The Community Fleet program embodies RIIDE’s unwavering commitment to empower its community, transcending the mere provision of transportation to foster shared investment in the future of sustainable mobility. As an inclusive community-owned ecosystem, RIIDE extends the opportunity for its members to co-own the assets used for RIIDE services.
Within the Community Fleet, a diverse array of Electric Vehicles (EVs) constitutes co-owned revenue-generating Real World Assets (RWAs). Each EV, forming part of the Community Fleet, is organized as a collection of 100 (1%) ownership revenue Non-Fungible Tokens (NFTs). Possession of these NFTs grants a 1% stake in the revenue generated by the associated asset.
The generated profits, post operational cost deductions, are distributed monthly to the NFT holders designated wallet in $RIIDE tokens. This unique revenue-sharing model ensures that each co-owner actively partakes in the financial success of the RIIDE Community Fleet.
Community Fleet NFTs are available for purchase on the Yumi marketplace, subject to a mandatory Know Your Customer (KYC) process.
Clarification of Ownership: It’s crucial to understand that possessing 100 ownership shares in a collection doesn’t directly confer ownership of the vehicle. Instead, it signifies a proportionate share in the revenue generated by the asset after operational costs. This distinction allows participants to benefit from the vehicle’s financial success without the complexities associated with direct ownership. Importantly, only a fully executed leasing or buy-to-own contract holds the authority to supersede or transfer ownership of an asset.
The RIIDE Certificate of Ownership protocol (#CoOp) was designed to underpin the Community Fleet program. Upon completion of a collection’s sale, the corresponding asset is procured and delivered to the local RIIDE HQ.
After authentication of the asset, the vehicle undergoes a specialized asset security marking process, the subsequent verification information is then recorded to a Biokey (Biometric Cryptographic Key) and used to generate the asset’s on-chain Certificate of Ownership, facilitated by Origyn Tech. The certificate is intricately linked to the asset’s parent NFT and seamlessly integrated into the RIIDE Dapp system, assigned to a service provider (driver), and incorporated into the operational rotation.
Assets connected to a leasing/buy to own contracts, will be issued to the specific service provider, repayments will be begin 30 days from vehicle collection.
Certificate of Ownership
Company Name
RIIDE DAPP
Company Address
Ealing Cross, 85 Uxbridge Road, LONDON
UNITED KINGDOM
RIIDE DAPP
Company Number
14400032
RIIDE DAPP LTD
VAT Number
459 3044 80
VAT NO
Certificate Number
RIIDELDNUK008
RIIDE
Certified By
ORIGYN
ORIGYN FOUNDATION
Registration Timestamp
12:51 / 24.02.2024
ON-CHAIN
BioKey
∞ 2299003
INTERNET IDENTITY
Asset Verification
RIIDE PASSPORT
Asset Authentication
EVMOT
24.01.2024
Vehicle Inspected
12:51 / 24.01.2024
LONDON
Asset Security Protocol
∞ 09:33 | 27.01.2024
AUTH CODE
On-Chain
∞ 10:04 | 04.02.2024
TIMESTAMP
On-The-Road
∞ 06:00 | 29.02.2024
LONDON
- Re-acquisition & Transfer of Ownership: Both RIIDE Dapp Ltd and RIIDE service providers have the opportunity to repurchase ownership shares through the ‘Buy to Own’ scheme. This scheme provides service providers the flexibility to either secure full ownership or facilitate the sale of the vehicle while transferring ownership to a new participant.
Asset Maintenance & Support: Service providers benefit from access to the RIIDE EV club, ensuring they have the necessary support for effective asset maintenance.
Automated Repayment Structure: Repayments for service providers are seamlessly managed, with automatic deductions occurring every 30 days, ensuring a hassle-free process.
Liquidity & Tradability: The tradability of Ownership NFTs provides users with liquidity and the ability to adjust their positions within the system.
Risk Mitigation & Financial Inclusion: The model prioritizes revenue shares over direct ownership, effectively mitigating the complexities associated with vehicle ownership. This approach ensures financial inclusion and a simplified experience for all participants.
