BELGRADE, SERBIA – Blockchain startup Review Network this month received a $1.4 million Seed round of funding from private investors that will be used by the company to help grow the team and further develop the platform.
Review Network, which amassed 100,000 beta users in just five days, provides reviews and market research, billing itself as the Yelp! of Blockchain.
Review Network claims to transform the way companies do market research. They reward this heavily segmented and targeted user community for replying to surveys and reviewing products and services. A social network will be created with feedback through this reward system to give companies impartial data on key demographics.
The company is currently in pre-sale and will launch an Initial Coin Offering on Sept. 1. It is currently in talks with OKEx, Huobi, Cryptopia, Bitfinex, Bittrex, Kraken, Poloniex, Bibox,
“Worldwide, consumers often form opinions and make decisions, like where to eat, sleep, drink, play and even work, based on online reviews,” said Filip Karaicic, CEO
“However, as it stands today, there are two major problems with the review industry – efficacy and transparency,”
“However, thanks to
Review Network’s platform, outlined in the company’s whitepaper, contends it improves the efficacy and transparency in two basic ways: First, it has a well-designed token economics system that provides monetary incentives to those who contribute in a way that benefits the community as a whole and punishes those who do not.
Second, the platform has a decentralized community consensus system in which the community self-regulates. For example, when someone writes a review, it is then validated by chosen community members (either at random, by reputation, by blind auction or even depending on the size of their stake in the system).
The network will also allow companies to directly interact with people providing reviews for the most honest and accurate market research. The platform, which will work across all industries (restaurant, hotels, etc.), will launch in Beta in the fourth quarter of this year.
Review Network has already amassed a team of more than 30 staffers and advisors, including Robert Golladay, former head of IBM’s digital business automation business in Europe; Reinhard Fellmann, Ph.D., a former investment banker at Morgan Stanley and Lecturer at The London School of Economics and Political Science; and Ivan Bjelajac, a former Director at GoDaddy (EU).
Would you like to know more?
We don’t just publish articles, XTRABYTES is a whole new blockchain platform that allows DApps to be programmed in any language, utilizing a new consensus algorithm called Proof of Signature. In doing so, XTRABYTES presents a next – generation blockchain solution capable of providing a diverse set of capabilities to the general public.