Revain is building a platform based on blockchain technology that relies on real and reliable reviews. Users evaluate products, services and many other things and record their reviews on the blockchain. In this way, the authenticity and reliability of the reviews are maintained. The project also seeks to ensure that reviews are accurate and objective, creating a dual-token system in which users are rewarded with the local token REV coin.
The project offers a platform that can be used in a variety of different sectors and represents an important potential opportunity for institutions and companies. Customers can read real reviews through Revain, and institutions and companies can analyse these reviews to increase customer satisfaction and sales. The ecosystem was designed to increase the reliability of reviews made worldwide, especially in areas such as e-commerce and tourism. In this blog post of Zatrun.com, we will examine in detail what Revain is.
What is Revain?
Revain is a blockchain project that offers a digital currency and platform. Users evaluate products, services, and others by commenting and voting on this platform. Each review is recorded on the blockchain, making it difficult to change or spam reviews.
The project also offers an important opportunity for institutions and companies. Companies have access to data required to increase customer satisfaction and sales based on reviews. This way, companies can solve problems in their business.
Revain allows users to share their real and accurate reviews and allows other users to see these reviews. Once a review is shared, it cannot be changed. The platform aims to ensure that reviews are accurate and objective by encouraging users to share accurate information.
In return for their reviews, users receive crypto payments in the form of REV coins. Currently, traditional review platforms are struggling with many problems, including fake accounts, spam, paid reviews and more. However, REV solves these problems with blockchain and decentralisation.
How Does Revain Work?
Online reviews are a force to be reckoned with. According to the 2018 Local Consumer Review Survey, 86% of consumers regularly read online reviews and 91% trust these reviews as much as personal recommendations. Simply put, perfect online feedback means money. Reading reviews is an especially important part of the consumer journey and critical to the purchasing process. This leads businesses, salespeople, marketers, bot manufacturers and paid writers to distort the truth as much as possible for their interests.
The Revain ecosystem consists of several key components, rules, and processes that ensure the reliability of reviews published on the platform. For example, any user seeking to receive rewards must first pass the KYC stage. Additionally, a regular user is limited to publishing five reviews per day, preventing the manipulation of the reward system. However, not everyone can publish five reviews. The project managers state that users with the highest reliability scores can publish more reviews in the future.
What is REV Token? Is It a Good Investment?
The Revain ecosystem operates with a dual-token architecture, comprising two different cryptocurrencies, REV and RVN. RVN is a fixed token that can only circulate on the blockchain. Its sole purpose is to reward users who write reviews for their work. This asset has no other use case and is not traded on cryptocurrency exchanges.
However, REV coins can be bought and sold on external exchanges, unlike RVN. Revain uses a non-linear conversion mechanism to convert REV coin to RVN. Users can convert these assets to each other as desired. Registered companies on the platform can use REV coin to encourage authors to write reviews, gaining access to the data they need to evaluate their products. REV uses the ERC-20 standard and is located on the Ethereum blockchain.
To date, over 170,000 companies have listed more than 5.7 million products on the Revain platform. These products have received a total of 6.18 million reviews, and these numbers continue to grow daily. The project’s current total market value is $41.4 million, making it the 461st largest cryptocurrency.
The platform was founded by a Moscow-based development team in 2018 and has continued to grow since then. However, the token is trading at 0.00047 dollars, far below its peak of 3.30 dollars in 2018