When you look back at anything you bought over the internet, your decision was probably heavily influenced by user reviews. In the same way we may ask a friend for a recommendation of, say, a restaurant, so do we depend on others to buy something online. The problem is that you can never really be sure about the product reviews displayed on a website when it is so easy to go around the system. Even we have addressed this problem in regard to choosing a Forex broker considering how some scam brokers pay people to write fake positive reviews. (How to choose a Forex broker: basic rules and useful tips)
Basically, the problem of fake reviews is rampant over e-commerce, and there had never been a truly reliable solution to filter the fake from the real. Revain is trying, though, using blockchain technology to ensure product reviews are completely honest. They also have a native token to go along with it, R, that has been making headlines recently for ‘bucking the trend’. We shall get into all of that later, and address the question of whether or not to invest in Revain, but first we must get the lowdown of Revain. (All: The lowdown on crypto)
Everything you need to know about Revain
At the moment, you can find Revain ranked at number 61 among over 2,000 coins when they are sorted by total market capitalization. That may be lower than the more popular coins like Bitcoin and Ethereum, but it is still higher that even some of the coins we have reviewed on this website like Nexo that also have a lot of promise. The point is, don’t judge this coin by its rank as there is a lot more to it than first meets the eye. Besides, the idea is very simple to understand especially when you consider the industry it targets – marketing. (Here are our: Nexo Price Predictions and Forecast for 2019)
Just what exactly is Revain?
From the Revain website, the company claims to be the first review platform based on blockchain, and indeed we can’t find any other similar company or service. Through the use of blockchain technology, they will take advantage of its immutability to create real reviews that can never be changed. As a result, the reviews users see about a company will be more trustworthy as there will always be a record visible to everyone. To ensure that the reviews are truly authentic, Revain uses artificial intelligence as a filter for false reviews, leaving only the real ones.
The company was launched through an ICO that ran from the 21st of August to the 6th of September 2017. During the ICO, R tokens were going for $0.1 and by the end a total of over $12.5 million had been collected showing that there as indeed a lot of interest in the project. At the head of the company is CEO and founder Rinat Arslanov. Unlike many other founders in the sector, Arslanov does not have any experience in blockchain technology as far as we could tell since he has only been described as a blockchain enthusiast. What he does have is experience as an entrepreneur for over 10 years and also in venture capital. He was also wise enough to surround himself with people who knew their stuff, like Sergey Potekhin who is the lead tech engineer and has been interested in blockchain for over 5 years. There are also other members in the team, making up a total of almost 20 people. Granted, the company is still small in size, but it has been just over a year since the launch, so not too bad. (Avoid being a victim: Learn How Crypto Scams Operate And Avoid Them)
How does it work?
In order to make the system work and reward the reviewers, the company had to create two native tokens – R and RVN. The first is the main one that you can acquire from an exchange as a way of investing while the latter, RVN, is used only within the platform. Basically, a company that would like to be listed on Revain will pay reviewers using RVN tokens, which we assume they would have to get from Revain itself. After leaving a review, the reviewer is compensated with a particular amount of RVN, which they can then convert into R tokens and trade them in exchange for fiat or other coin. That is the basic system involved when using Revain.
At the first step, you simply write down the review on the website and click on ’Check my review’. It is here that the artificial intelligence system determines whether it is an actual review and not a robot doing the work. I have to say I’ve always been sceptical about captcha ever since it was discovered that robots had ‘learned’ how to defeat the system, but perhaps this particular AI system is more advanced. The actual system is IBM Watson, which has been in development for machine learning and communication with humans since IBM Deep Blue was made to play chess. Today, IBM Watson is very advanced and has various applications in healthcare, fashion, weather forecasting, etc. Moreover, IBM Watson is free to everyone for processing data, which is probably what Revain are using it for. Using the power of AI, therefore, Revain are able to ensure that the reviews are real. Even with all that, there is also a manual review process after the computer checks, and that made me feel more confident in the review process. (These are: The Most Prominent Crypto Hacks and Scams You Should Know)
Reviewers are also limited to 5 reviews per day to prevent fake reviews, after all, how could you possibly have more than 5 reviews in a day. The company under review also has a chance to challenge the review if they think it is misrepresenting them. Given the impact of reviews, it is not beyond reason that a competitor might pay someone to write fake reviews and damage someone else’s business. This is often seen on popular websites like Amazon where the seller can challenge the reviewer to show the purchase details.
Once the review is approved, you will get a reward in RVN tokens as long as the company being reviewed is giving away rewards. I’m assuming that the companies pay Revain in exchange for RVN tokens to award reviewers. An approved review will earn a reviewer a minimum of 0.1 RVN tokens but can it can also be as high as 10 RVN. To approve a review, the company being reviewed issues Revain the standards for its reviews. The RVN tokens are then converted to R tokens based on a specific exchange formula. R tokens can change in value based on market forces but RVN remains constant so that the reviewers can have a predictable rate of payment.
The final part is the publication of reviews after approval, where they become visible on the Revain website after searching for the company or project name. Using blockchain, all reviews are made permanent and immutable ensuring that no one can edit or delete them afterwards. The platform uses the Ethereum blockchain whereby R and RVN tokens are smart contracts, so reviews are always available on the Ethereum blockchain to everyone. (Do you know: What Is The Future Of Crypto In Finance?)
What is the impact of such a platform?
Fun fact: did you know that an increase in stars for a business can lead to a 5 to 9% increase in revenues for that business while a single negative comment can mean a loss of up to 30 customers? This is just one of many statistics collected by the Invesp Blog showing the impact of reviews on e-commerce. The statistics also showed that 88% of customers rely on online reviews as much as they do personal recommendations. We don’t know exactly how reliable these figures are, but they do make sense. Just think back to the last item you bought online, and the impact the product’s and company’s reviews had on your decision.
And although the rating of a company or its products and services may be skewed by fake reviews, there is no denying the utility of the review system. Companies with excellent services need to be rewarded for their effort and those with subpar services need to be called out so they can improve. After all, criticism can be a motivator to improve. With Revain, both the companies can benefit because the system would be completely reliable. As a company, you would pay reviewers using RVN if their reviews are real and not spam, and this would be good for your business as the statistics show. Even when the review is negative, you have the chance to challenge the claim on the record for everyone to see. Meanwhile, the reviewer will also feel motivated to write reviews for a company after using their services because there is a reward. People don’t usually spend their own time unless there is a reward, and the RVN is meant to motivate more people to participate. It’s a win-win situation. (Investing In Cryptocurrencies: Watch These 5 Profitable Cryptocurrencies)
When you think of all the shopping we do online, then writing reviews on Revain could even be quite rewarding, especially for avid shoppers with time on their hands because they don’t have to drive around. That’s passive income… for more shopping. Fraudulent companies that pay people to write fake reviews would also be discouraged from doing so because it would just cost too much for little gain as the fake reviews would get filtered out anyway.
So far, only coins, exchanges and ICOs are listed by Revain for people to review, but you can bet there will be a lot more people participating when the idea catches on. If it all goes well, in future one will be able to leave reviews for all major companies and create a more reliable system of reviewing companies. Even you could make use of it right now if you wanted and start growing your online business.
On the company’s roadmap for the year, they seem to have achieved most of what they intended to do this year, except for the creation of a mobile app. Most people nowadays conduct most of their online transactions on their mobile phones or tablets as there may not be time to sit in front of a computer. Had the company rolled out this phase of the project, then they could have already made a huge leap, but you can expect this to come soon seeing that they are still growing. A few signs of this growth can be noted through some of the notable partnerships made recently such as the inclusion of Revain into exchanges like BTC-Alpha and DragonEx. The only remaining step in the roadmap for this year is to partner with gaming companies to allow gamers leaving reviews. Online gaming has become a huge industry and it keeps on growing as statistics show. According to Statista, web traffic for online gaming exceeded 900 petabytes in 2016 and this is expected to rise above 10,000 petabytes in 2021. All these are potential users of Revain who could help to spur the company’s growth even further. (Ever asked: Will Cryptocurrencies Recover From Their Price Slump In 2018?)
How about investing?
It’s all well and good to know how the platform works, but you’re probably more curious about whether it’s a platform worth investing in. We already mentioned that the minimum reward for approved reviews is 0.1 RVN up to a maximum of 10 RVN. The problem is that we still don’t know the exchange rate between RVN and R tokens, yet it is only the latter that has actual uses in the real world while the former is only useful within the platform. Nevertheless, we suppose it doesn’t hurt to write up a few reviews and get some rewards, but therein lies the rub – there aren’t any companies offering rewards for reviews yet, as far as we can tell.
From the image above, you can see the reviews page for BTC-Alpha exchange where R tokens were recently listed for trade. You would expect that the exchange where coins are offered would use their services, but they aren’t because it clearly shows ‘Doesn’t pay rewards’. We checked all the other exchanges where R is listed and a few other popular ones but they too don’t offer rewards for reviewing their services. Given this knowledge, it shows that you won’t be getting any rewards for using Revain by leaving reviews so far. But this may change as time goes by if the service gets more popular. To motivate reviewers, though, Revain is giving away 0.1 RVN for the first review you leave on the website as a welcome bonus. (Revealing Forex Bonuses Of Brokers: How To Identify A Real Bonus)
While there may be no rewards available just yet for leaving reviews, one could still invest in Revain by buying R tokens, and these may be very profitable. To see just how much, let’s look at the token’s performance since it was created.
Historic price performance of R tokens
As we already mentioned in earlier sections, Revain was launched through an ICO that raised over $12.5 million after issuing R tokens at $0.1. It went live at the start of November with a small dip in value down to about $0.08 but then picked up interest in along with all other coins in the market. The first peak it reached was the $1.3 mark on the 7th of January along with the rest of the market, and then just like the others, R started to dip in value going even under $0.7 toward the end of January. However, Revain went against the trend by restarting an upward trend while all other coins were going down. From the 28th of January to the 14th of February 2018, Revain rose almost 400% from under $0.7 to $3.4 according to CoinMarketCap.
Although this surge was impressive considering the crypto markets overall, the bearish sentiment on the industry was overwhelming and eventually Revain bucked under the pressure and started to drop in value for months thereafter. From the all-time high in February, the value of Revain tokens fell almost to the original value of $0.1 in September before levelling out and stopping the decrease in value. All other major cryptocurrencies also maintained a stable price range in the months of September and October and much of November, before a huge surprise came earlier this week. Coins dropped in value by a huge proportion this week, but once again Revain went the other way, recording gains rather than losses. As an example, live Bitcoin price charts show that Bitcoin dropped by over 40% from about $6,350 on the 14th of November to under $3,800 by the 25th of November. On the other hand, Revain enjoyed almost 70% increase in value from September lows to the current value of $0.17 in open markets.
Future price predictions for Revain in 2019
Today, Revain is the 61st coin in the markets by market capitalization, having climbed a few ranks over the past few months. Most of the coin’s growth these past few months has been attributed to the coin’s addition to DragonEx and BTC-Alpha exchanges. On DragonEx, the coin will be paired to Tether, which is a stablecoin tied to the value of the US dollar. Whenever a coin gets paired to such a stablecoin, it increases in value because it shows that exchanges believe in the company and the idea. (Have you ever wondered: How Did Tether Cryptocurrency Survive The Crypto Market Selloff?)
There is also another explanation for the growth of Revain, although just speculative, and that is its increased use by reviewers. Revain is used to review exchanges and coins, but also ongoing projects like ICOs where investors need honest information. This is exactly what Revain is meant to do, and it could explain why its value seems to go up even when other coins are going down. Because whether the markets are bullish or bearish, people will always demand honest reviews; maybe even more desperately in the latter situation.
Despite the long decline in value since February, it is important to remember that Revain went live almost a year ago. In that time, it has been listed at some of the world’s largest exchanges like OKEx, KuCoin, HitBTC, etc. It’s a big deal for any coin to get listed, especially at these prominent exchanges. Moreover, they keep getting listed at even more exchanges as we have seen in the past quarter. It is also important to look at a company’s roadmap if you intend to invest in it as it could give you a clue of the company’s future. Ever since its ICO, Revain have always had a very clear roadmap of what they wanted to do. At first, it was just an idea by Arslanov, but it was realized fairly quickly – in about a year and straight to the ICO. Not only was the ICO successful, but it actually led to a real product. A lot of ICOs have only led to theoretical and hypothetical solutions with no actual workable product, but Revain have actually done it. Revain actually works, and anyone can participate by leaving reviews. Looking at the roadmap, the team have managed to accomplish most of what they wanted to. In 2018, only 2 steps are left – mobile applications and partnering with online gaming companies. If these two are completed before the new year, then the company would have fulfilled all of their promises. (Do you know: What Will Be The Impact Of A BTC Fork?)
While these achievements made by Revain cannot be ignored, the company still has a long way to go. The most glaring problem is the lack of rewards by companies listed on the website, which is the whole point of the project. If the very same exchanges that have listed their cons are yet to provide rewards, that does not inspire confidence from other companies, does it? However, considering that Revain has only been around for a year, it might make sense that people may be reluctant to be the first ones through the door. Add to that, RVN rewards were only recently implemented, so it would make sense that many companies are yet to catch on.
Therefore, from a technical perspective, the prospects of Revain seem promising. Ever since its launch, prices have never dropped too far from the $0.1 level, nor for a long time as they always bounced back soon afterwards. This has thus proven to be a good support level for the coin’s value, one that could not be broken through any time soon. Over the few remaining weeks of 2018, we can expect that R tokens remain valued at around $0.15 where they have been ranging for most of the year or slightly higher, but no more than $0.2. Coming into 2019, a lot will depend on the state of crypto markets as a whole. Technical analysis is not sufficient as yet to give accurate predictions.
The most recent dip in crypto value was caused by a fork in Bitcoin Cash, and the coin experienced about a 50% decline in value as seen on live Bitcoin Cash price charts. Investors got spooked by this because it indicated a sense of conflict in the crypto communities that could certainly not be beneficial for the technology. Besides, the last time a major fork occurred, there was speculation it had been done intentionally to create wealth only for a few individuals. Anyway, after this most recent fork, we can expect to see values rise back up again. This is nothing new since it already happened last year in August when Bitcoin Cash forked from Bitcoin – there was a dip in value before prices stabilized and started to go up once again. Just as it happened in the past, so is it likely to happen in future where Bitcoin Cash SV will be dumped in favour of Bitcoin and Bitcoin Cash. (Bitcoin Cash Vs. Bitcoin: Confrontation Forecast in 2018)
Why are we talking about Bitcoin Cash? Because coins are interconnected. Although sometimes a coin may be an anomaly as Revain has been, it eventually falls back in line with the rest of the market. It is because of past events that we think the same will happen once again in the crypto markets in 2019, causing Revain to show a rise in value. This growth will probably continue for most of the year as the crypto markets begin to recover from the 2018 crypto recession (coined it!).
Revain does not just ride the wave as seen from the historic price performance, but is also a force on its own. For an investor, knowing the space an asset occupies is crucial, and this is the only coin that is being used to verify and record user reviews. The entire market has verified its utility and promise, leading to the coin’s listing at the world’s top exchanges and wallets. This is not a coin that would disappear overnight, but one that is here to stay. So, whether you are looking for a coin to invest in in 2019 or for a longer term, this could be a good option for you. Not to forget the added benefits for leaving reviews.
For a quick explanation about Revain, here is a short video prepared by the company to introduce investors: