Revain is a blockchain platform that aims to incentivize the generation of feedback for various projects which have completed the ICO or crowdfunding stages of existence.
Once a cryptocurrency has completed an ICO, it can be discussed on the platform. In the later stages of the project, they hope to expand the platform to other fields: booking, gaming, e-commerce and fast-moving consumer goods (FMCG). This platform has attracted interest from many in the cryptocurrency community and R token appears to be closing in on the top 100 cryptocurrencies by market share, according to CoinMarketCap.com. Before we buy Revain, we must learn what makes it work and why it is attractive.
Revain is a blockchain platform that aims to incentivize the generation of feedback for various projects which have completed the ICO or crowdfunding stages of existence. Once a cryptocurrency has completed an ICO, it can be discussed on the platform. In the later stages of the project, they hope to expand the platform to other fields: booking, gaming, e-commerce and fast-moving consumer goods (FMCG).
The platform seeks to solve the problem created by the rise of review sites such as Yelp and Angie’s List: how can one be sure that reviews are legitimate? How can you be sure there is not some conflict of interest? How can you be sure that the review has not been altered since it was originally posted?
The answer is that the smart contracts in the blockchain network store reviews in a blockchain ledger, which prevents the original review from being altered in any way. Reviews are analyzed by both companies and an AI to ensure that they meet certain criteria. If a review passes both of these phases, the reviewer is rewarded with RVN tokens.
Relationship Between R and RVN
The Revain network uses the R and RVN tokens, along with mathematical formulas to render the submission of fake reviews a costly and unprofitable undertaking. The reasoning behind two tokens is that it reduces the volatility of the RVN token so that it can be an effective mechanism in helping the platform accomplish its goals.
RVN is the token that is used in the Revain system itself. RVN is used to compensate users for quality reviews, charge companies for written reviews and to penalize users for non-compliance with the rules as well as punishing companies for what the white paper calls “deliberate unconstructive moderation of reviews.”
The project decided to make the price of an RVN token equal to 1 USD. This was to prevent the rate of R from affecting the price of RVN, thus keeping the price stable. The formula for the exchange of the RVN token is:
So, essentially the price of RVN is defined as 1 USDT (Tether), plus 1 USDC (a stablecoin pegged to the USD), plus 1 TUSD (TrueUSD), divided by 3. Since all three of these cryptocurrencies are more or less pegged to the dollar, the value is approximately pegged to the U.S. dollar. The RVN token is not available for purchase on cryptocurrency exchanges, the R token is and it is the medium through which users are able to withdraw their rewards for activity on the network.
How to Buy Revain
You can purchase R tokens on KuCoin. You can use the following steps below to carry out the process of buying R tokens on KuCoin.
1. Create an account on KuCoin if you don’t already have one.
2. Transfer or Buy the tokens that you will trade for R tokens.
You cannot directly purchase R tokens with a credit card or any other account backed by fiat currency. The trading pairs that KuCoin lists that have R tokens as a component are R/BTC and R/USDT. This means that you will need to have BTC (Bitcoin) or USDT (Tether) in order to buy R tokens.
3. How to Buy Revain: Deposit to KuCoin
In the upper right corner of the page, you will find “Assets”. Click this link and the Deposit page will require you to enable two security features before you can continue. There are two strategic security models:
- Google Verification + E-mail Binding + Trading Password
- Phone Number + Trading Password
Click the link that says “SMS Verification” or “Google Verification” and you will be guided through the process.
Once your security scheme is in place, you will be taken to the “Security Settings” page. You can go ahead and set your trading password here. You will need to verify your Google verification code before continuing.
The trading password is required for transactions and for API creation. This trading password is completely separate from the two-factor authentication scheme, so don’t set your password to your 2FA code by mistake. Set it to a strong combination that is not easy to crack. Easily predictable patterns like “111111” will be the first to be cracked. The password is numeric and is 6 digits long.
Once you have completed saving this information, you can click back on the “Assets” link again and the Deposit page will display a dropdown menu containing all the coins that can be deposited.
- Selecting BTC (Bitcoin) or USDT (Tether) will give you the address to which to send Bitcoin you already own. You can also purchase Bitcoin from KuCoin and get the necessary funds in your KuCoin wallet that way.
If you want to obtain some USDT (Tether) from scratch, you can do so somewhere like BitFinex or Kraken. Then transfer it to the USDT address given on this screen. Be aware that different types of USDT tokens and make sure that you send it to the correct one: OMNI, ERC20 (Ethernet), and TRC20.
Why are there three different types of address?
OMNI is a Bitcoin blockchain address. ERC20 is an address on the Ethernet blockchain. TRC20 is an address on the TRON blockchain. Make sure you send your USDT tokens to the correct address or they will be lost and irretrievable.
You can also buy Bitcoin directly through KuCoin. This Bitcoin will be transferred to your KuCoin wallet and from there, you can use it to purchase R tokens.
4. Once you have funded your account on Kucoin, you will need to transfer the funds from the “Main” account to your “Trading” account.
You do this on the Assets page by clicking “Transfer In” button under your Trading account. Specify the amount to move over. This does not take long.
5. At this point, you are ready to click the “Exchange” link at the top of the page and enter the trading environment. You will need to enter your trading password that you set up earlier.
The pair you will want is either R / BTC or R / USDT, depending on which base currency you have decided to trade for R tokens. Click the “Market” tab and specify the amount you want to buy. On more volatile coins, you may want to use the Limit or Stop tabs and purchase using a limit order or stop order instead of a market order.
Why Buy Revain?
RVN is the token that is used strictly on the Revain network and is needed in order to be able to get reviews. Users who leave feedback are rewarded through the RVN token which acts as an incentive to keep reviews honest and genuine, provided those reviews meet the vigorous checks of the Revain system — both its human and AI analysis. While it’s more straightforward to understand buying RVN to compensate reviewers for your company, why would someone purchase R tokens when it is a reward for leaving reviews?
This leads us to the fundamentals that drive the price of R tokens. Why would anyone feel or predict that R’s price would increase or decrease? The answer is that the R token is used for crowdsourcing when a project is in the ICO or crowdsourcing phase. The R token is the medium through which the project’s reviews will be funded.
A company’s account is debited when a review for that company has received a review. The review fee is the user reward plus the platform fee. This platform fee is the primary means of monetization for the platform.
The two separate tokens are used to keep the volatility of R tokens as a speculative asset from affecting the efficiency of the network itself.
What Are Some Specific Reasons You Would Want to Buy Revain?
Now that we’ve covered how to buy Revain, some of the fundamental reasons for why you might expect R tokens to increase in value include:
- An increase in the importance or value of reviews to businesses. Since the rise of online commerce, reviews have steadily become more and more important. This is in fact the very reason for Revain’s existence.
- To answer the ever-increasing need for reliable and trustworthy reviews. As customers become more and more dependent upon the reviews of other customers, the stakes could not be higher. A fake negative review could tank a legitimate business, while a non-genuine positive review can mean bad experiences for customers. The demand for R will be driven by the need for businesses to reward honest reviewers.
RVN token is used only inside the Revain platform itself. Users who get rewarded with it for reviews can withdraw it as R tokens. In the future, there are plans to provide the ability to purchase services with RVN tokens on the Revain platform.
The design of Revain sought to make the purchase of huge amounts of reviews unfeasible and to allow smaller companies to afford to reward reviewers. How could they do this? Well it takes a little bit of math. Look at the following formula:
Normally when someone is compensated for doing something, the more they do the more they are compensated. In the economics of Revain, this is not a desirable effect. We want companies to be able to afford a lot of reviews in the beginning. But when the number of reviews within a given time period begins to exceed a certain limit, we become weary of fraud and manipulation.
That’s why Revain is designed so that a company’s review fees gradually increase according to the amount of reviews they have received that period. We want to cap the number of reviews a person can leave to preserve the diversity of reviews and to mitigate the purchasing of positive reviews on a large scale. The formula for RF is defined as shown.
RF(x), where x is the number of reviews left for the account in the last two weeks:
What this says in layman’s terms is that the review free is 10 RVN for each review above 90 and the result of the expression RVNs for x number of reviews.
The review fee for reviews 1 through 500 look something like this:
So, it’s relatively cheap up to the first 90 reviews. After that point, the cost skyrockets to 10 RVN.
Users are presently limited to 5 reviews per day. They are looking at increasing this for users such that users with a history of reliable reviews are allowed to post more reviews per day.
When a company rejects a review and the user does not feel that it should have been rejected, the user can file a dispute to high-reputation users known as “oracles.” These users evaluate the user’s case, looking at any proof that the user can provided. If the “oracle” judges in the favor of the user the company receives a warning and a penalty equal to ten times the review fee. The user also receives his or her reward. Companies can receive multiple warnings, until the fourth warning, at which time the company is blocked from the platform.
Users can also be warned in the case of getting three rejections from automated verification system within a two-week period. This can also happen if companies rejected five of a user’s reviews in a two-week period. Upon the fourth warning, the user is blocked from the platform with no ability to withdraw funds.
The automated verification system relies on the IBM Watson AI. It brings AI and the blockchain together on top of the Ethereum smart contract platform. The AI model continually learns from each review and brings the awesome power of artificial intelligence into battle with fraud and phony reviews.
ICOs present a lot of opportunity in an environment that is fast-based, where things can move quickly – too quickly even for some to research thoroughly. Reliable platforms that offer genuine reviews can build trust in an area that is often distrusted and prone to being the playground of fraudsters and schemers.
Cryptocurrency exchanges are another area where genuine reviews can build a great deal of trust.
Revain launched a beta version about two months before going out of beta and being versioned 1.0. Out of this release all reviews became stored in the blockchain and because immutable in terms of being manipulated or altered in any way.
Version 1.0 also features improved ranking of projects for reviews to better reflect the quality of a project. With 1.0, all the features laid out in the white paper became reality.
In June 2019, Revain 2.0 was released, completely reworked to make future expansion easier. The earlier heavy use of purple gave way to a cleaner website design. The color purple is now used as an accent color only, though still the official color of the project.
The layout of Review was made cleaner and a percentage-based ladder foreach entity was added showing the percentage of positive reviews against all reviews received. New functionality lets you filter projects based on average rating. The categories include exchanges, projects, wallets and cards (crypto cards).
Revain provides a scalable platform that streamlines the review process for many different products. As more people rely on digital goods and products and less on face to face transactions and word-of-mouth, this immutable digital validation of customer experiences will prove more valuable as time goes on.