Top Ico 2018 - Rateonium

The basic idea behind the Rateonium system is to create an internal cryptocurrency that registered users receive by submitting a review about a company. This currency is exchanged for rewards from participating companies. Thus, the user can redeem rewards just by doing everyday things at no additional cost or effort. The intrinsic motivation to submit reviews, the “daily rating motion”, is continually upheld by the incentive of quickly accessible rewards.

These rewards vary from company to company and can be customised. The quantity of the Rateonium tokens exchanged is based on the size of the reward. Rateonium verifies the quality of the reviews before the tokens are activated in the app.

Contracting partner companies are included in the Rateonium network via a subscription system.

The basic monthly fee is based on the number of branches integrated into the system and the revenue generated per branch. With the wide range of cooperation partners that have already been confirmed in addition to other interested parties, Rateonium can use the exact subscription fees to develop long-term system plans for the companies and generate an internal profit.

For online shops, the subscription fee is based on an appraisal of the company’s economic strength, which varies according to the number and size of the regions served.

System

Rateonium offers a complete rating system tailored to all customer groups, thus connecting customers to companies in a way never seen before. For this purpose, various requirements were explored during development and used to determine the content of the system. The accurate implementation of these requirements means that both companies and future users are offered a perfected rating system that will be able to meet any subsequent needs.

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.

Offline and online generation of RTO

Two different processes are used to exchange RTO tokens: In the case of online purchases, Rateonium users are given the option of seeing defined rewards during their purchase.

In an extra window, they are given access to their wallets by entering a cryptic user name and the app password. They may also confirm the selected reward by using the app’s scanner function to scan a QR code. For purchases at a company’s branch location, a scanner installed on-site is used to provide double verification to activate the token transaction. The customer can scan his/her customer card on the company’s premises during the payment process. This directly activates the company’s reward for the customer and transfers the tokens for the selected reward from their account. Both methods of redeeming tokens end in the burning of the tokens after the distribution of the reward has been confirmed. This ensures that the total number of tokens in the system is always controlled by the number of active users.

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