Revain, an Ethereum blockchain-based platform, rewards users for providing feedback on products, services and businesses. By using blockchain technology and artificial intelligence, Revain is designed to provide more reliable reviews, thereby creating a better system for determining business reputations.
While the Internet has created more ways for providing and sharing feedback, it has also resulted in a deluge of manipulated reviews, making it hard for people to trust what they read on many review websites.
The Revain team believes the Internet of Things and blockchain technology provide the tools needed to create a more reliable review forum. The evolution of machine-to-machine (M2M) technology will eventually enable robots to play a bigger role in delivering user feedback pertinent to company reputations. Robots will rely on the Revain system.
Hence, the Revain ICO, scheduled for two weeks beginning Aug. 21, beckons the community to respond to the “need of the hour” and participate in this transformative new service.
Revain currently has a special offer for investors. Those who leave their contact email address on the Revain website will receive an invitation to enter the ICO five minutes before the official start of Aug. 21.
How It Works
User feedback on the Revain platform will be sent to the blockchain where it remains immune to change. All reviews will be available for a request from a smart contract.
Revain will ensure maximum organic response, providing adequate feedback from real users of its system.
When a user posts a review, they can trust the platform will not change it.
Under the current system, by contrast, people have no way of knowing for sure who writes the reviews. Artificial intelligence (AI) can generate hundreds of short texts that look as if they were written by a human.
Rewarding Reviews
The system’s internal token, RVN, will motivate users to take their reviews seriously. Rewarding the reviewers is important because the majority of users prefer to be compensated for their time.
After a review is submitted, it goes through automatic moderation, a system based on machine learning and neural networks. Such systems already are used by companies like Instagram.
The IBM Watson platform’s tone analyzer service automatically determines the emotional content of the reviews. Other filters track the user’s geolocation, past posting activity, review characteristics and other factors.
Once the Revain system has analyzed the review, the company being reviewed gets to view it. The company can either accept or reject it. Whether accepted or rejected by the company, the review remains visible to others.
In rejecting a review, a company must write a response to the review that is shown together with the review.
Part of the reward will be based on a company approving a user’s review. If a user believes a company should not have rejected their review, they can file a dispute that will be resolved by users with high reputations within the platform.
Two System Tokens
The system utilizes two tokens. Token Rs will be created in limited supply during the Revain ICO and serve as a currency for exchange trading at a later time. The RVN token will be used inside the Revain system exclusively, providing for a stable exchange rate.
The system will use RVN tokens to reward users for reviews, debit companies for written reviews, penalize companies for deliberate unconstructive moderation of reviews, and penalize users that don’t comply with the platform’s rules.
RVN tokens ensure the system’s functioning. As more people use the platform, the R token demand will rise beyond the supply as there is a limited number of R tokens.
1 RVN will be equal to 0.0001 BTC.
Users are currently permitted to submit up to five reviews per day. This will increase over time.
Initial Focus: ICOs
Revain plans to first work with companies that have completed a crowdfunding, in addition to cryptocurrency exchanges. Future plans will include expanding to the gaming, booking, fast moving consumer goods and booking markets.
There are currently about 8,000 investors per ICO, making a client base of about 150 projects and 30,000 users since at least half of the clients participate in one ICO at a time.
ICO Planned For Aug. 21
The Revain crowdfunding will be handled by Ethereum smart contracts.
The following cryptocurrencies will be accepted: bitcoin, bitcoin cash, Ethereum, Ethereum Classic, Dash, Dogecoin, Litecoin, Monero, NEM, Litzcoin, Peercoin, Namecoin and Zcash. More currencies will be added.
R tokens will be available for a fixed price. The supply will be capped at 1 billion tokens, of which 70% will be available. The hard cap will be 8,000 BTC, providing a price of 0.000011 BTC per token.
Of the remaining 30%, 20%will be given to the Revain team to support the platform. The remaining 10% will go to advisors and members of a bounty program.