As a business owner, there is always concern over what your reputation is. Nowadays there are services which have positioned themselves as a leader in identifying consumer thoughts and experiences, while featuring businesses to help educate consumers on where to go and what to do.
The most common and prominent examples of goods or services are Yelp, TripAdvisor, Rotten Tomatoes and Angie’s list. The goal of these platforms is to make it possible for the people to share their opinions on goods and services. Reviews have a function of feedback, but they can affect the popularity of the business among new and potential clients.
Revain is a review platform that implements the blockchain technology as a backbone for the economic model which ensures that all feedback is genuine and legitimate.
Fragments of reviews are saved in the blockchain, which guarantees that those comments can’t be edited at a later date.
Revain claims that even though this field has been present for over 20 years, a number of fundamental problems remain unsolved.
The problem that Revain mentions is legitimacy. How can participants be sure that the reviews are not being deleted or edited, and how can a company be sure that reviews are being written by genuine clients and not competitors?
According to Revain, the other problems are the user’s motivation and the credibility of the review. Writing a quality review requires time and effort. It involves detailed descriptions of the pros and cons of a product. Revain believes there should be a sort of incentive paired to this action.
Use of tokens
The economic model involves the R and RVN tokens and helps motivate users to leave genuine feedback. In addition, they use mathematical formulas for calculating bonuses that make submitting fake reviews economically unprofitable.
The R token is a currency for exchange trading and is the token you will get once you exchange your RVN tokens on the platform. The RVN token will be used inside the Revain system. This approach allows for a stable exchange rate. The RVN token will be used for; rewarding users for quality reviews, debiting companies for written reviews, penalizing companies for deliberate unconstructive moderation of reviews, and penalizing users for noncompliance with the rules of the platform.
To avoid that the currency of RVN will be affected by the market of the R token, they have decided to make 1 RVN equal to 0.0001 BTC at conversion. The exchange of tokens will happen within the platform with no fees being charged.
To motivate the user to give quality feedback, the company’s account is debited for each review received. This fee is called Review Fee (RF) and consists of two parts, a User Reward (UR) and a Platform Fee (PF). The PF is the main monetization way of Revain. The PF and UR are calculated every time when a review is submitted.
Rewards are being sent out once every two weeks and the amount of reward tokens is being divided by the total number of users being rewarded. In the end, all users get equal rewards for writing a reviews. The PF are the remaining 10% and go to the platform.
Revain allows companies 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 not photo has been submitted in this example, then the review will be rejected during the review automatic filtering (RAF). The RAF is a system based on machine learning and neural networks.
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. The dispute will be handled by a decentralized system of ‘’oracles’’’. Oracles are users with a high reputations within the platform. If the user was able to present proof, they will receive their rewards. The company will be warned and will be penalized. A company may receive a total of three warnings, the fourth will lead to the company being blocked from using the platform.
Users can also receive a warning. This can happen if three of the user’s review in a two-week period get rejected by the RAF or if five of the users review have been rejected by companies in a two-week period. When users are blocked from using the platform, they can’t withdraw their funds.
For now a user is allowed to submit up to 5 reviews per day. They plan to implement user ratings in the future, which will allow users to submit more reviews per day based on their posting history.
The funds crowdfunded from the ICO are distributed as follow; 55% marketing; 20% team; 15% R&D; 5% Infrastructure; 5% indirect.
Team and advisors (2)
CEO: Rinat Arslanov He is an entrepreneur with over 10 years in business and a venture capitalist. At the moment of writing there is little to no information available about him on the internet. The community manager replied: ‘’ Rinat is a private person, , he doesn’t use social media that much, he prefer focusing on building Revain. He has friends on Facebook, but they hided due to his privacy settings.’’
CTO: Maksim Voronin He is in charge of the Lead development and the blockchain design of Revain. Before working for Revain he worked freelance as a technical solution consultant. (3)
Disclaimer: At the moment of writing there is little to no information about the team. The only person with a decent amount of Linkedin connections is the CTO. The rest of the team either doesn’t have Linkedin or has zero to a few connections. (20/2/18)
Revain has one partnership at the moment of writing, Forty Seven Bank. This is a fintech project built to create a modern universal bank both for users of cryptocurrencies and adherents of the traditional monetary system. The CEO will be consulting the project as an advisor on various subjects including the use of blockchain in bank’s affairs. (4)
The partnership is based on advisory towards Forty Seven Bank.
According to the roadmap stated on their website this is the road the follow in course of development:
‘18 Q1: They are adding projects to the dashboard and translating the platform into multiple languages.(5)
‘18 Q2: Saving Reviews to the blockchain and building AI review analysis system. In this period they are also creating a mobile app.
‘18 Q3: Launching RVN token and adding a review incentive system.
‘18 Q4: Revain gaming reviews release and cooperation with giants of gaming industry.