Rateonium Cryptocurrency

The System in Detail

The customer, Chris, is on a business trip. In the evening, he plans to go to an upscale restaurant with his colleagues. He opens the Rateonium app on his iPhone to find out which restaurants will meet his expectations. The app offers Chris the best restaurants within his desired radius, according to customer reviews. He decides to go to a restaurant that is 500 metres away to dine with his colleagues.

He and his friends are very happy with the dishes they are served. After Chris payed the service and verified this with his Rateonium card, he has the opportunity to document his experience at the restaurant in the form of a review, which is anonymised and made available to the worldwide Rateonium network.

The number of Rateonium tokens is based on the purchase price of the respective product or service. So for purchasing a product worth €5, Chris receives 50 Rateonium tokens.

In order to establish a sense of proportion between expensive and less expensive products, and to protect smaller companies from being discredited, there is an upper limit of 1000 RTO. Furthermore, rewards can only be redeemed once at the same business within a set time frame.

The frequency of ratings that can be submitted for the same company is also limited. This enables Rateonium to guarantee that no users are able to redeem a disproportionately large amount of rewards at one company and thus harm the business.

In order to protect the identity of the user, the review is only uploaded some time after it is submitted, according to a random algorithm. As a result, the company cannot see which users have submitted which reviews, though tokens are distributed immediately after the rating is verified. As this can take between one and twelve hours, the underlying Blockchain transaction has no time limit. After the rating goes through, the RTO tokens are automatically generated by the Rateonium system and then automatically sent to be paid out.

Review verification before publication

The Rateonium verification process means that companies can rest easy knowing that no reviews have been created to discredit them. The customers also base reviews on the actual use of a service.

Continuous, consistent customer acquisition

Partners can assume, going by high user numbers, that new customers are being made aware of their companies via the company presentation in the Rateonium app in a scalable manner.

Participation via subscription system

In order to prevent market distortion, small companies are given the opportunity to level with corporate groups in terms of number of reviews and presence in the network. Therefore, larger companies can only subscribe to Rateonium by branch location, and not as the whole company. The only exception is purely online services.

Individual company presentation opportunities

Rateonium’s operating principle allows companies a variety of custom options, and the flexible rewards system gives them the opportunity to set themselves apart from their competitors.

Extensive options for analysing reviews

The rating algorithm can be used to automatically analyse statistics from submitted reviews that are relevant for a given company. In the course of presenting these statistics, Rateonium can also be used for quality assurance in addition to customer acquisition. Each customer who submits a review becomes a quality controller at the same time.

Insulation of the Rateonium cryptocurrency from market fluctuations

By integrating two stand-alone tokens, Rateonium enables the system currency to be insulated from price speculation and market fluctuations, while still allowing the user to trade with tokens generated by reviews. Website : https://rateonium.com/