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How can online review Platforms be combined with blockchain technology? Know how Revain does it.
Revain is a feedback platform that is based on blockchain, and it rewards the users for their valuable reviews. Although there are many online review platforms that are working traditionally, there are many issues related to these, including paid reviews, spam, and fake accounts. Here, Revain filters the noise and does the reviews as much as unbiased as possible. It is primarily designed for the developers to get constructive reviews for their projects. Additionally, authors get incentivized for their high-quality reviews.
Now, it was indeed the first platform that aimed to combine the online review platforms with blockchain technology. It implements machine learning and artificial intelligence tools for ensuring high-quality reviews. Revain protocol includes legitimate reviews only, i.e., it only uses the original content on its website.
The protocol has two different tokens, RVN and REV, which aids in the smooth functioning of the network. The RVN tokens help in facilitating interactions among users. It only circulates in the Revain Network and is a stablecoin. The REV token can be openly circulated in the market, and its current market price is $0.0291 after an increase of almost 22% within a day. The platform initially started with R tokens, which were later swapped for REV. REV, the fully tradable token, is based on ERC-20, TRC20, and BEP20 standards. There are more than 85 billion REV in circulation as of now.
With the growing businesses, online reviews have become a great way to marketize the products. Being based on personal recommendations, these reviews are most trusted by the consumers. Reading reviews before buying a product or a service is now becoming a crucial part of everybody's life. According to the Local Consumer Review Survey 2020, 87% of consumers read these online reviews for local businesses, and this figure is continuously increasing over the past few years.
Now, here comes the problem. The businesses often provide the paid review writers enough motivation to write the reviews as they want to benefit. But, the Revain Network consists of some rules and processes. Here, the credibility of the reviews is ensured before posting.
The major component of the platform is its Review Automatic Filtering technology. The technology filters the inappropriate reviews and cleans out the platform from spam and poorly written reviews.
After passing through the RAF system, the review is sent to the organization for approval, and the company must have to provide a valid reason, if they reject the review. The user can file a dispute if the company denies that review. And if the original review is later found to be valid by the centralized panel of oracles, the company receives a warning, and the user gets the reward.