Crypto’s rideshare dreams crash again
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Crypto rideshare has died…again.
Teleport — a decentralized rideshare startup — promised lower prices for riders, higher earnings for drivers and bountiful rewards for early adopters. But on Thursday, the project shut down, run aground trying to make the business work.
Fellow OGs, I sense your déjà vu. Arcade City, La’Zooz, Chasyr, Ridecoin and more have all attempted to break Uber and Lyft’s stranglehold using blockchain-based incentives. Somehow, each has failed to gain social purchase.
Like a lot of DePIN projects, the crypto rideshare concept depends on collective belief and a functional labor market. Projects face an…
