There are 12 days left in the token sale for Revain, a platform being developed as an unbiased review application, built with blockchain technology. So far, over 1,165 BTC has been accumulated since the ICO start.
The team reported they had an unexpected server overload that initially resulted in technical issues preventing some of its investors from being able to contribute which it had to work through on the spot and they wish to apologize for. As of now, the system is working properly and all the transactions are running smoothly with more than 500,000 requests having been registered.
Setup on the Revain crowdsale page is a proof section with a transaction table that displays all contributions in real-time.
The most popular crypto investors are using so far are (in order): BTC, ETH, DASH, and Zcash.
For many, one of the most appealing features of blockchain is that information encrypted into a distributed database is impossible to be modified later on. Revain will use this immutable blockchain feature and create a platform for user reviews to guarantee their inalterability while at the same time stimulating users to produce quality reviews with the inner platform token.
The platform architecture is made of a web-interface where users interact with an independent reviews database built on Ethereum. The economic model suggests using two token types: an R-token for crowdsale and a RVN-token for transactions within the platform. R-token is to be sold on the exchange, while RVN-token is a stable coin created to level token’s volatile exchange rate.
RVN-token will be used to reward users for quality reviews and withdrawn from companies’ balance for those reviews. RVNs will also be deducted from any type of accounts in case there are any violations and misuses of the platform.
Scoring and reputation services have proved to be effective among a large sample of users. Booking.com, TripAdvisor, and Foursquare meet the same user needs as Revain. However, unlike the simple idea of incentivizing active users, Revain will work to provide motivation for users within the platform with data being 100% unchangeable and authentic.
Revain will offer two reviews areas on cryptocurrency including ICOs and cryptocurrency exchanges. Reviews about ICOs from investors and experts can be used by external rating systems and may help to draw to Revain to professional industry experts. Later on, the platform will be scaled up to other sectors like cafes, hotels, e-commerce, etc. which goes far beyond the blockchain community.