This repository contains the SnagRide token Ethereum smart contract source code.
The Solidity code implements the core ERC20 standard functionality.
SnagRide is America’s first long-distance ridesharing community that combines artificial intelligence with blockchain technology through Smart Contracts. This technology allows the SnagRide platform to easily and securely manage the lifecycle between drivers and passengers willing to travel together between cities and share the cost of the trip. At SnagRide, we recognize that there is a need for an affordable, secure and convenient long distance ridesharing alternative in the U.S. that users can use to request door-to-door pick up and drop off all across the country at the tap of a button on their smartphones. Our goal will be to provide our users an easy and secure transportation alternative between major cities that does not involve cramp seats on a slow bus, unreliable and expensive regional passenger trains, or the interminable hassle of a plane ride.
The token on the platform will not only serve as a means of payment but also a means for Miles (SnagRide’s AI Bot) to efficiently match riders and drivers based on a thorough analysis of user preferences data, including price limits, general routing preferences, time of rides, type of vehicles etc. SnagRide (MILE) Tokens will be redeemable on the app once the platform is launched. The token will be used for all aspects of the application such as searching for rides, offering rides and completing ride transactions.
Once a rider has taken a sufficient number of rides, ‘Miles’ will be able to search for the optimum route based on distance traveled, number of trips taken, and user ratings. This information will be stored and visible on the network and only to be used between ‘Miles’ and the user. By making user of the Ethereum network’s encryption, this information can only be viewed by those two parties.
While FIAT payments are supported by SnagRide, we will encourage users to use the MILE token payment option by offering rewards and bonuses to users who use MILE tokens to pay for rides. The MILE token will also help prevent fraud and lower credit card transaction fees. Credit card transaction fees could be upward of 5%. This is a significant portion of a company’s income that could be better used in other ways such as marketing and development. By limiting or eliminating these credit card transaction fees through the use of an Ethereum token, we will be able to offer a cheaper ridesharing option for long distance travelers.
Ethereum network fees vs credit card transaction fees. On average a ERC-20 token transfer will cost 0.0001 ETH(4 gwei). This means that on average an Ethereum token transfer will cost no more than 10 cents. An Ethereum token transfer is much cheaper than a credit card transaction which could cost up to .25 cent authorization fee plus up to 5% transaction fee. Using Ethereum tokens to pay for rides will save Snagride millions over several years. Ultimately allowing us to provide a much better service.
For any questions contact info@SnagRide.com
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