You saved for dining at a fancy restaurant that turned out to be a disappointed; you unleash your wrath on Twitter. Or you experienced horrid customer service at some hotel, you instantly slap a 1 star rating on the website.
Since long, reviews and customer feedback have become integral for both, the consumers and the businesses. In addition to being a powerful marketing tool for brands, they also serve as guidance for the consumers, through which, they can be confident about getting their moneys worth. Considering the fact that today’s audience is not passive and that they have the power of the Internet on their fingertips, it is safe to say that they have the power to affect the brand image globally. Due to which businesses these days take a great amount of interest about the reviews they get. With the blockchain technology the reviewing process is about to change forever.
Revain is the first review platform that implements the blockchain technology in order to ensure feedback legitimacy.
Problems of the Review Industry
The first and foremost problem with online reviews right now is fake online recommendations. Given the customer’s reliance on reviews, the demand for feedback is high. Fake reviews unfortunately kill the consumer confidence, in turn triggers a loss of credibility of the businesses.
Meanwhile on the other side of the coin, businesses demand for a positive feedback is also very high as a negative comment can result in a loss of not only existing consumers but also potentially new ones. Hence, it is not uncommon for businesses to pay for positive feedback in order gain credibility and boost sales.
When it comes to negative comments, they are generally deleted by companies fearing the damage they would do to their reputation. This, however, makes review platforms less valuable for users. Due to the current problems, it is rather difficult to develop a platform that encourages legitimate reviews and prevents fraudulent and biased actions.
Revain’s aim is to address this very issue. Unlike other review platforms, Revain doesn’t allow users to delete posts, specifically the negative ones. Rather incentivizes its users with rewards upon creating reviews. The company describes itself as a new generation feedback platform powered by the Ethereum blockchain technology.
By using blockchain tech, Revain provides increased transparency with a single source of data that can’t be changed by anyone. It leverages IBM Watson’s Tone Analyzer and Natural Language Understanding to provide the automatic filtration system. It also determines the emotional content of the postings and tracks the user’s geo-location, past activity, and other factors, in order to provide authentic reviews.
Furthermore, the platform will feature two types of tokens: an RVN token and an R-token. The first one will be used for transactions within the system, while the second will be traded on exchanges and will serve as a reward for creating quality reviews. The tokens can also be exchanged between each other. While the value of R token will depend on market volatility and other factors, RVN token will have a fixed price of 0.0001 BTC. Initially, the platform’s aim will be dedicated to,
- Reviews on ICO to make sure that an ICO a user is going to invest is reliable.
- Reviews on Cryptocurrency Exchanges to trade, buy and sell on platforms trusted by thousands of other people.
- Reviews on E-Commerce to improve the purchase process.
In the beginning we plan to work that have already completed their crowdfunding or ICO phase, as well as cryptocurrency exchanges. Later on, we plan to expand by accessing the gaming, e-commerce, FMCG and booking markets
Reads the whitepaper.