RYDE Progress Update
2018 was a pivotal year for cryptocurrency and blockchain technology. On the one hand, the market downturn left many wallets empty and cryptocurrency holders disheartened. Being a product first company, RYDE used this decline in speculative hype to continue to focus on building their product. RYDE has been in full build mode using the time to ensure the product and the ecosystem around it works — which is why you haven’t heard much from us these past few months.
With 2019 upon us, we’re excited to share a progress update with you and answer some questions we’ve been getting over the past few months.
QUESTION: What is going on with RYDE? Is anyone using it?
ANSWER: Rather than rushing to meet arbitrary deadlines we are working deliberately and carefully to ensure that we offer the highest quality product possible. We’ve invested a lot of time in making sure that we’ve made the right choices, including the best, most scalable and most cost-efficient technologies. It’s a fast-moving space, and we want to make sure we navigate it as smoothly as possible so that the end product will meet our standards for quality and utility.
Numerous elements of our Blockchain are already operational and are being tested for launch. That being said, key features of the RYDE platform are live today in preparation for a full public release later in 2019. Our post-licensing technology, which utilizes AI and big data to crawl the web for infringements and protect IP rights, is already in live beta earning commercial revenues and will remain an important component of the overall RYDE platform. In addition to our Post-Licensing Platform, we are planning to rollout our technology in the sports sector later this year.
QUESTION: Are blockchains or cryptocurrencies really necessary for image-rights protection?
ANSWER: Let’s think of it this way: Did we need the internet and credit cards? No. Have they made things faster and more efficient? Absolutely. It’s the same with blockchain and cryptocurrencies. These are new technologies that people will need to get used to before they can see the full potential. We see great advantages in using both blockchain and our own crypto currency in this space.
We believe that blockchain technology coupled with a custom, branded cryptocurrency is the best solution for many reasons. It will allow transactions to run quickly and at a lower cost. Much of the work that would otherwise be done manually can be executed via blockchain-based smart contracts, and blockchain will immutably record and track photo ownership. A branded cryptocurrency will also add the trust and transparency inherent to a decentralized payment system.
QUESTION: Why is RYDE being accused of not paying their employees?
ANSWER: This boils down to a contractor dissatisfied with his compensation and a company dissatisfied with his work. One of our contractors, who came to us via a third-party hiring company, made false and damaging statements on social media without divulging all the facts. His compensation fell under the umbrella of an invoice we’re disputing due to unsatisfactory work during his tenure at the company. We are taking legal action against him and have handed this matter over to our lawyers.
QUESTION: Was the RYDE ICO a failure?
ANSWER: First and foremost, we didn’t launch an ICO but rather a SAFT Offering. The regulatory landscape for ICOs shifted dramatically throughout 2018 — and despite being RYDE was also one of many projects to be impacted by the market downturn. After assessing the situation, we made the deliberate decision to hit the pause button while the dust settles, allowing us to put even more focus on building our product.
Our SAFT Offering did not reach its original funding goal but, importantly, remained in compliance and has no regulatory issues. The RYDE SAFT Offering has raised $5 million so far and we expect to see much more economic activity once our technology is 100 percent live.
QUESTION: So what’s next?
ANSWER: We’re glad you asked! The continued development of our platform is a top priority and we’re planning to publicly launch the full platform inclusive of the final Post Licensing Platform and roll out of our Sports & Entertainment platform later this year (in Q3 2019). We already have a number of customers in the pipeline once we hit this stage. We expect to release the RYDE corporate currency in tandem once the platform is fully launched and operational. We’ll have more announcements before then that we can only hint at right now, but look out for more signs that the RYDE network is growing in the coming months!
