Arcade City is a decentralized ride sharing service set to launch September 1st. It aims to compete with Uber and Lyft.
What makes Arcade City different is that it’s goal is to have the Arcade City network be the service. Riders and drivers will connect via an app and all payments will be automated peer to peer. There will never be a corporate Arcade City setting rates, policies etc. Cryptocurrencies like Bitcoin and Ethereum are set to the be payment methods.
Drivers and riders can name their own price. The market will work it out, in theory.
Arcade City is a test for a decentralized service going head to head vs major for-profit services like Uber and Lyft. Arcade City is a fascinating and ambitious project and one to watch.
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Sounds like a great way to launder money to be honest…
This needed to exist a long time ago. I don’t know about the bitcoin/cryptocurrency angle (credit cards aren’t going anywhere soon), but the basic structure is theoretically ideal. And not just for homegrown taxi drivers.
Cryptocurrency payments can be written into automatic contracts so that when you take a ride on Arcade City the transaction is handled in Bitcoin or Ethereum or whatever and auto debited from your bitcoin deposit. It’s not quite automatic yet but it’s being worked on.
This chokes the banks out of their standard 3% grift of anything that isn’t cash.
Most people haven’t heard of cryptocurrency. It will be interesting to see watch the Arcade City story unfold for many reasons: 1) compete against Uber 2) No credit cards 3) impact, if any, on value of Bitcoin as adoption grows.
I personally don’t expect much short term but these early experiments build the decentralized services and cryptocurrency story over time.