Revain (R) Integrated on BTC-Alpha; Review-Based Token Climbs 17%
Revain (R) underwent a 17% spike leading into Saturday morning, coinciding with the integration of the Revain platform into the BTC-Alpha exchange.
Trade volumes for the ERC-20-based token doubled overnight, with close to 90% of the action coming from the very same BTC-Alpha exchange.
What is Revain?
Revain is one of the new batch of cryptocurrencies to have entered into the market cap top one-hundred in recent months, along with the likes of Ravencoin (RVN), Electroneum (ETN) and Eternal Token (XET).
Revain’s primary use-case is as a customer feedback platform, which employs blockchain technology as a means of immutably logging user-reviews. Reviewers are paid for their efforts, and posts are ranked using autonomous algorithms based on how other users rank them.
A second token is used in the Revain ecosystem, namely RVN (not to be confused with Ravencoin’s RVN). According to the project’s Bitcointalk announcement, RVN is a stablecoin which will apparently be pegged to the value of 0.0001 BTC.
As detailed in a recent Medium post by the team, Revain uses both AI algorithms and manual filtering to rank their reviews:
“We strive to constantly work on maintaining the system to keep it up to date and avoid random or non-argumentative reviews, like rage reviews for instance. Protecting Revain scoring system from all sorts of manipulations is essential…”
The formulas used to rank reviews can be found here.
Revain On BTC-Alpha
As per this morning’s announcement by the Revain team on Twitter:
“Revain review widget has been integrated by the BTC-Alpha! Now the exchange users can write reviews and rate projects without leaving the website. All reviews are written into blockchain and are visible on the revain.org…”
BTC-Alpha is primarily used by Russian traders, according to the comments left on the site. It offers several gateway currencies and dozens of coins and tokens for trade. The company is registered in the UK and owned by a Ukrainian national.
Revain is a Russia-based project, and launched in late-2017. After hitting 4,150% growth during January’s altcoin spike, the valuation of the R token subsequently fell by 93%.
The token value of R climbed 17.4% leading into Saturday, rising from $0.200159 up to a peak of $0.235069. The boost was fuelled by a doubling of trade volumes, and interestingly, the vast majority of action has come from the BTC-Alpha exchange.
Around 87% of the $4.5 million R trades came from the BTC-Alpha exchange on Saturday. The exchange only handled a total of $4.7 million worth of trades overall, meaning Revain is suddenly hogging most of the action for itself via the R/BTC pair.
Suspicious? Maybe, but all we can do at this point is speculate. One thing that’s certain is that Revain just hit its highest daily trade volume since early August, while getting its first real-world implementation in the process.
Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.
Featured image courtesy of Shutterstock.