The Decentralized Engineering Corporation (DEC) has raised an initial investment of $9 million to create a decentralized rival to Uber in Solana.

according to a news reportDEC said it has raised $9 million in seed money to develop The Rideshare Protocol, or TRIP, which is intended to power ridesharing apps from a variety of potential businesses, and Teleport will be used as the first app to test this setup.

DEC CEO and Teleport founder Paul Bohm highlighted that while Uber is based on a centralized platform that connects drivers with passengers, TRIP is intended to be a decentralized protocol that various app developers can use as a marketplace to connect riders. drivers and passengers.

Bohm believes this will encourage collaboration and competition, steering consumers away from the titanic business models of Uber and Lyft while prompting companies to build on building the best software imaginable around a shared marketplace.

Foundation Capital and Road Capital jointly led the seed round, which also included Thursday Ventures, 6th Man Ventures, 305 Ventures and Common Metal.

DEC will use the seed money to fuel its rollout in the coming months with Teleport and TRIP demonstrating at Solana’s Breakpoint conference in Lisbon in November and Art Basel Miami in December.

Bohm estimated that the project will be fully ready for implementation within 6-9 months as DEC looks to test the model.

Association with the Solana Network

Solana was established in 2017 as an open source public blockchain with the goal of offering scalable decentralized finance. (DeFi) solutions

In 2021, the Solana Foundation collaborated with ROK Capital, a major South Korean blockchain accelerator, to joint launch a $20 million fund to develop Solana’s blockchain ecosystem in South Korea.

Phantom, Solana’s bitcoin wallet, too He received a $109 million Series B investment in early 2022. The seed fund was run by Paradigm, a cryptocurrency company.

In recent news, more than 81% of the Helium Foundation has passed the migration of its decentralized network to the Solana blockchain after a successful community vote.

Image source: Shutterstock