As many of us might have realised by now, there exists today a real problem of fake reviews within the online retail market. According to sellers like Amazon, fake reviews both positive and negative are the biggest impediment in the delivery of high quality goods to customers today.
While there are certainly measures in place to correct such problems, they don't seem to be adequate to tackle the situation at hand (as the number of such reviews seems to be on the rise).
As per the official company whitepaper, we can see that the concept behind Zapit is a very straightforward one. It allows for incentives to be given to members who provide the community with quality data and services. In a more technical sense, Zapit makes use of a business model called “sweat equity”. Sweat equity is essentially a model that tracks the “contribution of each participant”, and depending upon the quality of work provided, doles out relevant rewards.
In addition to this, the Zapit ecosystem also takes note of “time based efforts” of users who sit through and verify individual reviews. As a consequence of this, Zapit is able to provide users with a platform “where all of the product reviews” have been double checked for their accuracy and validity.
How Does All of This Work?
Zapit’s verification system can be accessed in two primary ways:
The Zapit Website will serve as an ‘online platform’ through which all of the reviews that have been certified by moderators will be published. It will be accessible to all those who wish to seek out genuine reviews of products. Additionally, for sellers this website will act as an advertising medium (however, all listed products will have to go through an unbiased scrutiny protocol before their reviews are published).
(ii) Browser Plugins:
Zapit will also be releasing a “Browser Plug-in” that will be available for use by those individuals who are searching for legitimate reviews in real time.For example, when we are looking for products on amazon or other shopping portals, we can instantly check for genuine reviews related to the item by clicking on this button. Additionally, future iterations of this plugin will feature the ability to “submit reviews” and even earn native coins.
Zapit Token Details
To raise revenue for the actualization of the Zapit platform, the company will be making use of an Initial Token Offering . Through the use of such a medium, potential investors can “leverage their purchased tokens” and subsequently list their items on Zapit.
In all, there will be a total of 100,000,000 Zapit Tokens that will be created. During the initial ‘private sale’, the company will be offering users with 10,000,000 (5,000,000 For Sale + 5,000,000 Bonus) tokens. During this phase, participants will be given a 100% bonus (which means they will get 2 times the tokens they buy).
During the general crowdsale, a total of 40,000,000 tokens will be made available. There will be a 50% bonus applicable during this period. It is also important to mention that a total of 10,000,000 tokens will be “distributed amongst advisors and supporting communities”, and 40,000,000 tokens will be set aside and frozen via the use of smart contracts (for use by the core development team).
In terms of the pricing of this token, we can see that 1ETH will allow us to obtain a total of 10000 Zapit Tokens. Also there is a minimum purchase amount of 0.1 ETH to participate in the sale.
Zapit ICO Token Allocation Details
- 40% of the currency pool will be made available during the crowdsale.
- Another 40% will be used for the further development of this platform.
- 10% has been set aside for the private sale.
- The remaining 10% will be used by early backers and supporters of this platform.
The revenue utilization model has not been made available to users at this point. For any further details/ clarifications, customers have been asked to get in touch with company officials via the use of the their social media profiles (Facebook, Twitter, Medium, LinkedIn and Telegram).
Who is Behind Zapit?
Zapit is the brainchild of Amit Jesani. He has been in the crypto domain for 5 years now, and in the past, has worked for companies such as Tend Skin Store and Advantage Web Consulting. Similarly, Ashutosh Valani serves as the company’s core team dev. He too has been in the digital domain for nearly a decade now, and has also been a part of other prominent startups like Zed Lifestyle in the past.