines are certainly not what most inventors want to hear, it does convey a level of trust and transparency that is sorely lacking from many projects in 2018. With a realistic view of the challenges of their proposition in mind, it is far less likely that they will underdeliver in future.
RedCab Token Sale
The RedCab token sale launched on June 1st, 2018 and will end on August 15th, 2018. RedCab is based on the Ethereum blockchain and uses the ERC20 standard for its RedCab (REDC) tokens. Currently, the exchange rate offered to investors is 2,133 REDC/ETH, with a hard cap set at 24,549 ETH.
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| Only 9% of the Total Supply is reserved for the team, one of the lowest we have seen from an ICO (source) |
Our Thoughts
In 2018, with scam ICOs increasing in number, it's often difficult to tell which project is being truthful about its intentions. However, this doesn't appear to the be case with RedCab, who pride themselves on their transparency and prospects. The project has a strong multi-disciplinary team behind them with a wealth of experience in business development and blockchain technology. Because of these features, we believe RedCab is a hot prospect to look out for in 2018 and beyond, and certainly worth keeping an eye on in the near future.
Links and Additional Resources:
Website: https://redcab.io/
Whitepaper: https://redcab.io/downloads/Whitepaper_EN_v1.0.pdf
RedCab Social Media
Telegram: https://t.me/RedCab_ICO
LinkedIn: https://www.linkedin.com/company/redcab
Twitter: https://twitter.com/redcab_llc
Medium: https://medium.com/redcab
Facebook: https://facebook.com/redcabeg
Reddit: https://www.reddit.com/u/Redcab_io
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