Another day, another review.
The greatest part about doiownashitcoin.com is that we can keep the reviews informative, blunt, and straightforward with no pressure from advertisers or sponsors.
More ‘formal’ review sites may pop up, some competition will come, but the raw content just won’t be as good...case and point. We’re savage, especially against competitors.
Today we will be reviewing a project called Revain, which is a blockchain based review site...thus, a competitor. DUN DUN DUNNNN.
Let’s dig in…
Revain (ticker: R)
Wtf is this shit?
Revain is an unbiased review platform utilizing an incentives-based approach as well as automated and manual filtering methods..hopefully resulting in honest, quality reviews.
They have two tokens as part of their model: R and RVN.
RVN is a stablecoin used only within’ the Revain platform to reward users and pay for fees associated with various actions (such as submitting reviews).
R is the token which was issued during their ICO and traded on the exchanges. This fluctuates in value (obviously), but the RVN stablecoin can be converted into R.
Random side note: for some reason we instinctively want RVN to be the public token, and R the internal one. This seems pretty backwards to us, but whatever.
One inherent upside that they emphasize is that since reviews are submitted to the blockchain (Ethereum) then the reviews cannot be edited..they are immutable and the original versions are forever recorded.
NOW...on the other hand, we think there is some merit to edits, especially if the first version had flaws. They may not edit reviews, but will they “override” the visibility of a review with a newer version. There’s more to it, but we’ll let you go down that rabbit hole so we can stay on track.
The next piece is to discuss their methods for ‘review filtration’ as they refer to it - incentivizing unbiased reviews and making sure they are valid. There is an automated process and manual process to the ‘filtration’.
The automated portion is done through neural networks and machine learning..and due to security reasons they claim they cannot give details or bad actors will figure out how to bypass this system. So...take that for what it is...we think some info would be nice, but whatever.
Next, the manual process involves having the company (yes, the actual company being reviewed) reject or accept the review. Even if the company rejects it, the review is still visible though.
The whitepaper is not explicit about the role of ‘company’..which was a bit frustrating. It seems the company can have a Revain page (which we assume they can control?), but there are reviews that can be listed on the platform in general which the company cannot control (this is assumed...an answer on this would be great :D). Still seems weird that the company would even have a say...they’re obviously only going to accept the positive ones.
REWARDS. Users can submit up to 5 reviews per day...and they are incentivized to be honest to make it through the filtration process. They are then rewarded with R. Alternatively, bad actors who get caught writing fake reviews and fail the filtration process numerous times will be penalized with high fees or can get a warning to be booted from the platform. 90% of reward fees are distributed to users as the rewards...pretty neat actually. We assume then that the more activity done, by fewer users, would mean more rewards for everyone..
Companies also have Revain accounts which can be debited when they write reviews. (seems counter-intuitive…). What is cool for companies is that they can receive honest feedback through Revain...a company is onboarded by verifying ID and KYC.
Nothing exciting happening on the technical side here, they write part of the reviews to the Ethereum blockchain (not all of it because they claim it is not economically feasible to store all of the data there), the rest is stored in a smart contract that they call a review snapshot, where more data is (privately?) stored and accessed. They still keep references to the original content, so they can prove it has not been tampered with. They are waiting on a blockchain that can record more data to meet their needs (psst...build your own).
All-in-all, a rewards-based, unbiased review platform where users can submit reviews! Lol.. The community is growing though and the ICO raised around $12M USD.
Who tf is behind this shit?
Rinat Aslanov is the founder and CEO of Revain. Based in Russia, he is an entrepreneur of 10+ years, starting a small consumer electronics store, then running a 150 employee business which focused on apartment renovations. So, he certainly knows how to start, build and grow a team. Let’s see how they do.
Revain is a mid-tier shitcoin, but we are very skeptical about how this will all execute. It seems much easier to just follow Do I Own a Shitcoin. But, seriously, a company can just privately pay a user to submit a review, then accept that review…
Anyways, hope you learned some shit and make sure to follow us on Twitter!
- Mike and Aaron