Revain will be undertaking a crowdfunding drive and launching a new token. They specialize in being a ‘feedback platform’ based on Blockchain technology. Like many other such platforms, users can leave reviews or provide feedback regarding products or services and even companies.
However, this is where the similarity between other review platforms and Revain ends. Revain being Blockchain based provides a high degree of verifiability of the reviews and makes the reviews immutable. What is also unique about the platform is that it utilizes Artificial Intelligence to sort out the reviews on the platform.
The Revain crowdsale is on the horizon
Revail will launch their crowdsale beginning Aug. 21, 2017 at 12:00 PM New York time, the crowdfunding will continue for a period of two weeks and is due to end on Sept. 6, 2017.
Purchase of tokens would be possible on their website Revain.org and investors will be able to purchase Revain Tokens (R) using various cryptocurrencies. The initial price that has been set for the R token is 0.000011 BTC. Investors must make a minimum investment of 0.003 BTC.
A total of one bln R tokens will be issued of which 70 percent will be available for purchase. Interestingly, early birds stand to benefit in the crowdsale, investors that leave their email address on the Revain website will get access to the crowdsale, three minutes in advance.
Fund utilization and plans
A large chunk of the crowdsourcing proceeds is going to be channeled into marketing according to Revain.
A Revain spokesperson explained the reasoning behind this:
“Most of the funds collected at the crowdsale will be allocated to marketing – 55 percent. These funds will be used for bringing new businesses and users to the platform. Another 15 percent will go for R&D purposes, 20 percent to the team and to support the platform, the remaining 10 percent - for infrastructure and indirect expenses.”
Talking to Cointelegraph about their future plans, the spokesperson further revealed that the initial stage of the project would last two years, cover segments ranging from ICO, gaming, e-commerce and then expand into the FMCG and booking sectors.
As a long term perspective, Revain is looking into a five-year period. The platform is already undergoing alpha testing as of July 2017; the public alpha is set to begin at the beginning of September 2017.
A tale of two currencies
In order for Revain to function, they need two tokens. They plan to create a ‘stable coin,’ which can be used to carry out the functioning of the platform.
While they would be using the R token to gather funds during the crowdsale and this will be the currency that would be listed on exchanges and traded, they will also create another token called RVN, which would be used internally.
Explaining how the system has been designed to overcome volatility Revain spokesperson says:
“The RVN token will be used exclusively inside the Revain system. The currency rate of RVN should not be affected by the market and the rate of the R token in particular. R tokens are created in a limited supply during the crowdfunding phase, while RVN ensures the functioning of the whole system.”
A novel platform that aims to change reviewing
The problem in reviewing is one of transparency. Authors of reviews can’t be sure if their reviews are not edited or changed. Companies can’t be sure if the reviewers have given out fair reviews based on objectivity.
Readers can’t be certain if reviews are genuine or have been put in by vested interests. Revain aims to solve all these problems using a mix of artificial intelligence (AI) and Blockchain technology.
In fact replying to a question about overly emotional reviews compared with purely objective analysis, Revain explains:
“Indeed, emotional reviews do lead to higher readability and create an emotional connection with other users.” Commenting on the AI component of Revain, the spokesperson adds, “A key component of our system is the interaction with the IBM Watson platform. Thanks to the Tone Analyzer service, we are able to automatically determine the emotional component of reviews. For example, in an unconstructive comment, Tone Analyzer will detect such factors as high Anger, Disgust and Sadness levels. These parameters don’t reach a similar level in constructive reviews. Important that all reviews, positive and negative, must be well supported by evidence. The user must provide evidence why he liked or did not like the product, service or company.”
Can Revain’s token touch new highs?
It should all boil down to a myriad of factors like demand for the service, how well they are going to market themselves and implementation on the ground.
However, as things stand now, Revain are hopeful that all their ducks are in a row.
Talking about the possible future price of the R token Revain expresses optimism:
“The number of R tokens that are to be emitted is limited to one billion. We grow demand by drawing new users: contractors and companies - that is how token value is going to grow. The company has to buy R token at the stock exchange and then convert it into internal RVN token. As the number of R tokens is limited, the companies will drive the value of the token by purchasing it.”
Considering that they have kept a high amount of tokens as a reserve for marketing (up to 55 percent), we hope that they will be able to attract businesses and users to Revain.
Should this happen, they do have a shot at renovating the review business and also helping their token touch new highs.
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