Eva – a Decentralized Competitor to Uber and Lyft
In case you missed it Lyft just issued an IPO and its stock is now trading on Nasdaq under the symbol LYFT. Apparently, it’s doing pretty well considering that the company is still losing a ton of money.
But nowadays it is a sign of the new economy – most newly-IPOed companies are unprofitable and generating profit is not at the top of their to-do lists (examples: Uber, Snap, WeWork). Yet ride-sharing is a gigantic market and more and more companies try their luck in this territory. Uber has now garnered valuation of $120B and Lyft – $24B.
Ride-Sharing Economy Is Turning the Corner
Ever since Uber pioneered ride-sharing economy there were numerous copycats that sprung up to live all over the globe. There are Lyft, Juno, Gett, Yandex Taxi, Careem, GoCatch, Shebah and many-many others. All of them fight for the ride-sharing piece of the pie and differentiate themselves based on various criteria. Some focus on a specific world regions, others only target female riders and drivers, others give a slightly bigger portion of proceeds back to the drivers.
However, what all of these companies have in common is that they are all centralized. In other words, these companies always serve as a middleman between a driver and a customer and always take a portion of the fee as a payment for their services. This very frequently creates unfair profit distribution which either does not satisfy the customers (fees are too high), or the investors (profits are too low), or the drivers (wages are too low). Uber and Lyft recently found themselves in hot waters over drivers protesting a wage cut and threatening to go on strike.
Decentralized Car-Sharing Could Be the Future
It’s now time to introduce Eva. Eva is a blockchain EOS-based competitor to ride-sharing apps, such as Uber and Lyft. Here’s how Eva team describes its product:
Eva is a cooperative whose mission is to continually develop new decentralized technologies for urban mobility. In this sense, Eva offers a platform for liaison between driver and passenger members to promote a sharing economy ecosystem. Being a cooperative, Eva democratizes the redistribution of wealth and promotes a climate of cooperation and collaboration.
According to the Everipedia article Eva shares its revenues in such a way that up to 85% is allocated back to the drivers. The rest is distributed between the cooperative funds (10%) and the treasury (4%), with the remaining 1% going to the Eva foundation to cover operating expenses.
The Eva app is expected to hit the market in the second quarter of 2019. As of now Eva is based in Montreal, Canada, but expects rapid growth from there.
If you want to learn more details about Eva you can watch Crypto Tim’s interview with the co-founder Dardan Isufi:
Eva is built on the EOS blockchain (otherwise we would probably not cover it :)) and enjoys all the benefits of the EOS ecosystem. We wish Eva good luck in their launch and will be watching development of this project closely.
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