Are you interested in owning a franchise but don’t know where to start? Or maybe you’re already familiar with the franchise model, but you’re curious about the unique approach taken by DRIFE? Look no further than this comprehensive guide to all things franchise with DRIFE.
DRIFE is a decentralized ride-hailing platform that offers a unique franchising model, utilizing blockchain technology. The model utilizes Non-Fungible Tokens (NFTs) to represent each unit of operation, creating a secure and transparent system for both the franchisee and the franchisor.
So, what does it take to become a DRIFE franchisee? Let’s break it down step by step.
Step 1: Express Your Interest
The first step in running a DRIFE franchise is to express your interest for a specific location by submitting your details through our website. DRIFE will then open a public tender for the city and call for bidding for the operation rights.
Step 2: Bid Submission and Evaluation
After the timeline for submitting bids is over, the DRIFE Council evaluates the technical feasibility of the applicants and shortlist the top bidders. The top bidders are then presented before the community for voting. Every DRF holder is able to vote for their favourite contender based on their profile. The three top contenders then proceed to the final round, the financial bidding.
Step 3: Financial Bidding
During the financial bidding, each contender discloses the percentage of revenue they are willing to share with the DRF community. This amount is directly allocated to the DRF City Staking Pool.
The fixed rate of revenue share of each city that is paid to DRIFE is 30%. Thus, every percentage that the franchisee is willing to share beyond the fixed rate, goes to the DRF community.
At this stage, the final contenders also submit their security deposit. The Security Deposit and the integration fees are calculated for each city or region based on factors such as market potential, population density, and competition.
Step 4: Winner & Franchise NFT (FNFT) Issuance
Once all financial bids are received, the DRIFE team declares a winner and grants the operation rights for the specific city or region via issuing the Franchise NFT.
The winner’s security deposit is split into two parts. Half of it is kept in the form of fiat currency, while the other half is converted to DRF and locked for the duration of the license (3 years).
The benefit for the franchisee is that they remain the owner of their acquired token. With the overall success of DRIFE, the value of the DRF token has a likelihood of appreciating in value over time. However, the failure of success might also lead to the reverse effect.
Because the DRF token for the security deposit are bought for the given USD amount at the time of issuing the license for each city, the number of tokens required for each franchise will vary based on the USD value of DRF at the time of starting operations.
DRF Community Participation
Community participation is a key aspect of DRIFEs franchise model. The DRF holders, who form a significant part of the DRIFE community, will play an essential role in the franchise process. The DRIFE Council will participate in the vetting process of the applicants. This ensures that only the most competent and qualified candidates are allowed to proceed to the next stage of the process.
After the vetting process, DRF holders will participate in the voting process to select the top contenders who will move on to the financial bidding round. This step is critical in ensuring that the community has a say in who will be awarded with the franchise rights for their city. Every DRF holder will be able to vote for their preferred contender based on the submitted profile. The top three contenders then proceed onto the financial bidding round.
During the financial bidding round, each contender discloses the percentage of revenue they are willing to share with DRIFE and submit the security deposit. The amount of the security deposit and other franchise integration fees will be decided individually for each franchise location. Once the financial bids are received, the Council and the DRIFE team will declare the winner and award them with the franchise rights for their city.
DRIFE City Staking
Here’s an example of how the DRIFE City Staking in New York City could look like:
(This information is provided for illustrative purposes only and is not to be relied on)
After the vetting process, the DRF community participates in the voting process, to select the top three contenders who will move onto the financial bidding round.
During the financial bidding round, each of the top three contenders discloses the percentage of revenue they will share with DRIFE and submit the security deposit.
DRIFE then creates a staking pool for New York City.
Let’s assume the following:
The winning bidder offers a community revenue share of 2%,
the DRF token price is at $0.1 per token,
the staking pool has a total size of 100,000 DRF,
and the revenue generated in NYC in one quarter is $200,000.
According to this assumption, the DRF staking pool for NYC would receive $4,000 worth of DRF per quarter.
If the DRF staking pool for the New York City franchise has a total stake of 100,000 DRF tokens, the $4,000 worth of drf i.e 40,000 DRF will be distributed among the DRF holders in the pool based on their stake, which translates to 40% quarterly apy and yearly 120% APY.
For example, if you hold 10,000 DRF tokens in the staking pool, you would receive 10% of the drf share distributed to the pool, which is 4000 DRF.
Similarly, if another DRF holder has 5000 DRF tokens in the staking pool, they would receive 5% of the pool, which is 2000 DRF.
The Council is responsible for ensuring that the APY distribution is fair and transparent. The council’s task is to consider various factors when deciding the distribution, such as the current price of DRF, the market conditions, and the franchisee’s performance. The community will be able to vote on the proposed APY distribution, and the decision will be made based on a majority vote.
In summary, DRF holders who participate in the city staking pool will have the opportunity to earn a percentage of the revenues generated by the DRIFE operations in each city. The APY distribution will be decided by the Council based on community voting, taking into account various factors.
DRIFE Perpetual Staking
In addition to the city staking pools, DRIFE will also offer a perpetual pool for DRF holders who may not be able to participate in the city staking pools. The perpetual pool will include revenue shares from all the cities where DRIFE has operations, making it an ideal option for DRF holders who want to stake their tokens and earn rewards without having to focus on a specific city.
The perpetual pool will operate continuously, allowing DRF holders to stake or unstake their tokens at any time, making it a flexible option for those who may need to access their tokens in the short term. The rewards for the perpetual pool will be derived from the revenue share of all the cities, ensuring that DRF holders are able to benefit from the success of the entire DRIFE ecosystem.
DRF holders will play a crucial role in the perpetual pool, as they will be responsible for staking their tokens to contribute to the pool’s liquidity. This will enable DRIFE to allocate rewards to the pool, which will be distributed to the DRF holders based on their stake. The perpetual pool will also provide an opportunity for DRF holders to participate in the success of DRIFE and earn a share of the revenue generated from all the cities where DRIFE has operations, thereby encouraging community participation and support.
In conclusion, DRIFE offers a unique approach to the franchise model, utilizing blockchain technology and Non-Fungible Tokens (NFTs) to create a secure and transparent system for both the franchisee and the franchisor. Community participation is a crucial aspect of DRIFE’s franchise model, with DRF holders playing an essential role in the franchise staking process. Through its innovative approach, DRIFE offers a promising opportunity for those interested in owning a franchise.
Stay tuned for further updates and announcements. This is just the beginning of our journey to revolutionize the ride-hailing industry!
To know more about DRIFE, follow us on : Twitter | Telegram | Linkedin | Website
