and now with the details
Jeddah - Yasmine El Tohamy - Dubai : On a rainy night in Bengaluru, India, Firdosh Sheikh was about to get into a car to go to the airport when the driver asked if she would cancel the ride. He told her he would still drive her to her destination for a lesser sum than the quoted fare. The catch? He wanted to be paid directly rather than give up 50 percent of the commission to the ride-sharing app. That cab ride was like a flash of lightning, a Eureka moment. And the concept for Drife.io was born, a blockchain-based startup that put the power back in the hands of drivers. “I had completed more than 5,000 rides and often wondered about the drivers’ struggles, but this night was a turning point,” said Sheikh, founder and CEO of Drife, a decentralized ride-hailing platform. “Taking rides was my only mode of commute; like many women, I was terrified of public transport. This made me think of the other side of the story: How do companies treat drivers? How can we make the system fairer, safer and more efficient for all?” she wondered. Two and a half years later, Drife.io has grown into a company with 4,000 registered drivers and over 20,000 active riders using its app. The startup is on track to hit targets of 12,000 drivers and half-a-million riders by the end of June. It operates with a subscription model: A driver pays between $50 and $70 per month to become a member and receives 100 percent commission on any ride. A rider pays for every ride taken, like usual ride-sharing apps. Drife.io has grown into a company with 4,000 registered drivers and over 20,000 active riders using its app. (Supplied)
“The biggest challenge is going up against these giants in the industry, like Uber,” she said. “Initially, we struggled a lot before we went live. But this is the perfect time for a blockchain-based ride-sharing app, and we have seen rapid growth.”
According to data from Bengaluru-based research firm Mordor Intelligence, the global ride-sharing market was valued at $21.42 billion in 2020 and is expected to reach $61.24 billion by 2026, registering a compound annual growth rate of 17.32 percent between 2021 and 2026. Crypto connection
Drife.io also has a unique aspect that sets it apart. This Uber-like app accepts cryptocurrency as payment and already has its own token: Drife. When the concept for the startup was in its initial stages, Sheikh sought equity fundraising from venture capitalists in India. But despite spending time and money on the app’s architecture, the feedback was unanimous: Having a blockchain-based ride-sharing app is a great idea, but will the execution work? “People said the concept looked perfect on paper, but implementation looked too ambitious,” said Sheikh, who has a background in finance. “Our problem was designing an app based on the blockchain that would be easy to use for riders and drivers. That’s how I created my token and raised nearly $3 million in funding for it.”
The crypto element appealed to venture capital firms, who gave the startup a leg up with a fundraising round in August 2021 of $2.7 million. The funds went toward marketing the company, designing a user-friendly app and hiring a team. By November, she had launched a beta version that friends and family tested. Widening horizons
Sheikh’s long-term plans include scaling to 10 cities by the end of this year, starting with the Middle East. To that end, the startup managed to hire Daniel Mangabeira Dantas, former head of policy for Latin America at Uber and 20-year veteran in the ride-sharing industry, to serve as Drife’s new strategic investor and policy adviser, guiding the company toward global expansion. Saudi Arabia is an exciting place that is changing quickly, and as the biggest GCC market, it is definitely on our radar. Firdosh Sheikh, Founder of Drife
Sheikh moved to Dubai in early 2022 and is actively speaking to partners to launch first in the Gulf Cooperation Council, including across the UAE and expanding into Saudi Arabia next. “We can operate from anywhere globally, and we made the tech, so we own it,” she said. “We started speaking to partners to launch in Dubai and are currently looking at the Road and Traffic Authority’s compliance and licensing requirements. The main reason we registered in Dubai is that it is now the crypto and blockchain hub in the region.”
She confirmed that Drife.io had moved its tech and IT operations from India to Dubai with an eye toward regional expansion. “We are actively looking into partners in Saudi who would  like to take part in the operations of Drife,” said Sheikh. “Saudi is an exciting place that is changing quickly, and as the biggest GCC market, it is definitely on our radar.”
Setting wheels in motion
Sheikh’s attention to detail with the app has made it popular in India’s major cities in a relatively short time frame. Features include no multiplier or surcharge applied during peak hours. Also, the app does not assign a specific driver, leaving the rider with the freedom to choose based on reviews and a list of cars in the vicinity. FASTFACTS
• According to data from Bengaluru-based research firm Mordor Intelligence, the global ride-sharing market was valued at $21.42 billion in 2020 and is expected to reach $61.24 billion by 2026, registering a compound annual growth rate of 17.32 percent between 2021 and 2026. • Drife.io has a unique aspect that sets it apart. This Uber-like app accepts cryptocurrency as payment and already has its own token: Drife. When the concept for the startup was in its initial stages, Sheikh sought equity fundraising from venture capitalists in India. Drivers who are vetted and part of a subscription model keep the entire commission from a ride. Additionally, the company will accept payments in cryptocurrency from June. “We need blockchain because it stands for transparency and fairness,” said Sheikh. “It’s a fair calculation, so we can’t manipulate the system with surcharges or changes to commissions. We don’t profit beyond subscriptions from drivers, allowing them to have 100 percent ownership.”
It is a disruptive model in a competitive mobility space, but it is simple, and it works. Drife.io has already captured the imagination of a few regional venture capitalists, and the company is now aiming for an equity round in June to scale itself globally. The road to building the business has not been easy, but Sheikh is riding the momentum as cryptocurrency goes mainstream worldwide. “I always face difficulty walking into a meeting room as a young female founder. They don’t trust a woman driving in India, much less a woman leading a mobility startup,” said Sheikh. “There are very few women in this space. But I always tell myself, I can have any number of limitations, but not my gender. This is a great concept and we are proving it, one ride at a time.”
These were the details of the news Crypto Moves — Bitcoin, Ether up;  Seattle opens world’s first NFT museum for this day. We hope that we have succeeded by giving you the full details and information. To follow all our news, you can subscribe to the alerts system or to one of our different systems to provide you with all that is new. It is also worth noting that the original news has been published and is available at Arab News and the editorial team at AlKhaleej Today has confirmed it and it has been modified, and it may have been completely transferred or quoted from it and you can read and follow this news from its main source.

Crypto Moves — Bitcoin, Ether up;  Seattle opens world’s first NFT museum

and now with the details
Jeddah - Yasmine El Tohamy - Dubai : On a rainy night in Bengaluru, India, Firdosh Sheikh was about to get into a car to go to the airport when the driver asked if she would cancel the ride. He told her he would still drive her to her destination for a lesser sum than the quoted fare. The catch? He wanted to be paid directly rather than give up 50 percent of the commission to the ride-sharing app. That cab ride was like a flash of lightning, a Eureka moment. And the concept for Drife.io was born, a blockchain-based startup that put the power back in the hands of drivers. “I had completed more than 5,000 rides and often wondered about the drivers’ struggles, but this night was a turning point,” said Sheikh, founder and CEO of Drife, a decentralized ride-hailing platform. “Taking rides was my only mode of commute; like many women, I was terrified of public transport. This made me think of the other side of the story: How do companies treat drivers? How can we make the system fairer, safer and more efficient for all?” she wondered. Two and a half years later, Drife.io has grown into a company with 4,000 registered drivers and over 20,000 active riders using its app. The startup is on track to hit targets of 12,000 drivers and half-a-million riders by the end of June. It operates with a subscription model: A driver pays between $50 and $70 per month to become a member and receives 100 percent commission on any ride. A rider pays for every ride taken, like usual ride-sharing apps. Drife.io has grown into a company with 4,000 registered drivers and over 20,000 active riders using its app. (Supplied)
“The biggest challenge is going up against these giants in the industry, like Uber,” she said. “Initially, we struggled a lot before we went live. But this is the perfect time for a blockchain-based ride-sharing app, and we have seen rapid growth.”
According to data from Bengaluru-based research firm Mordor Intelligence, the global ride-sharing market was valued at $21.42 billion in 2020 and is expected to reach $61.24 billion by 2026, registering a compound annual growth rate of 17.32 percent between 2021 and 2026. Crypto connection
Drife.io also has a unique aspect that sets it apart. This Uber-like app accepts cryptocurrency as payment and already has its own token: Drife. When the concept for the startup was in its initial stages, Sheikh sought equity fundraising from venture capitalists in India. But despite spending time and money on the app’s architecture, the feedback was unanimous: Having a blockchain-based ride-sharing app is a great idea, but will the execution work? “People said the concept looked perfect on paper, but implementation looked too ambitious,” said Sheikh, who has a background in finance. “Our problem was designing an app based on the blockchain that would be easy to use for riders and drivers. That’s how I created my token and raised nearly $3 million in funding for it.”
The crypto element appealed to venture capital firms, who gave the startup a leg up with a fundraising round in August 2021 of $2.7 million. The funds went toward marketing the company, designing a user-friendly app and hiring a team. By November, she had launched a beta version that friends and family tested. Widening horizons
Sheikh’s long-term plans include scaling to 10 cities by the end of this year, starting with the Middle East. To that end, the startup managed to hire Daniel Mangabeira Dantas, former head of policy for Latin America at Uber and 20-year veteran in the ride-sharing industry, to serve as Drife’s new strategic investor and policy adviser, guiding the company toward global expansion. Saudi Arabia is an exciting place that is changing quickly, and as the biggest GCC market, it is definitely on our radar. Firdosh Sheikh, Founder of Drife
Sheikh moved to Dubai in early 2022 and is actively speaking to partners to launch first in the Gulf Cooperation Council, including across the UAE and expanding into Saudi Arabia next. “We can operate from anywhere globally, and we made the tech, so we own it,” she said. “We started speaking to partners to launch in Dubai and are currently looking at the Road and Traffic Authority’s compliance and licensing requirements. The main reason we registered in Dubai is that it is now the crypto and blockchain hub in the region.”
She confirmed that Drife.io had moved its tech and IT operations from India to Dubai with an eye toward regional expansion. “We are actively looking into partners in Saudi who would  like to take part in the operations of Drife,” said Sheikh. “Saudi is an exciting place that is changing quickly, and as the biggest GCC market, it is definitely on our radar.”
Setting wheels in motion
Sheikh’s attention to detail with the app has made it popular in India’s major cities in a relatively short time frame. Features include no multiplier or surcharge applied during peak hours. Also, the app does not assign a specific driver, leaving the rider with the freedom to choose based on reviews and a list of cars in the vicinity. FASTFACTS
• According to data from Bengaluru-based research firm Mordor Intelligence, the global ride-sharing market was valued at $21.42 billion in 2020 and is expected to reach $61.24 billion by 2026, registering a compound annual growth rate of 17.32 percent between 2021 and 2026. • Drife.io has a unique aspect that sets it apart. This Uber-like app accepts cryptocurrency as payment and already has its own token: Drife. When the concept for the startup was in its initial stages, Sheikh sought equity fundraising from venture capitalists in India. Drivers who are vetted and part of a subscription model keep the entire commission from a ride. Additionally, the company will accept payments in cryptocurrency from June. “We need blockchain because it stands for transparency and fairness,” said Sheikh. “It’s a fair calculation, so we can’t manipulate the system with surcharges or changes to commissions. We don’t profit beyond subscriptions from drivers, allowing them to have 100 percent ownership.”
It is a disruptive model in a competitive mobility space, but it is simple, and it works. Drife.io has already captured the imagination of a few regional venture capitalists, and the company is now aiming for an equity round in June to scale itself globally. The road to building the business has not been easy, but Sheikh is riding the momentum as cryptocurrency goes mainstream worldwide. “I always face difficulty walking into a meeting room as a young female founder. They don’t trust a woman driving in India, much less a woman leading a mobility startup,” said Sheikh. “There are very few women in this space. But I always tell myself, I can have any number of limitations, but not my gender. This is a great concept and we are proving it, one ride at a time.”
These were the details of the news China In-Focus — Meat trade falls; Toyota reopens plant for this day. We hope that we have succeeded by giving you the full details and information. To follow all our news, you can subscribe to the alerts system or to one of our different systems to provide you with all that is new. It is also worth noting that the original news has been published and is available at Arab News and the editorial team at AlKhaleej Today has confirmed it and it has been modified, and it may have been completely transferred or quoted from it and you can read and follow this news from its main source.

China In-Focus — Meat trade falls; Toyota reopens plant

November 12, 2021
DRIFE, a decentralised blockchain-based ride-hailing platform, has announced that former Uber director Daniel Mangabeira Dantas has joined Drife as a Strategic Investor and Policy Advisor. As a former political advisor to the UK Ambassador to Brazil as well as one of the architects of the ridesharing regulatory debates in Brazil and Latin America, Mangabeira has over 20 years of experience in regulatory, policy, government and institutional relations and most recently served as Uber’s Head of Policy for Latin America. Daniel Mangabeira stated, “I have for a while now been an enthusiast of blockchain-based technologies as an enabler of decentralized projects”, commented Daniel. “But more than that, I have long been an enthusiast of projects that directly impact the lives of people. That largely explains why, when I first came across the DRIFE project and DRIFE’s whitepaper, I immediately wanted in. I truly believe that DRIFE’s business model, supported by token-based blockchain-intensive governance protocols, can come to strengthen ridesharing businesses as we know it today. It is the sort of innovation that, beyond conflicting, has what it takes to add great value to the ride-hailing ecosystem at large.”
CEO and founder Firdosh Sheikh commented, “We are proud to partner with Daniel and are happy to have him sharing some of his incredible tech-related skills and experience. We, at DRIFE, always seek to tag along with like-minded individuals who back our values and beliefs, and of course that can also help us stay on the cusp of innovative thinking. We believe that this partnership will help us to progress on our path to a completely fair, green, and sustainable global mobility infrastructure.”
Arya

Former UBER Director Joins Crypto Ridesharing platform DRIFE (DRF)

Non-fungible tokens (NFTs) provide a level-playing field for artists who don’t have access to the global market: Anuj Kumar Kodam of Wall.app 
I think it is important to have proof of work that you can put in for a community to get behind you and back you : Mayur Relekar, founder and CEO of Arcana
In the B2C segment, it is very important to get out there and understand if the problem really exists: Firdosh Sheikh of DRIFE
Amid the ongoing buzz around crypto and blockchain in India, several entrepreneurs are aiming to enter the sector and build world-class products. For such young souls, some of the leading subject experts gathered under one roof to decode the playbook at The Crypto Summit by Inc42 Plus and CoinSwitch Kuber. Hear it from them how creators can unlock their true potential in the field of blockchain. Jenil Thakker, Founder and CEO of Coinvise
It is important to have a token when you have a strong community surrounding it. Token economics can be done well, but if the community is not strong it can be a disaster very early. We are trying to find what our community feels and figure out a use case and then in future might launch a token. Anuj Kumar Kodam, cofounder and CEO of Wall.app 
Non-fungible tokens (NFTs) provide a level-playing field for artists who don’t have access to the global market. Talking about finding a co-founder, he said that it’s a long journey. It’s almost a second marriage because you are spending a lot of time. Communities help new creators grow and crypto is helping in doing that. Mayur Relekar, Founder and CEO of Arcana
I think it is important to have proof of work that you can put in for a community to get behind you and back you. Having the right people from the get go is the key  If you want to stay in this business for a long time, it is super important for a founder to involve the right people. Firdosh Sheikh, Cofounder and CEO at DRIFE
Random conversation with Uber helped me start DRIFE. In the B2C segment, it is very important to get out there and understand if the problem really exists. You can’t just enter the market and plan to challenge well-established products. It is very important to understand the pain points in the area. Ayush Ranjan, cofounder and CEO at Huddle 01 
At Huddle01 we are building the world’s first video conferencing platform based on blockchain. We are a team of 10 people and just closed our seed funding. We are focusing on security and trying to bring down the latency. Our end goal is simple – its people who have a decent internet connection can run a node on Huddle and become a super node and a part of the circle.

Some Quick Lessons For Entrepreneurs How To Build A Blockchain Startup

The world’s workforce faced a massive upheaval the moment Uber came on the scene. Uber was not the creator of the gig economy, the gig economy had existed for as long as we can remember, but it did signify the “mainstreaming of gigs”. Uber’s disruption of the transportation industry was powerful not because it got drivers to do gigs, that was already possible. It was powerful because of its powerful use of AI and technology to connect random drivers with the riders via their powerful app. This signified the first most publicized foray of AI into the industry and it quickly became the norm. The kick in the gut for ride-hailing giants like Uber and Lyft came when many drivers started treating the job as less of a gig and more of a full-time job. Uber had wanted people to use their services to earn a little money by the side, but their drivers soon realized that driving 80 hours or more a week, often gave them a better income than their day jobs. People started working for ride-hailing companies full time and ditching their jobs. With full-time work, comes the expectations of full-time benefits, something Uber and co were adamant not to give. When cases of assaults, sudden unexplained de-activation of accounts, and a consistent slash in incomes became rampant, drivers began demanding full-time benefits and a change in their recognition from independent contractors to employees. In many ways, these fights are still ongoing despite Uber’s attempts at pacifying the drivers 
The battle between ride-hailing companies and their drivers underlines the problems at the heart of the gig-economy with the infiltration of AI. As companies continue to utilize gig workers, they continue to exploit these workers because of their “invisibility”, temporariness and their perceived inability to unionize. One sad conversation with a driver trapped in this broken ride-hailing system was enough to spur Firdosh Sheikh into starting DRIFE, a ride-hailing company that focuses on delivering a more equal, and ethical ride-hailing experience. MORE FOR YOU
Sheikh’s strong desire to create a business around equity for these drivers led her to start developing a platform that democratizes the ride-sharing industry. The DRIFE model utilizes a powerfully advanced platform that allows drivers to make a livable income by taking 100% of the income home in exchange for a small subscription fee. Riders can also save a lot of money because of the absence of a middleman. Firdosh Sheikh
DRIFE
“The ride-hailing debacle of the last 5 years is proof that when tech and AI are utilized without empathy, it can cripple a system that has so much potential,” says Sheikh. “We, on the other hand, are working hard on DRIFE to show people that technology can deliver equity when used with empathy. Whatever problems technology causes, only technology can solve. This is why the gig-economy will become fairer not with less AI and tech, but with more humane, and equity-minded applications of these technologies ”
AI, And The Gig Economy
Sheikh’s sentiment is popular among the upper echelons of the gig economy. There is a growing resignation to the fact that AI has come to stay and for good reason too, the rampant rise of AI solutions for everything is startling. The solution seems to be found only in a change of perspective. While it is true that robots and AI-powered systems are replacing workers in the gig economy, it is also true that all the freelance platforms and the platforms that connect gig workers to employers are either already AI-powered or headed in that direction. This means that AI might be providing more jobs than it is taking. The gig economy might offer companies and businesses cost-efficient options to getting tasks done, but it doesn’t automatically make finding a fit easy. AI-powered platforms have begun utilizing data to help both gig workers and employers find exactly what they need. AI Creates The Right Fit
The ‘fit’ of a pairing is often the catalyst for more equity and fairness in working conditions. For instance, freelance writing platforms like Clearvoice have perfected their AI-platform matching to enable employers to find the best niche writers for their tasks. This is responsible for why their platform is one of the most profitable for writers. AI’s ability to analyze and inteprete data makes it extremely effective in finding good matches for gig-workers,and companies. Sheik also highlights this ‘fit’ phenomenon as being one of the reasons DRIFE is set to be so successful; “If people cannot find exactly what they need and what they can afford, then there cannot be fairness in a system. In our model, for instance, a rider can identify all available drivers within a specific radius, but the drivers can send bids to the rider. This enables the rider to pick the best fit for them based on personal parameters, cost, proximity, reputation even gender. This introduces re-negotiations and consequently fairness”
AI Fills the Education Vacuum for Gig Workers
AI is also changing the very nature of certain tasks. The result of this is that many of the people who performed these tasks are no longer qualified to perform their more tech-reliant equivalent. These AI-inspired evolutions demand that workers in the gig economy continue to upskill and re-skill to find sustained relevance. This need is also met by the deployment of AI-powered learning which makes it easier to pick up micro and macro skills. This only goes to underline Sheikh’s point that only technology can solve the problems it brings. The proliferation of AI-powered Edtech companies is one reason why the participants in the gig economy are growing fast . These platforms are easy to use, very customized, and cheaper than conventional education or one-on-one learning. AI Is Improving The Output of Gig-Workers
The most obvious benefit that gig workers get from AI is the targeted marketing of their services via social media. However, AI is also being utilized in more relevant ways. AI-powered solutions that improve accuracy, check for errors and make smart suggestions to the gig-worker has become invaluable and increasingly available in every area of the gig-economy. For instance, Grammarly doesn’t only improve the correctness of a freelance writer’s work, it also makes personalized nudges and suggestions on how to make it better. Several apps are beginning to integrate smart suggestions and personalized nudges that tell the user a feature they might benefit from, or direct them to a resource that might be helpful in the execution of their task. Every gig worker knows that higher output means a higher ability to charge and earn more. The Future of AI And The Gig Economy
Sheik is one voice amongst many others who voices optimism for the gig economy. “More tools, more AI software, and more technology would be built to help the freelancer and the gig economy worker,” says Sheik. “We are doing exactly that in the ride-hailing industry with DRIFE and many other brilliant entrepreneurs are doing the same in other industries. I think the future of this relationship between AI and gigs is in the creation of more beneficial tools”
The Future is AI-powered. In today’s world, data is king and the ability to understand and manipulate data will give anyone an edge. The gig economy like every other industry will have to evolve. Follow me on  Twitter  or  LinkedIn . Check out my  website .

How AI Is Making The Gig Economy More Fair And Reliable For Workers

Banking is only the beginning: 65 big industries blockchain could transform

Companies in this collection build, apply, and analyze blockchain and cryptocurrency technologies for business or consumer use cases. Categories include blockchain infrastructure and development, crypto & DeFi, Web3, NFTs, gaming, supply chain, enterprise blockchain, and more.

Blockchain

Incubator/Accelerator

Drife is a decentralized ride-hailing platform powered by blockchain with the intent of empowering both, the drivers and riders.

Date	5/11/2020
Round	Incubator/Accelerator
Amount
Investors	aeternity Starfleet
Valuation	$99M
Revenue	0 FY undefined
Sources	1

First funding	5/11/2020
Last Funding	5/11/2020
Investor	aeternity Starfleet
Rounds	1 Incubator/Accelerator
Board Seats
Type	Incubator/Accelerator
Location	Bulgaria

Wells Fargo Success Story

Professional Services

Platform Overview

Drife

Investors Count

Funding, Valuation & Revenue

Drife Investors