Review.Network is a Cypriot blockchain startup that has committed itself to eradicate the false online reviews and manipulative market researches by developing a platform that utilizes...
Review.Network is a Cypriot blockchain startup that has committed itself to eradicate the false online reviews and manipulative market researches by developing a platform that utilizes blockchain and artificial intelligence to ensure the conscientious market research feedback provided by the real end-users. The startup was launched by RN Software Trustless LTD., a software development company registered in the jurisdiction of Cyprus. They had already developed a minimum viable product, the beta version of the Review.Network platform that runs on the Ethereum testnet and IPFS, which is already available for download on the project’s official website. The platform users are incentivized to write honest and objective reviews and participate in market researches by receiving rewards in the form of the Review.Network tokens (REW), which will be offered for sale by the virtue of ICO.
Before getting down to describing the Review.Network’s token-based reward system, it is important to outline the technical and conceptual advantages of this project. First and foremost, it is virtually the first review platform that employs the blockchain technology with the view of ensuring data transparency and immutability of all reviews and research results. In order to make the use of blockchain more rational from the economic point of view, Review.Network uses the InterPlanetary File System (IPFS) as its primary decentralized data storage solution.
There had been numerous articles which outlined the fact that nearly 20% of all reviews on Yelp, one of the largest review forums and advertising platforms with a revenue of nearly $1 billion, are provably fake. To address this vexing problem, Review.Network plans to exploit the innovative fake review detection algorithm which takes into account such factors as review density, emotional components, and semantic scope.
Presently, even the most “reliable” review platforms disregard the demographic nuances, which in effect has a hampering impact on users’ reliance upon such data. However, as proven by the researchers at Purdue University, people tend to place more trust in the reviews when they feature information about the reviewer’s age, gender, place of residence, etc. For this reason, Review.Network introduces the Reviewer Demographic Information Filter to boost the platform’s informativeness and credibility.
Review.Network is a point of contact between businesses, which conduct market research via the platform, and the users who provide comprehensive and unbiased reviews for which they receive remuneration in REW tokens. To prevent the abuse of the system’s capabilities, Review.Network incorporates a staking scheme. The size of the stake determines the user’s status on the platform. For instance, those who want to be anonymous would need to stake a larger amount of REW tokens, compared to those who don’t mind going through the verification process. Companies need to have a higher stake in order to be able to carry out large-scale marketing research.
The reviews are divided into four categories: likes, non-written reviews (audio/video), and short/long written reviews. All reviews are to be confirmed by human validators who are selected in a blind auction.
Review.Network has already attracted more than $1 million in seed investment and now it has the goal of raising at least $5 million more through ICO that is due to start on June 1. The project had allocated 2.7 billion REW tokens for sale. 1 REW token will be offered at a price of 0.01 euro.
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