VeRide

EasyA x Cambridge Hackathon Finalist, Link to tweet

Full Description

The Challenge:

In the modern era of urbanization, people grapple with traffic congestion and air pollution. E-scooters are a promising solution, offering a convenient, and eco-friendly alternative to traditional transportation. However, adoption of e-scooters is limited by high maintenance costs, inflexibility of where users can park, and availability of e-scooters in peak usage zones.

A large contributor to the high price of e-scooter sharing is the misalignment in the interests of centralized e-scooter-sharing companies and their users. Costs need to be incurred to deploy vans to charge parked e-scooters and repair damage caused by irresponsible usage. As a result, companies need to pass on the costs to the customers which hinders usage.

Furthermore, parking zones are only set in areas with high demand given the lack of economic value in deploying centralized resources to move e-scooters from low to high-demand areas.

The VeRide Solution:

VeRide, built on the VeChain, addresses these issues, offering an e-scooter sharing platform that is run by the community using a decentralized, secure, and environmentally-conscious governance system. VeChain's low transaction fees and high scalability make it an ideal choice for a Web 3.0-based e-bike sharing system. Here's how our solution stands out:

• Mechanisms for incentivizing responsible usage and maintenance: Our platform introduces a token-based system to reward responsible usage and community participation. Tokens can be used for rides, unlocking special features, or building the ecosystem. Specifically, users are rewarded with VET Tokens for:

  • Using e-scooters without damage
  • Moving e-scooters from parking zones to charging zones, and charging them
  • Moving e-scooters from low-demand to high-demand parking zones

• Reduces operational costs: By promoting responsible usage and community participation, the longevity of the e-scooters is maximized and maintenance costs are minimized. Cost savings can then be passed on to the users, lowering prices for users and maximizing the profits available for re-investment to grow the ecosystem.

• Inclusivity: Whether as riders, or “maintenance” personnel who charge or move e-scooters to high-demand areas, individuals from any backgrounds can benefit from the ecosystem, creating a more equitable and inclusive urban mobility landscape.

• Ensuring Transparency and Trust: A hallmark of VeChain's blockchain technology is transparency and immutability. Every transaction, from the issuance of VET tokens to the usage of e-scooters, is recorded on the blockchain, ensuring accountability and trust.

In conclusion, VeChain offers a transformative solution to the challenges facing e-scooter sharing systems in smart cities. By creating a community-managed e-scooter sharing platform, VeRide paves the way for a cleaner, greener, and more efficient urban transportation ecosystem.