Revain ICO: The First of Its Kind
There hasn’t been a decentralized review platform like Revain’s platform. There are several advantages that Revain ICO has that even regular review platforms do not offer. This includes:
- A two-step verification process
- There are two stages of review filtration, ensuring that only high-quality reviews pass through.
- A reward and punishment system based on the native RVN token
Of course, the Ethereum blockchain technology ensures that the platform remains uncorrupt and unbiased. The set price of the RVN token at 0.0001 BTC (USD$0.05) also ensures that smaller companies and services can afford to compensate customers based on the quality of their reviews.
The review filtration process is accomplished through AI backed by the state-of-the-art IBM Watson system. The system uses an advanced user sentiment analysis algorithm that enables it to analyze and detect writing tone and emotion. It can also detect spam and abusive language. After the initial filtration, the reviews are forwarded to Revain’s in-house team. There are no external influences on this part of the process. All approved reviews – reviews that are entered in the Revain blockchain remain posted in the platform and can’t be manipulated in any way.
The two-coin approach is also clever. The RVN token is exclusive and non-tradable. It creates a stable internal funding source for the Revain platform. While the R token ensures the platform’s cryptocurrency market influence and the continuous increase in value while also sustaining the growth of the platform.
Revain ICO Token Performance
The crowdsale of the Revain ICO tokens was launched on August 14, 2017. The crowdsale was set to end on September 6, 2017. The initial price for the Revain tokens was 0.000011 BTC with a minimum investment of 0.003 BTC. In just 30 minutes Revain ICO was able to raise $850,000. About a billion Revain tokens were issued but investors can only buy Revain tokens up to 70 percent of the issued cryptocurrency. About 55 percent of the crowdsales proceeds are reserved for marketing endeavors with 15 percent for R&D purposes, and another 20 percent for the platform support and team, and the last 10 percent that will be dedicated for the infrastructure and additional expenses. All in all, about $12.5 million worth of Revain tokens were sold in the Revain ICO crowdsale.
The Revain tokens continued to perform relatively well compared to other coins that launched their crowd sales around the same time. Revain tokens had been stable, showing low volatility even with high market fluctuations. Revain token’s price rose up to 113 percent in the next three months following the crowdsale. It reached its historic high right after its first test version was launched in November 2017.
Reviews of the Review Platform
There were those who voiced out that the adoption of blockchain technology isn’t really necessary. But those were immediately silenced with verified reviews of Revain ICO’s platform. Revain ICO was also open to how the platform operates and its processes. The source code was made open to everyone through a Github page that can still be viewed to this day.
Currently, Revain covers reviews on cryptocurrency exchanges, ICOs, e-commerce sites and services, and fast-moving consumer goods (FMCG). Revain ICO plans to crossover to other sectors in the near future. But there were questions about the effectiveness of the reviews on the platform, especially on their timeliness. Some people pointed out that, especially in crowdsales, reviews only appear right after the bad investment was already done. The Revain blockchain also cannot detect underlying motivations for reviews, especially those that are compensated by companies and services for excellent reviews. Most the trepidation comes from the motivation for participation in the platform and if companies are really willing to give their end of the bargain. Companies and services don’t receive incentives for participating.
The Revain ICO Aftermath: What Next?
The team revealed that the initial Revain ICO project would last for two years. The platform would expand and cover more review segments. But the team is already planning ahead for the next five years of the Revain ICO.
Rinat Arslanov, Revain’s CEO emphasized the importance of honest reviews saying, “…I saw and understood how important trust was. After all, a person shares their impressions of work and talks about them in their inner circle. My customers share their emotions in social networks, talk about my product wherever there is an opportunity. Feedback takes the form of value, a form of trust, a form of an invisible asset that generates new customers for your business.”
Revain’s blockchain platform facilitates the creation of an ecosystem where no third-party site is necessary for the unbiased, honest, and uncensored product, service, and company reviews. This type of review service is actually in demand with 84 percent of consumers using reviews as a basis for purchases. But it was also found out that 20 to 60 percent of reviews posted online are either fake or purposely misleading. With Revain’s platform, companies and services do not have the power to manipulate the reviews that they are subject to. This somehow makes the platform, and the Revain ICO, in general, an important but polarizing step in the evolution of online reviews.