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ABEE Pre-Proposal: Dash Integrated Rideshare App

Discussion in 'Pre + Budget Proposal Discussions' started by ABEE, Nov 10, 2018.

  1. ABEE

    ABEE New Member

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    Taking on a $50 billion industry, we at ABEE Rideshare have been working the past year and a half assembling a strategy, team, and application to compete with the leading rideshare companies. ABEE Rideshare will be the first major rideshare company to introduce cryptocurrency payments and will be featuring Dash payments for its instant transactions and decentralized network. ABEE already has a functioning app for both Android and iPhone where Dash payments are integrated. The first launch city for ABEE will be in Bogotá, Colombia in Q1 of 2019 and we will be co-promoting and educating the Bogotá area on Dash and ABEE at large festivals and events leading up to and after our launch. Having already developed a functioning app with Dash payments, ABEE has skin in the game and is now looking for some funding on marketing this new solution.

    We are asking for 690 Dash over three months to cover promotion of Dash at various events in Bogotá. Event goers would learn what Dash is, how it works and could use Dash to pay for a service directly after learning about it, rather than forgetting about the wallet that they downloaded on their phone. Paying for their ride in Dash will transform what the mainstream thinks about cryptocurrency with real world usage; people might have heard about cryptocurrencies, but this will be the first actual use case for crypto that many will have experienced.

    ABEE will be appearing at major events in Bogotá from December through April where users will be given some Dash and will use ABEE to get home from the events. Attendees to these events will learn what Dash is, how to download the wallet, and be sent small amounts of Dash so people can understand how seamless Dash transactions are. As an incentive to simultaneously use Dash and ABEE following the event, event goers will be given a free ride to use in the following days or weeks. To ensure a safe ride home and minimal liability for ABEE as a company, part of the funding would go towards daily rideshare insurance specifically for these Dash promotion events as ABEE would be facilitating peoples' rides home.

    Payments

    We chose to integrate Dash payments over any other cryptocurrency due to Instant Send and much lower fees than Visa and Mastercard processing, as we are attracting cost-conscious customers. Dash transactions also cannot be blocked in the same manner as debit and credit card payments are frequently denied. Due to these differentiators, not just in the crypto space but of all the currencies in the world, Dash will be the exclusive cryptocurrency payment on the ABEE platform for the foreseeable future.

    ABEE will be accepting debit and credit card payments in case riders do not have enough Dash on them to pay for the ride as they need the ability to make another payment. However, riders are incentivized to use Dash as every 10th ride they take with Dash will be free. Additionally, drivers will make 3% more when their riders are paying with Dash, due to the Visa and Mastercard processing fees. With Dash, riders can receive free rides and drivers get paid more. This will incentive the usage of digital cash, increase the traffic on the ABEE platform, and all of the ABEE drivers are financially motivated to promote Dash to all of their riders. This equates to hundreds and eventually thousands of advocates for Dash in their everyday interactions.

    As more riders are signed up on ABEE, it attracts more drivers on the platform who will become Dash advocates. More drivers will move over from Uber, Cabify and municipal taxis as they realize they can make more money using Dash and ABEE and that in effect will attract more riders to use Dash and ABEE. Customers who would appreciate ABEE, would appreciate Dash.

    With this funding, event goers who have no knowledge of Dash could download the wallet, see how transactions work, then pay their driver directly with Dash and hop in the car to go home in a span of 20 minutes. Dash integration is already implemented on the ABEE app; when payment in Dash is selected, riders are taken to the official Dash wallets on Android or iOS where the driver's address and exact fare is prepopulated, riders simply have to enter their pin, hit send, and their ride has been fully paid for with financial independence outside of the traditional banking system. Here is an ABEE trip demo with Dash payment:



    This is the address the rider paid the driver 0.005420 DASH to on Nov 9, 2018 at 12:54:03 AM: https://insight.dash.org/insight/address/Xsk9gTsz4xviwVepNrc834Kn29gK7Hb4nq

    The transaction was split instantaneously through BlockCypher with 90% going to the driver's wallet here: https://insight.dash.org/insight/address/XeTSSAmivzfLJAudxWGRiBMiDN2s3J3eXB

    and the remaining balance going to ABEE's wallet minus the transaction fee: https://insight.dash.org/insight/address/XyLLz322P6k1aSDGUeJhr8kitLNBz95rEh

    You can download the ABEE MVP app on the Google Play Store and App Store. We are currently completing a new update for both Android and iOS and we will have another update before our official launch with a new UI and a more robust platform. You can download our current MVP's below.

    Play Store: https://play.google.com/store/apps/details?id=com.abee.app

    App Store: https://itunes.apple.com/us/app/abee/id1319311951?mt=8

    Our new app design can be previewed here:



    Latin America

    After a successful Bogotá launch, ABEE will be expanding across Latin America in Mexico City, Santiago, Buenos Aires, and Lima to start. As can be seen by the usage of Dash in Venezuela, there is huge potential in LATAM due to the 600 million inhabitants that have a general distrust towards banks alongside disastrous monetary policies. Over 70% of the people in Latin America own mobile phones and 61% do not have access to formal banking services; Latin America has the perfect set of components for Dash transactions to encompass a significant part of these emerging economies. ABEE will be promoting Dash not just at these promotional events, but encouraging a constant theme for our users to become independent with their finances and to join the new evolution in money and banking.

    In Latin America, taxi usage is greater than rideshare usage despite the safety concerns and lack of transparent pricing. There is a major opportunity for rideshare companies to obtain significant market share in LATAM, in the same way it has exploded in usage in the United States over the past five years. In light of Dash's recent success and momentum in Venezuela, we are evaluating the country as a market opportunity due to the high presence of Dash usage there.

    ABEE

    Some key features of ABEE are cheaper fares, about 9% lower than Uber's until we reach significant market share, riders can receive substantial discounts on every ride they take with On Trip Ads by providing their feedback, and the Favorite Driver feature builds community as riders can select or schedule a ride with a previous driver they had a memorable experience with. We are also working on a blockchain-based voting system to let the users vote on updates they would like to see in the app.

    By being a good-faith company, ABEE only takes a 10% fee to use our platform compared to 25%-50% with the competition. This ensures that drivers are incentivized to not only promote ABEE to everyone they know and meet, but simultaneously promoting Dash as they will earn more when riders pay in the instant digital cash. When we were evaluating cryptocurrencies to integrate into our platform, we looked for various characteristics ranging from reliable governance, fast transaction speeds, a strong community, and merchant acceptance. Not only has Dash proven capable of all of these, they have also shown a high level of professionalism when integrating Dash into our application with the help of the Dash Core Group.

    When Dash Ventures becomes available, we would be interested in deepening our partnership and potentially giving a percentage of the company to the Dash Network.

    We will evaluate and report back to the community on the effectiveness of the marketing campaign; if it’s successful, we can explore doing another promotions in the future to increase Dash awareness and adoption alongside our expansions.

    You can view our pitch deck and website below.

    Pitch Deck: https://prezi.com/view/vSLgUxGUilQxVZTvOnIV/

    Website: abee.io

    We are open to any feedback or critiques that the community has before moving forward with our proposal.
     
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  2. akhavr

    akhavr Active Member
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    Very interesting. Few questions:

    1. What's the estimated ridesharing market size in Bogota and what market share would you consider "a successful launch"?
    2. What's the estimated ridesharing market size in your target market (LATAM) and what market share are you aiming at?
    3. Since you take just 10% cut and offer every 10th ride for free, what's your unit economy? Are you still net-positive? Are you planning to be net-positive on dash rides? If not, how do you plan to achieve positive economy?

    Thanks.
     
  3. BoomStick

    BoomStick New Member

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    1. What will be the consequences of your marketing proposal fail ? Will you launch the platform Q1 2019 anyway ?

    2.
    this seems contradictory to
    - how could people use ABEE to get home on December 2018 if planned launch is going to be in Q1 2019 ?

    3. Latest release of ABEE (beta version) on Google Play is 9 months old (March 2018) - if your product is really functioning why it isn't live yet ? Is it being actively developed ?

    IMO if you finish your product first, release the live version, create some videos of how it works in more details, maybe even get in touch with some trusted members of Colombian DASH community so they could test it themselves, your proposal has much higher chance of passing than now. I'm afraid that showing few transactions on blockchain claiming that it was ABEE rideshare is not sufficient proof that the platform is working.

    Anyway good luck ! I'd really like to see your service competing with Uber.
     
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  4. Quansen

    Quansen New Member

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    Ridesharing is a hyper competitive market. I think to assess this proposal you need to share way more about your business plan.

    How are you funded?
    Is future funding secure?
    What makes you special to compete vs first movers?
    How do you plan to become cash flow positive?
    How far along are you with self driving(!!!)?
    ...

    So many open questions.
     
  5. ABEE

    ABEE New Member

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    1. The developing economies often lack the depth and accuracy of available statistical records in comparison to Uber's and Lyft's quarterly financial reports for the United States that include revenue, expenses, drivers, and total number of rides. Transportation with taxis are still more prevalent than the rideshare companies in Latin America based on empirical evidence in the biggest cities in LATAM. As these rideshare companies are still private firms, they are not required to post quarterly financial reports in every city and country that they are in.

    There are about 52,000 taxis in Bogotá and there is a fixed supply mandated from the government that plays very well for rideshare companies as the population, economy, and transportation needs have been increasing and are likely to continue doing so.

    800,000 taxi rides are taken per day in the Colombian capital and 1.79 million car journeys are taken daily from 2015 figures. The total number of car journeys has likely increased since then as the population has seen growth year over year. ABEE's market share goal is to be 10% of the rideshare market in Bogotá for our first year and we will also be pulling many passengers away from the low-quality and often unsafe taxis.

    Our goal for the end of our first year is to have 440,000 monthly rides, which would be 14,672 daily rides. To achieve 440,000 monthly rides, that would equate to 917 full time drivers picking up 2 riders per hour for 8 hours. ABEE would not just have full time drivers as most rideshare drivers are part time, however it is much simpler to understand the total number of trips and revenue in that manner. The goal for total drivers signed up on our platform, full time and part time, is over 6,100 at the end of our first year. For Uber, the total number of full time drivers comprise 10%-15% of Uber's total drivers.


    2. For the Latin American cities we are going to be expanding in, we aim to take 10% market share of the ridesharing economy for the first year. As we become more well known, build momentum, and capital we will expand our market share in each city from the second year onward in each city. As for our market share in totality of LATAM, that would depend on how fast we expanded into new cities and countries. We have conservatively said we would expand into 5 cities in our first five years, however, as ABEE is primarily a software company with ease of mobility, we can more easily expand our services into most of the major cities in Central and South America in comparison to brick and mortar companies.


    3. We have a road to profitability at taking a 10% cut for Dash fares. For debit and credit card fares we take 12%. Our income projections have us breaking even at the end of our second year and being consistently profitable from year three onward. If you would like more details, I can email you our business plan and financial projections. Since this proposal is not for direct investment into ABEE Rideshare, we thought it would be slightly extraneous information to include in our proposal, but I understand wanting more details on the financial side of things. It is noteworthy of the space that the unicorn Uber has yet to be profitable with a 2017 net revenue of $7.5 billion and an annual net loss of $4.5 billion.
     
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  6. ABEE

    ABEE New Member

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    Thanks for pointing that miscommunication out.

    For the events before our official launch, we will be providing rides through our app just for the event goers and not for the general population. After our official launch, we will provide rides at the promotional events as well as anyone who requests a ride in Bogotá at any time.

    We are going to upload an update to the Play Store in the next couple weeks with the iOS version to follow. The new update has Dash wallet integration when selecting payment. If you'd like we can send you the APK file for the app to test it out on your own.
     
  7. Arthyron

    Arthyron Active Member
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    Hello, @ABEE , and thank you for your Pre-Proposal. I was wondering if/when we might hear from you, as you seemingly appeared out of nowhere in the NBC Segment on Dash a few months back, seemingly fully-formed and having already integrated Dash on your platform. Obviously you know what you're in for in trying to compete in this highly contentious market when even the big names in the industry are questionably solvent. Could you tell us a bit more about why you chose Colombia and LatAm in general as your launch market, as opposed to some other locale?

    Additionally, one of the things we've noticed in the other forays in to the LatAm region is that it's not enough to simply make Dash available as a payment method. People actually have to have both ways of obtaining Dash and incentives to spend it instead of hold on to it. I believe your business model provides fairly significant incentives, but there's still the problem of obtaining it. What does the liquidity situation look like in Colombia? How are your riders and users going to get the Dash they'd ostensibly be spending in your service?

    I'd also be interested to see @George Donnelly 's thoughts on this proposal and if there is any opportunity for collaboration between your projects, since he's hard at work onboarding merchants to the network.
     
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  8. George Donnelly

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    Hi, interesting pre-proposal to see come out of the blue like that! Kudos.

    Since @Arthyron asked, here we go.
    • Transportation is not an initial use case for cryptocurrency because at the moment of paying, people are in a rush and will default to the tried and true fiat currency rather than trying to figure out crypto, especially when there is no one around to assist them. Transportation is demanding, it's got be fast and secure because I gotta get home or I gotta get to a meeting, etc.
    • 10% market share in 1 year is very ambitious. To achieve it, you would need to take a serious bite out of Uber. What is your innovative and unique strategy for achieving this? Even Uber is experiencing its challenges here. I know Uber drivers who had their driver's licenses revoked and their cars impounded for driving for Uber.
    • Your strategy is based only on price. You charge less to both parties. Competing on price is not a sustainable way to build a business. You need more than just a marginal improvement to take market share from Uber. "Uber" is now a generic term for a ride-sharing service in the Colombian lexicon. You need a better business plan.
    • I have no idea how to pronounce your company name, in either English or Spanish. If you want to get that big that fast in Colombia, you need a better name, one that fits into the cultural milieu.
    • Your ask is beyond reason. 230 dash x 3 is USD$25,000 per month even at today's prices. By comparison, I am working an effective marketing strategy with a third of that. Huge events and huge marketing does not work for crypto and at the bottom(?) of a bear market is the least appropriate time to be trying it for the nth time.
    • There is currently no buzz around your company that I am aware of in Colombia.
    • How do drivers cash out their dash? In Medellín at least we have a lot of merchants where they could spend it.
    • In the demo video, it looks like the user paid for the trip before they arrived. Taxis and ubers are only paid after you arrive, so I don't think people are going to like that. Basically, this would require a cultural change in the timing of paying for transportation. What if the trip can't be completed? What's more, is the driver going to try and provide support to the user in the middle of the ride? That's a safety risk. How will support be provided?
    • abee.io does not appear to be available in Spanish at this time.
    • Will the cars include wifi? Most people do not have a permanent internet connection via their phones but instead buy minutes a la carte. Without wifi, completing the payment will be frustrating.

    Very interesting business idea, excellent decision to use InstantSend, you absolutely need it, the app looks nice. As a new service, you need to promote yourself anyway though, so I don't see why we should pay for anything more than the Dash airdrops at your events.

    Recommend you run one of these big events first then let us know the results, show us lots of video etc (including actual scenes of when the riders arrive and pay with Dash). I am available to consult and perhaps even to fly over to Bogotá and assist. My contact information is below.
     
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  9. ABEE

    ABEE New Member

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    We see Latin America as a high growth market in the coming years and want to focus our attention on the area. LATAM has yet to experience the rapid growth and everyday usage of rideshare like how the United States has in the past few years. We see most, if not close to all, major cities in the world adopting the rideshare model for an increasing percentage of the transportation sector year over year.

    With the exception of Uber, the major rideshare companies around the world have a specific region that they obtain market share in. Lyft only serves the United States and parts of Canada, Grab has a dominant portion in SE Asia, Careem is in the Middle East and North Africa etc.

    The Colombian capital is estimated to be home to around 11 million people in the metropolitan area and is a strategic location for expansions North up to Mexico and South down to Chile. The newly-elected President of Colombia, Iván Duque, has expressed that he wants to make Colombia a technological leader in the region with advancements in Distributed Ledger Technologies, Artificial Intelligence and Big Data which should prove well for software companies serving the country. Additionally, Dash has been gaining significant traction in Venezuela and other countries in Central and South America and we see Dash's success and exposure in the region to go hand in hand with ABEE.

    As for liquidity, Uphold supports the Colombian Peso (COP) and is now built into the official Android Dash Wallet. We are in talks with Uphold for a partnership that would sign our users up for Uphold when creating their profile on ABEE, if our platforms user choose to. Riders and Drivers would have an easy onramp for Dash to the Colombian Peso right in their mobile wallet. Bitinka is a cryptocurrency exchange that supports COP deposits to Dash with a credit or debit card and Dash to COP if they would like to convert their earnings. We are also talking with the Dash Core Group executives on strategic ATM's around the city for quick cash conversion.
     
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  10. ABEE

    ABEE New Member

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    Thanks for your comments George. We aim to address your concerns below.

    We at ABEE believe that Dash is a method of payment for any financial transaction from the point of sale to e-commerce. It doesn't appear that transportation needs for ever-expanding cities will cease in the near future and we see no reason as to why Dash cannot be used to transfer value from a rider to a driver who is providing an important service.

    We are curating strategies to alleviate the Dash learning curve for the everyday person with incentivized educational videos in our app and in-person at events. These videos and promotional events would educate new users not just how to use Dash for ABEE, but how to use Dash for any transaction. In our opinion, paying for a ride in Dash would be much simpler than fumbling around in your wallet for paper notes and coins and the often occurrence where the driver doesn't have enough change. To get to the point where Dash transactions would be commonplace, not just in the transportation industry, will take time and resources. This is one of ABEE's mission that we have been constructing and will be incessantly working towards for years to come.

    A well-known brand does help maintain market share, but that does not mean that they are invincible. In the internet age especially, companies rise and fall at a meteoric pace; Netscape and AOL dominated the internet landscape not too long ago. It is now more imperative than ever to adapt or become irrelevant. We believe that lower prices incentivizes growth for both riders and drivers. If a consumer can receive an equal or better service for a lower price than the competition, why would the majority of people pay more. A prime example in the industry is Lyft, who not only catered to consumers by being consistently cheaper than Uber fares in the United States, but also branded themselves as the caring and ethical company that took advantage of the multiple scandals in the Uber offices.

    ABEE drivers are highly incentivized to promote the company and Dash over taxis, Uber, and Cabify as they are paid 85-90% of the total fare compared to 50-75% that Uber charges. Riders can receive a significant discount off their fares with On Trip Ads by watching advertisements and providing personalized feedback.

    Our name is pronounced A-bee or Abbey.

    ABEE has the potential to be a major player in the rideshare and cryptocurrency space. Relatively, $25,000 is a lot of money to most individuals in the world, but to a successful technology company it is a small amount. To date, ABEE has not made any proposals to the Dash network, we do not believe we are burdening the network with another failed cash grab. ABEE is offering tremendous value at a time when it is needed most. One can look at the bear market as a negative event where all hope is lost or it can be the motivation for building the next generation of companies that are going to impact the world.

    We have not started a marketing campaign in Colombia yet. In the past we have been more focused on building our product and service rather than generating hot air without any substance behind it. ABEE is now turning our attention onto the brand awareness and exposure in the Bogotá area.

    As for currency conversion, Uphold supports COP and is now built into the official Android Dash Wallet. We are in talks with Uphold for a partnership that would sign our users up for Uphold when creating their profile on ABEE, if our platforms user choose to. Riders and Drivers would have an easy onramp for Dash to the Colombian Peso right in their mobile wallet. Bitinka is a cryptocurrency exchange that supports COP deposits to Dash with a credit or debit card and Dash to COP if they would like to convert their earnings. We are also talking with the Dash Core Group executives on placing strategic ATM's around the city for quick cash conversion.

    Riders paying at the beginning of the trip has been addressed and moved to the end of the ride. If the trip does not complete with a Dash payment, the solution varies based on the situation. If the car breaks down, the rider will be given a free ride to their destination with another driver. If the rider refuses to pay once they have already been picked up, they will no longer be allowed on the platform.

    ABEE will make sure that riders and drivers are comfortable paying with Dash through educational videos and questionnaires to ensure the safety of everyone involved. Our app is designed to make it very easy for riders to pay drivers. Upon payment at the end of the trip, the rider taps the Dash logo popup screen that takes them to the official Dash wallet with the address and exact dash amount pre-populated. They enter their pin, hit send, and the driver has been instantly paid. No QR code scanning is needed or manually typing in the fare amount. There will be text and phone support for any issues our users experience.

    Our website will be available in Spanish shortly as well as our app.

    We will conduct research into whether Wi-Fi support in the drivers' vehicles will prove to be lucrative and increase user adoption. It would most likely be useful in attracting riders away from taxis, as Uber and Cabify riders already have data to fulfill the app's functionality.

    We'll reach out to you soon and get connected with Dash people here on the ground!
     
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