DEC Raises $9 million To Develop First Ever Decentralized Ridesharing Application

Blockchain-based software development company Decentralized Engineering Corporation (DEC) has raised $9 million in a seed funding round to build Teleport – the first decentralized ride sharing application. The platform is founded and supported by Uber employees.

DEC Raises $9 million To Develop First Ever Decentralized Ridesharing Application

Trip, a Solana-based open-source protocol for mobility-based applications, has raised $9 million in a seed funding round led by Foundation Capital and Road Capital. The funds will be used by Decentralized Engineering Corporation (DEC), developers of the protocol, to build the first application on the network called Teleport – a decentralized ride-sharing marketplace.

 

“You can have multiple rideshare operating companies and multiple clients connecting to that same network and working together in creating this marketplace as opposed to Uber, which is a singular monopoly that no one can compete with, no one can build on, no one can innovate and change,” said Paul Bohm, CEO and founder of DEC.

 

Bohm, who has a vast experience in developing peer-to-peer networks, has previously worked with cloud storage platform Dropbox to build its P2P protocol and with former Uber CEO Travis Kalnick on creating simulations for Uber.

 

DEC will pilot Teleport at the Solana Breakpoint Conference in Lisbon and Art Basel in Miami. The venues were chosen for the pilot program considering the fact how difficult it can be to catch rides from such events. The company aims to launch Teleport in its first city next year with the support of multiple ride operators. DEC also envisions having the Trip protocol governed by multiple entities in order to achieve true decentralization. The founder is also looking into bringing smaller ride operators on to the platform to compete with Uber.

 

Trip protocol allows network participants to access key components of ridesharing services like dispatch, payments, background checks and dispute resolutions.

 

“Why would the drivers keep investing into Uber’s ecosystem when they could actually all collaborate and build their own ecosystem where they have ownership over what they are doing,” added Bohm.

 

Other investors in the decentralized ride sharing platform include 6th Man Ventures, Common Metal, former GM of Uber New York Josh Mohrer, Flexport founder Ryan Peterson, and former Uber employee Ryan Mckillen.

 

By turning ridesharing into a protocol, Teleport is building what we couldn’t build at Uber in 2010, and what Uber should be building today. Riders and driver will soon migrate from centralized middlemen to an open economy with aligned economic incentives,” said Mckillen.

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