What is Revain?
Revain is building a platform, which allows users to discuss various projects that have successfully carried out crowdfunding round or ICO.
A review site according to Wikipedia is a website on which reviews can be posted about people, businesses, products or services.
Revain is the first review platform that implements the blockchain technology in order to ensure feedback legitimacy and as a backbone for the economic model which ensures that all feedback is genuine and legitimate.
Some of the review sites which emerged as early as in the 1990s, covering reviews on different industries from music to toys, computers, etc, created the platform with the goal of making it possible for people to share their opinions on goods and services. In many cases these websites help businesses gather feedback from their customers. However, even though this field has been present for over 20 years, a number of fundamental problems remain unsolved.
The aim of Revain is to create an easy-to-use service that would enable companies to receive constructive feedback about their projects. Users will be able to share their experience and learn from the experience of others. Fragments of reviews are saved in the blockchain, which guarantees that those comments can't be edited at a later date and to motivate the users who carry out reviews on the platform, an internal token of the system called RVN is used, this also ensures that the participants take their reviews and all related actions seriously.
Problems Solved by Revain:
The problem of participants trusting that their reviews are not being edited or deleted.
When users post a review, they trust that the platform will not change, edit or delete it, The problem we are facing here is a problem of trusting a third party., with Revain having some part of the reviews stored on the blockchain, make it impossible to be edited or deleted, thereby solving this problem.Another problem is how a company can be sure that reviews are being written by genuine clients and not competitors.
Doubtlessly, reviews on the internet are important and can impact the image of a company. Besides the obvious function of feedback, reviews affect the popularity of the business among new and potential clients. This eventually attracts competitors who will try to tarnish the reputation of this rival. Meanwhile, companies have no way of knowing for sure who writes the reviews.
This problem is also solved by Revain, because the ID of the reviewer can be verified, and another feature of Revain makes it economically not viable to make several reviews either against a company or for a company.The problem of User motivation
Some users prefer to be compensated for taking time to write reviews which of course is not a simple task to write a quality review. It requires time and effort; it involves detailed descriptions of the pros and cons of a product and a conclusion. Revain provides a system of compensation for writing quality.The problem of Review credibility
If there is no incentive to write reviews, could it be that some parts of reviews are created by means of artificial intelligence? Nowadays it is not impossible to use artificial intelligence to generate several hundred of short texts that would look like they were written by a human, or simply just buy reviews. Revain platform implements several innovative technologies, most of which are based on the blockchain technology. Smart contracts let Revain publicly save thousands of reviews, thus making it impossible to delete or modify them. The economic model involves the R and RVN tokens and helps motivate users to leave only genuine feedback. In addition, mathematical formulas for calculating bonuses that make submitting fake reviews economically unprofitable are used.
Revain Customers and market outlook
During the first stage of development, Revain clients will be mainly companies that have completed a successful ICO and their investors. However, Revain also plans to expand by accessing the Gaming, E-commerce, FMCG and Booking markets.
According to coinmarketcap, during the summer of 2017 there were already more than 970 different tokens and currencies. Around 15%of those were created using funds raised in the process of an ICO. According to Revain analysis, there are roughly 8,000 investors per ICO, which means that even now the client base of Revain consists of around 150 projects and30,000 users (given that at least 50%of the clients are participating in only one ICO at a time).
The amounts raised can range from $1.5million to $100 million per ICO on average. We should also take into account the non-transparent legal status of many companies and the almost complete lack of control from most governments. In this situation, Revains product is capable of providing proper means of communication between post-lCO companies and investors.
Revain uses Two tokens (Rand RVN),
Revain project is different from most other blockchain projects since two tokens are required for the system to function properly. By using both tokens it is possible to create a so called stable coin which can be used as an internal mechanism vital to the functioning of the platform.
Token R was used to gather funds during ICO, as well as a currency for exchange trading. Judging from the experience of other blockchain proiects, this token will be highly volatile due to the speculative nature of the market nowadays.
The RVN token will be used exclusively inside the Revain system. This approach allows for a stable exchange rate. All interactions between the platform, users and companies is based on this approach, specifically:
• Rewarding users for quality reviews;
• Debiting companies (in tokens) for written reviews;
• Penalizing companies for deliberate unconstructive moderation of reviews;
• Penalizing users for noncompliance with the Rules of the platform.
Tokens conversion
R tokens were created in a limited supply during the crowdfunding phase, while RVN
ensures the functioning of the whole system. We understand, that as more and more people use our platform, the demand for the R token will become higher than the supply (since the number of R tokens is limited), and it's price on exchanges will start to grow.
Since the reason for the creation of two tokens is ensuring the stability of the RVN exchange rate, the main requirement for the conversion is the possibility of leveling volatility. The currency rate of RVN should not be affected by the market and the rate of the R token in particular.
To accomplish this, Revain decided to make 1RVN equal to 0.0001BTC. Exchange of tokens at any time will be executed based on the following formula:
1R token= (R value (in BTC)/0.0001) RVN tokens
Accordingly, the rate of token R is calculated with a backward version of the above formula. Token exchange will happen within the platform, no fee shall be charged.
Company usage
Since the user needs to be motivated to give a quality feedback and the platform provides companies with quality feedback from customers, the company's account is debited for each review received. This fee is called Review Fee (RF) and consists of two parts:
Review fee (RF) = User reward (UR) + Platform fee (PF)
Platform fee - a fee paid to the platform. It is our main way of monetization.
User reward - a (possible) reward for the user forwriting a quality review.
The amounts of PF and UR are calculated every time when a review is submitted.
Revain fee
While developing the RF formula two issues were addressed:
- Develop a model that would make the purchase or artificial generation of big amounts of reviews economically unprofitable.
- Develop a system that would allow small companies to afford to reward users for reviews.
With the nonlinear dependency of RF on the total number of reviews written in the past two weeks. The overall trend is the following – the more reviews there are, the bigger the value of RF. Two weeks after the submission of the last review a rollback will occur, setting RF at its minimal value:
The maximum value of RF is limited to 10RVN, otherwise the total value of RF would be bigger than the value of the whole emission after only200 new reviews have been submitted.
For the details of the how RF is calculated, kindly consult the whitepaper. (https://revain.org/pdf/wp/en-wp.pdf)
Revain platform is also different from other similar projects since companies are allowed to set up their own metrics for assessing review quality. For example, a restaurant might require their reviewers to attach a photo of a waiter standing next to a table. If no photo has been submitted, the review will be rejected during automatic filtration.
User usage
Users are motivated to write quality reviews by the possibility of token rewards taken from the company's account. This amount is taken from the Revain fee and is calculated with the following formula:
User reward is (0.9 x Revain fee)
Currently a user is allowed to submit up to 5 reviews per day. In the future Revain plans to implement user ratings, which will allow some users to submit more reviews per day based on their posting history.
In the end, all users get equal rewards for writing reviews. Rewards are being sent out once every two weeks - the amount of reward tokens is being divided by the total number of users being rewarded.
The remaining 10% are called Platform fees and go to the platform. Users receive a reward only if a company approves their review.
If a user believes the company should not have rejected their review, they can file a dispute. In this case, the dispute will be handled by a decentralized system of "oracles". Oracles are users with high reputations within the platform. In case the user was able to present proof, they receive a reward, and the company receives a warning is penalized for 10x RF. A company may receive a total of three warnings, the fourth will lead to the company being blocked from using the platform.
A user can also receive a warning, this can happen in two cases. The first case is if three of the user's reviews in a two-week period get rejected by the automatic filtration system. The second is if five of the user's reviews have been rejected by companies in a two-week period. The fourth warning leads to the user being blocked from using the platform without being able to withdraw their funds.
Review filtration
The review filtration implemented on Revain platform is in two stages and does not require the involvement of a third party.
The two stages are - machine moderation performed by the Al and manual moderation done by the company. This method guarantees that Revain employees do not get involved in the moderation process.
Review Automatic Filtering (RAF)
After submission, each review first has to go through automatic moderation. This system is based on machine learning and neural networks. Similar systems are already implemented by several big companies
A key component of the system is the interaction with the IBM Watson platform. With the Tone Analyzer service, the emotional component of reviews are automatically determined such as
Anger, Joy, Sadness, Fear, etc, these components are determined before the reviews get to the manual moderation.
In addition to the Tone Analyzer tool, other filters have also been developed that track the user's geo location, past activity (posting frequency. automatic & manual filtration results for previous reviews), review characteristics and others. We also use the Natural Language Understanding service. It is capable of deriving the essence of a review, detecting semantic blocks, keywords and word collocations and check for their compliance with the general essence of the text.
Manual filtration
Once the reviews have passed RAF successfully, it is reviewed by the company it is targeted at. The company's moderators can either approve or rej ect the review. Regardless of their decision, the review will still be visible to all users.
In case a company does not agree with a review and rejects it it must write a comment of their own in response to that review. This comment will be shown together with the review. Thus solving the issue with unconstructive reviews.
Review snapshots storage (RSS)
After a review has passed manual filtration, a part of its structure is saved in the Ethereum blockchain. Thanks to this, users and the companies can be sure that the review has not been edited. This type of data is stored by a smart contract called RSS – Review Snapshots Storage
Summary of issues addressed by Revain
Companies purchasing reviews
This type of behavior is not economically feasible in Revain system, since the review fee will grow continuously.
Users attempting to earn rewards by posting made up reviews
Companies have the right to reject reviews that it deems untrue, so such users will only lose tokens. Since the reviews are made up, the user would not be able to provide any proof of the opposite.
No guarantee that reviews are not being edited
Reviews on Revain platform are saved in the Ethereum blockchain. Anyone can compare any review with what have been saved in the smart contract.
Companies rejecting all critical reviews
Since all reviews and the company's rejection or approval of them are visible to everyone on the system, companies with very high rejection rates will raise suspicion.
Lack of motivation for users
Users leaving quality reviews will be rewarded with RVN tokens that can then be converted to R tokens, which can be traded on exchanges.
Crowdfunding
The Revain crowdfunding was successfully conducted and the Token is already listed in exchanges with very impressive performance in the market. It is expected to have an upward movement as more and more people become aware of the project.
R tokens are based on the Ethereum platform and the standard token interface ERC20.
The goal of the crowdfunding is securing funds for R&D and covering platform-related costs. The following lists how the funds is divided.
- MARKETING: 55%
- R&D: 15%
- TEAM: 20%
- INFRASTRUCTURE: 5%
- INDIRECT: 5%
Future works
As per July 2017, Revain was undergoing alpha testing. The main mechanics for interaction between users and the platform are already in place, as well as the mechanism for platform-blockchain interaction on the level of RVN tokens.
In addition to the main user interface, Revain has developed an HTML widget that companies can install on their websites. Thanks to this widget visitors to the company's site will be able to see reviews from Revain platform.
Revain also plans to expand into other markets when the platform is operating smoothly such as gaming, e-commerce, bookinq and FMCG. As their data suggests these four directions will be the most profitable.
Revain provides its clients the possibility to affect the development of a product and sharing their experience with others. Thanks to its module architecture and versatility, the system can be rebuilt to accommodate reviews from other fields. In light of all of the above, It is believed that Revain has the chance to become a groundbreaking project on the review website market.
Useful links are below.
https://revain.org/
https://revain.org/pdf/wp/en-wp.pdf
https://t.me/joinchat/CzZcC0PCgpJcbBCb3JfNeQ
https://www.facebook.com/Revain-Reinventing-Reviews-on-Blockchain-657353151128295/
https://twitter.com/Revain_org
https://coinmarketcap.com/currencies/revain/
https://bitflip.cc/trade/R-BTC
https://c-cex.com/?p=r-btc
https://www.cryptopia.co.nz/Exchange/?market=R_BTC
https://etherdelta.com/#R-ETH
https://mercatox.com/exchange/R/BTC
https://btc-alpha.com/exchange/R_BTC/
Note that this write up has done based on the information provided by Revain in there various communication channels. Thank you for reading.