After creating a good buzz among the cryptocurrency and blockchain enthusiasts, Revain is finally set to launch its crowdsale round today on August 21 at 12:00 PM New York time.
The blockchain-based feedback platform, which focuses on authenticating online reviews for businesses and customers alike, will be issuing a total of 1 billion R tokens. But the company will allocate only 70% of the total R tokens during the crowdfunding period. Of the remaining 30%, 10% will be assigned to advisors and the participants of the Revain bounty program; while 20% will be allocated for the Revain team members for their services in maintaining the platform.
Revain is focused on raising a minimum of 8,000 BTC, while the purchasing value of one R token will be decided upon the completion of the crowdsale, on September 6, 2017. The team believes that it is better to organically locate the value of R tokens, rather than imposing it. For instance, if Revain raises, say, 8,000 BTC at the end of the crowdsale, the per R token price will be 8000 / 700000000 = 0.000011 BTC.
Revain has also released the source code of their tokens for peer review. The token, as stated in the Revain’s original whitepaper, is a standard ERC20 token, based on the Ethereum platform.
The team aims to secure funds and use them for R&D and covering platform-related maintenance cost.
Difference between R and RVN Tokens
In order to ensure a proper functioning of the Revain platform, the team had decided to issue tokens: R and RVN. While the R token is used to gather funds, and as a tradable currency, the RVN token is mainly an in-platform currency used to reward users for quality reviews and debiting companies for written reviews.
R and RVN tokens will be exchangeable between one another. Unlike R token, the value of which will be subjected to market volatility and other factors, RVN token will have a fixed value of 0.0001 BTC. No fees will be charged for R and RVN token trade.
Have questions about Revain? Read their whitepaper here.