What is Revain?
Revain – or R token – is an Ethereum-based token that interfaces with the Revain online business review platform. Revain utilizes the Ethereum blockchain to permanently record reviews approved by both the system and the business owner. There are two Revain tokens: R and RVN. While R is bought and sold in the crypto markets, RVN token remains solely on the Revain system. Users who want to write reviews and businesses that want to reward review writers pay for access using RVN tokens, which can be exchanged within the system for R tokens at a ratio of 1 to 10. Much of Revain’s functionalities are autonomized, meaning artificial intelligence is used to govern many of its processes.
History of Revain
The idea for Revain was conceived by a small group of blockchain enthusiasts in Moscow, Russia. The original concept was to create a business review service with contents and ratings could not be altered or otherwise subjected to the influence of reviewed businesses. The Revain team grew to include 16 members, many with experience in business and artificial intelligence programming.
Funds for development were raised through an ICO process that went from August to September 2017. The ICO was largely successful, in part due to Revain’s acceptance of a multitude of cryptocurrencies, raising several thousand bitcoin in the process. 484,000,000 R tokens were distributed to participants and trading opened on exchanges by November 2017. By February 2018, Revain had achieved a market cap of over $500,000,000, making the token one of the quickest rising cryptos to ever arrive in the top 50 ranking.
How Revain Works
Just like Yelp or any other web-based review service, Revain is hosted online. Users register an account and then have the ability to interact with the system, which as of this writing is limited to reading and writing reviews of ICOs and existing coins. Future implementations will allow:
- the ability to write and search reviews on a wide variety of businesses,
- interaction with business owners or representatives,
- a rewarding system based on quality and helpfulness of user review
- mediation of review disputes using a system of decentralized, human “Oracles”
Unlike Yelp and other review sites, segments of reviews are transcribed to the Ethereum blockchain, meaning their content is unalterable and cannot be modified in the interest of any party. Revain makes heavy use of artificial intelligence to delete fictitious, duplicate or “spam-like” reviews. It uses smart contracts to dictate the storage and security of its reviews and novel algorithms to make it economically unprofitable for users to submit fake reviews.
Revain takes online review services a few steps further by:
- embedding review content into the Ethereum blockchain, making it a permanent, unalterable record
- providing a decentralized environment where reviews cannot be changed by businesses except via dispute process settled by human mediators
- sophisticated AI software combats submission of falsified, duplicate or otherwise fake reviews, providing review browsers with a more accurate rating of a business.