“Yelp! Of Blockchain” Acquires $1.4M in Seed Investments for Broken Review Industry Improvement

Review.Network, a blockchain-based startup that is focused on enhancement of the review and market research sector, revealed today that it managed to successfully obtain $1.4 million (USD) from seed investors. The capital backing, which was also provided by private investors, will be allocated to paying the team and to the platform’s developmental process.

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The “the Yelp! Of Blockchain,” as it is often referred to, currently has 100,000 beta users and it is backed up by a group of experienced individuals in areas such as tech, academia, and financing.  The company also announced the official start date of its Initial Coin Offering (ICO), which is planned to begin on Sept. 1st, 2018.

“Worldwide, consumers often form opinions and make decisions — like where to eat, sleep, drink, play and even work — based on online reviews,” stated the CEO and Co-Founder of Review Network, Filip Karaicic.

He went on to point out the two most important issues which are currently plaguing the review industry today: efficacy and transparency.  As reports and data have revealed, people are more inclined to giving reviews when they went through a negative experience with the service or product, meaning that an accurate representation is not given for all sides of the matter; and there are also many fake reviews.

Karaicic states that through the use of a distributed ledger and AI [artificial intelligence] technologies, they have developed a way to incentivize reviews and guarantee their accuracy.

“We also figured out a way to allow brands to tap into our validated reviewer base for market research. This funding, which we’re thrilled to announce, validates our approach and will help us develop this event even faster.”

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