REPU aims to provide smart reputation management on the blockchain. Find out how it works today in our review.
What is REPU?
REPU, or the REPU system, describes itself as “a revolutionary project that allows you to completely rethink the way social networks are perceived.”
It’s a feedback and rating system based on decentralized blockchain technology. Essentially, REPU wants to replace traditional social media “likes” with a social media rating. That rating can be used “as an assessment tool in various areas of the individual’s life.” Some of the areas where the rating could be used include “with professional skills, financial stability, and ending with all possible aspects of behavior and interaction with the public.”
In that sense, REPU feels like the episode of Black Mirror where everyone rates each other, and someone’s social value is based on their rating out of 5 stars.
Use Cases for REPU
Some of the proposed use cases for REPU include:
- Banks: Banks could adjust their credit rating based on values from the REPU system.
- Insurance Companies: Insurance companies could adjust the size of insurance payouts based on the client’s rating.
- Recruiters: Recruiters can assess individuals in terms of their professional skills and social adaptation based on their rating.
- Law Enforcement Agencies: Police can assess an individual’s rating to determine if they’re a danger to society.
- Ordinary Citizens: Ordinary citizens can assess REPU ratings when meeting new people.
- Advertising Industry: Advertisers could target users who have a specific rating level.
- Hotel Industry: Hotels will be able to set conditions for the accommodations of customers. If a customer’s rating is below a certain level, for example, then they might face stricter conditions.
All of these use cases are outlined in the REPU whitepaper.
How Does REPU Work?
The main goal of REPU is to create a reputation system where users – including ordinary citizens, employers, recruiters, government officials, police, etc. – can use a rating and feedback system in everyday life.
The platform is being developed as a separate project, although the goal is to integrate it into social networks – like YouTube, Instagram, and LinkedIn – in the future.
The basic function of REPU is to replace the existing “like” systems with the REPU system based on blockchain technology and smart contracts. Every time somebody likes your Facebook post, for example, you can enhance your REPU rating.
One of the important things to note about REPU is that all reputation data is built on the blockchain, which eliminates the possibility of forgery or deletion of reviews and ratings.
REPU’s features include all of the following:
Providing Ratings (Scores) Instead of Likes for Social Content:
End users receive a new tool assessing someone’s value instead of the traditional number of subscribers. You can check someone’s number of subscribers and their REPU score, for example, to see if they’re worth following on social media.
Better Rating System for Companies:
Today’s customers struggle to review companies. It’s an annoying process to login to Yelp and write a carefully worded complaint or positive review for a company. The REPU whitepaper also mentions the fact that only 2 out of 10 positive experiences are shared via reviews, while 8 out of 10 negative experiences are shared via review. REPU will provide a better rating and feedback system for companies.
Better Feedback System for Job Seekers and Employees:
Employees can enhance their REPU rating by identifying themselves through a smartphone app. Meanwhile, all types of businesses can assess job seekers based on their REPU score.
Managing the Company’s Reputation for Owners:
Managers can see “weak spots” within a company through the ratings of specific employees and departments. They can improve the company’s overall reputation by eliminating these weak spots.
Professional Ratings for Recruiters:
In addition to the traditional (social) rating of a particular user, REPU can introduce a professional rating from clients. When hiring an employee, a recruiter might see the history of the applicant, then make a decision based on the applicant’s previous work.
How Do RepuCoins Work?
RepuCoins are a virtual currency used inside the platform to pay for the company’s reputation management services (including monthly, quarterly, half year, and annual subscriptions). They can also be used to reward users for ratings, or to make internal payments for goods and services within the REPU ecosystem.
RepuCoins are automatically generated by the REPU smart contract when a company pays for reputation management services with its own means. There’s a total supply of 250 million REPU tokens. 175 million will be sold during the ICO. Those tokens will be frozen until March 30, 2019.
The remaining tokens are reserved for a pre-ICO (5% or 12.5 million), a closed round sale (5% or 12.5 million), bounties and PR (5% or 12.5 million), advisors (2.5% of 6.25 million), a lottery (0.5% or 1.25 million), the team and founders (10% or 25 million), and a bonuses/reserve fund (5 million).
The closed round and pre-ICO are taking place in January 2018, with the general ICO planned for February 2018. The company is seeking to raise 30,000 (hard cap) from the token sale. Tokens are priced at a rate of 0.00008 ETH.
Who’s Behind REPU?
REPU is led by co-founders Maksym Tkach and Maksym Lenets. Tkach has 10 years of digital marketing and business analysis experience, while Lenets has experience in business development, strategy, and investment. The company was formed in Q1 2017.
REPU ICO Conclusion
REPU is a global rating system that aims to change the way we perceive employees, businesses, friends, acquaintances, and strangers. REPU wants to replace existing social media “likes” with a global rating system. Every social media “like” you get would add to your REPU rating. Higher REPU rating would be equated with higher social status – including better insurance and banking rates, better job offers, and even better hotels.
If you’ve ever seen Black Mirror, then REPU sounds a lot like the episode, “Nosedive” from season 3, where we see an individual’s life descend into chaos as she unsuccessfully attempts to maintain her high rating.
In any case, you can learn more about REPU and its upcoming token sale by visiting online today at REPU.io.