The groundbreaking Trip Network, developed by Decentralized Engineering Corporation (DEC), has raised $9 million in seed funding. The company is confident in its ambition to implement a decentralized ridesharing system on Solana. The seed money will go toward developing The Rideshare Protocol (TRIP), which will power ridesharing apps from a wide range of future companies.
Foundation Capital and Road Capital were the leading investors in the seed round, with additional backing from Thursday Ventures, 6th Man Ventures, 305 Ventures, and Common Metal. Furthermore, Uber’s third employee and engineer Ryan McKillen are both individual strategic investors, as is social media star Jake Paul.
Trip network and the mission to bring decentralized ridesharing
DEC’s new Trip protocol is built on the Solana blockchain and may be used for a variety of mobility-related applications. DEC’s Teleport, a decentralized ride-sharing application, will be the first program to make use of the network.
Without a central authority to control the system, TRIP is a decentralized protocol that many different app developers can integrate to create a marketplace that links drivers and passengers. Decentralized governance of the protocol itself will take place via tokens. The Trip network is a free and open-source project. All members of the network will have access to vital features of ridesharing services like payment processing, background checks, and resolution of disputes.
Users of Teleport have access to a marketplace where they can post requests for rides. The DEC Teleport app is one example of an app that can run on top of the shared, Solana-driven marketplace. It is possible for many different ridesharing companies to join the same network, together with many different customers, to create a thriving marketplace.
Trip Network’s protocol-based approach to ridesharing will allow users to move away from reliance on third-party intermediaries and into a more decentralized market where everyone’s financial interests are more aligned. According to a company announcement, the launch of Teleport’s app will take place at the end of the year’s fourth quarter. Teleport will have its first test run this year at the Art Basel Miami Beach and the Solana Breakpoint conference in Lisbon.