What is Revain?

Revain is a product and service review platform that leverages blockchain technology to curate and reward user input. Like similar services such as Yelp and Tripadvisor, Revain encourages independent writers to post and rate reviews. It then aggregates, averages, and publicly showcases the corresponding scores and rankings on its platform as reviews are posted.

The project is currently based on Ethereum and TRON, and uses their technology to prevent relevant stakeholders from tampering with the reviews, while compensating users for their comments. It operates a dual-token ecosystem with its native REV token, a utility token, and RVN token, a dollar-pegged stablecoin.

A brief history of Revain

Rinat Arslanov, an entrepreneur with over 10 years of experience in business, venture capital, and blockchain technology, founded Revain in 2018 with the goal to create an easy-to-use service that would enable companies to receive constructive feedback about their projects. He serves as the platform’s CEO.

Originally, the platform offered two tokens: R and RVN. However, it would later swap out R tokens for its new REV tokens due to the difficulty of integrating the former into other blockchains.

During a crowdsale in August 2017, Revain raised approximately US$8.5 million in funding by selling R tokens to build out its platform. Out of the 1 billion R tokens issued, only 70% were allocated during the crowdfunding period, with the remaining allocated to advisors and participants of the Revain bounty program, as well as to Revain team members.

Its native token REV was first launched on to the open market in November 2017, and is built on the Ethereum ERC-20 standard, BEP-20, and TRC-20. At launch, it was worth around US$0.10. As of July 2022, REV token has a total market cap of US$99.79 million and a circulating supply of 85.06 billion.

How Revain works

The Revain project employs a five-star rating system to assess the performance of businesses, goods, and services. It strives to improve conventional feedback forums by enforcing tight standards for submitting reviews to its platform. Anyone can submit reviews to the Revain platform, which then goes through a three-step process:

1. All submission data first goes through a Review Automatic Filtering (RAF) system designed to detect spam, fake reviews, and plagiarism

2. The review is then given to the business or project for approval, and the company or project may then see, comment on, approve, or object to the published review

3. In the event of a disagreement, moderators investigate and provide ultimate judgement on a review. At this point, moderators have the authority to reprimand corporations or writers for harmful behaviour and, in extreme circumstances, suspend them

As part of its reward system, Revain review writers are compensated with the platform’s RVN cryptocurrency and can earn experience points for effectively writing reviews, obtaining comments, and gaining likes. As writers collect experience points, they may be able to access new services, tasks, or incentives.

Users who wish to post reviews in order to obtain rewards must first pass the KYC application. Once approved, they can earn between 0.5 RVN to 1.5 RVN per review, depending on the user level and the company they are writing about. Authors may receive additional rewards from companies for their review, as well as for participating in various events hosted by the Revain community.

What is Revain used for?

Revain’s utility token, REV, is based on Ethereum’s ERC-20 standard, TRC-20, and BEP-20. It is used to incentivise and reward independent writers for writing high-quality reviews and assigning ratings. The amount of compensation depends on the quality, popularity, and frequency of their reviews.