Modern Day Robin Hood
Arcade City has self-identified as an Uber killer. They got their start when Uber was banned from Portsmouth, New Hampshire, leaving tons of drivers without jobs and even more riders stranded. As a community of peer-to-peer ride sharing consumers and providers with technology powered by Blockchain, they feed off of the traditional ride sharing incumbents’ weaknesses.
Arcade City has conducted testing since 2016 and recently released their long-anticipated mobile app. Their next step (which has already begun in full force) is to create their own native currency to expand and scale their network. This currency, known as ARC, is based on Ethereum, and will facilitate transactions within the network. In addition, Arcade City will begin to pay its network members (drivers and riders) with ARC tokens for anything the members do that measurably helps grow the network.
In order to fund this, Arcade City did not/will not accept traditional venture capital. Instead, they are having an initial token sale. The sale is happening now, and will culminate in 2018. The first round earned nearly 62,000 ether, which equates to about $620,000. People can make purchases by sending funds to an Ethereum smart contract.
All the value from the sale stays in the hands of the network members, not in corporate wallets. Because of this, Arcade City is calling itself a modern day Robin Hood. Do you agree? Will you get in on this sale?