DACSEE Launches Blockchain-Based Ride Sharing Mobile App In Malaysia
Decentralized Alternative Cabs Serving & Empowering Everyone (DACSEE), a ride-hailing platform built on blockchain technology targeting the Asian market, has launched its mobile application, debuting in Malaysia, the startup announced on Wednesday.
DACSEE is now available for Android users in Malaysia. The iOS app will be available on April 27. The startup said the mobile app will be rolled out throughout Asian markets including Indonesia, Thailand and China in the coming months.
Prior to the public release, the beta version of the DACSEE app was successfully tested in Kuala Lumpur using a designated pool of drivers and passengers. It allowed drivers to review bookings, create connections and add passengers to their network via the Circle of Friends feature. Passenger were able to select their preferred driver, or request rides from friends via their circle of friends.
The DACSEE platform utilizes blockchain to create a decentralized and autonomous ride-sharing service that requires no central authority and therefore no middlemen fees.
Unlike its competitors which typically charge anywhere between 20-25% in commission fees, the DACSEE digital wallet only takes 1-2% from a driver’s wallet.
The company said the peer-to-peer system will redistribute its platform commissions to the drivers, passengers, and local authorities that make-up the DACSEE platform. All commissions taken from a DACSEE fare will be deposited in a shared pool and then redistributed to stakeholders according to several metrics including community ranking, length of time on platform, number of rides taken or given on platform, and the size of their Circle of Friends.
At the core of the DACSEE platform is an Ethereum-based token that allows for the decentralization of payments, driver deposits and many other features.
DACSEE drivers purchase DACSEE Coin but can accept fares from passengers with any traditional payment method. All transactions and information are recorded for stakeholders using blockchain technology.
Prior to the release of the mobile, DACSEE claims more than 30,000 drivers had signed up for the service throughout Asia.
DACSEE has raised US$25 million so far in its private and ongoing public sales which was launched in December 2017. The startup will use the proceeds to fund the development and growth initiatives of the platform.
The launch of DACSEE comes at a time when the ride-hailing industry is exploding in Southeast Asia, with market leader Grab being the most valuable startup in the region at an estimated valuation of US$6 billion.
As of April 2018, Grab had recorded more than 90 million downloads from users and had over 5 million drivers and agents on its platform. The company claims over 5 million people use the combined platform daily.
In March, the firm made its entrance into the fintech business, launching Grab Financial that aims to offer a wide range of financial services including digital payments, loans and insurance products.