Revain (REV)
What is Revain (REV)?
Revain is a review platform that aims to curate and reward user feedback on products and services by leveraging blockchain technology.
Revain is similar to other reviewing platforms such as Yelp and Trip Advisor, and encourages independent authors to write reviews and attach ratings to them. As posts are made, Revain aggregates, averages, and publicly displays corresponding scores and rankings to their platform.
As it stands, the project is built on both Ethereum and Tron and uses their technology to prevent relevant stakeholders from tampering with the reviews while rewarding users for their feedback.
Uses of Revain can access any three of their offerings:
Revain Platform – Aggregated ratings and reviews for companies and their services
Revain Widget – A tool to integrate Revain reviews into company websites
Revain Academy – An educational resource for newcomers in the cryptocurrency and blockchain industry
Revain offers two native cryptocurrencies that are meant to motivate users to write genuine feedback:
RVN – a dollar-pegged stablecoin used to reward and penalize users and companies in the review process
REV– a utility token used by companies to encourage reviews and provide a vehicle for users to withdraw RVN tokens to exchanges
For more regular updates on the project, visit Revain's blog where the Revain team posts announcements, new features, and community competitions.
Who Created Revain REV?
Revain was founded in 2018 by Rinate Arsalanov and is currently located in Moscow, Russia.
The Revain team was originally funded by a crowdsale in August 2017, raising about an equivalent of $8.5 million by selling R tokens to build its platform.
The Revain team performed a token migration in April 2020, swapping every R token for the new REV token.
How Does Revain Work?
The Revain project uses a five-star rating system to determine the performance of companies, products and services and attempts to improve upon traditional feedback forums by implementing strict processes when it comes to submitting reviews to its platform.
Review System
Anyone may submit reviews to the Revain platform, which, when submitted, undergoes a three-part process:
AI Filtering – All submission data is first run through a Review Automatic Filtering (RAF) system built to detect spam, fake reviews, and plagiarism.
Manual Verification – The review is then sent to the company or project for approval and can then view, comment and accept or object to the published review
Moderation – In the case of a dispute, moderators investigate and pass final judgement on a review. At this stage, moderators can penalize companies or authors for malicious activity and in serious cases, suspend them.
After a review has passed through the filtration system, a reference to the review is published to and secured by the blockchain.
Rewards and Reputation
Review authors are rewarded for successfully writing reviews, receiving comments, and receiving likes in Revain’s RVN cryptocurrency and in experience points. As authors accumulate experience points, they may gain access to more services, tasks, or rewards.
Users and organizations may also be penalized and incur costs for submitting erroneous reviews or falsely reporting accurate reviews.
Of note, the RVN cryptocurrency, which differs from another crypto project’s token, the Ravencoin’s RVN cryptocurrency, cannot be traded on the open market. Users must convert their RVN to REV in order to send it to an exchange and get compensated for their work.
Why does REV have value?
The REV cryptocurrency plays a key role in operating the Revain platform, and may be used to send, receive, or convert to RVN tokens.
By owning REV, companies and users gain the ability to convert those tokens to the RVN dollar-pegged asset and are used to award authors for writing reviews that provide feedback on company products and services.
Further, authors who are rewarded with RVN tokens must convert their tokens to REV tokens when cashing out their profits.
Source : KRAKEN
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Cryptocurrency