"In this regard, our overall focus is to establish different mechanisms based on the Blockchain to build a reliable, independent and self-monitoring review platform..."
What are those different mechanisms ?
Thank you for your very good question. To answer your question we have illustrated the Major problems leading to todays Situation within the online Review industry and how BWOMM is planning to solve them.
1. BWOMM - Time and money equilibrium - Referring to: Established review portals offer no monetary incentives to write a reviewIn the BWOMM system the contribution of helpful content is as equal as a monetary contribution in to a community, leading to a time and money equilibrium. Within BWOMM.io, reviews of any user may be upvoted by other user. In this case, a monetary value arises and will be assigned to the wallet of the user who has submitted the review. This incentivized qualitative rating on review level leads to a motivation to write qualitative and honest reviews with proper verifications like pictures and videos, as these are attracting other users to visit a location and vote a review. BWOMM’s economic incentives has the potential to produce a fairer and more qualitative results for everyone involved in the review community. Moreover, it is designed to enable effective micropayments for qualitative and honest reviews by changing the economic equation. Profiting user have no longer to decide whether or how much they want to pay to contributing user, instead they can vote content up and the system will use their votes to determine the individual rewards. As upvoting (curating) and commenting is a critical audit act within the network, BWOMM is rewarding these contributions as well (cf. Steem, Whitepaper, 2017 A).
2. Withdrawal the motivations for opinion spamming - Referring to: Unstoppable fake reviews (credibility problem)Once the monetary incentive is implemented to the network, it is worth a question by every opinion spammer, whether they can earn more money by contributing helpful and honest reviews than by producing fake reviews. We guess that BWOMM is not going to fully diminish fake reviews, however it will change the game by first shifting the monetary motivation in favor the honest reviews and second, by including the community approval process. This process is going turn the problem of the fake reviews into a democratic question. Specifically, whether the community agrees with the opinion of the reviewer or not.
3. BWOMM – An independent review website owned by the community - Referring to: Dependency of review websitesAs BWOMM’s backbone will be run on Blockchain, rather than other heterogeneous ordinary systems, a substantial amount of maintenance cost will disappear. To cover the remaining costs (backend, frontend, development, team etc.) it is planned to use a part of the money earned in a planned token sale, 15% of the yearly inflation and the future earnings through the sale of services like anonymous customer analysis. Further financing mechanisms will be announced in the future. However, it is not planned to place any distorting advertisements on BWOMM.io. By using these neutral sources of capital BWOMM will keep its independent status as an online platform owned by the community.
4. Reviews weighting driven by contribution to the community (Referring to: One-Dimensionality of reviews)Up- and down-voting is a crucial network act to BWOMM.io as it separates the qualitative and helping reviews from the non-helping ones. However, these votes are not only going to reveal the best contributions to the network but are also going to determine the overall ranking of the hotels and restaurants. This means, on the one hand, the higher the up-votes for a review the higher its weight within the overall ranking. On the other hand, fake or simple reviews without sufficient description and proof are going to be down-voted and underweighted in the overall ranking. Moreover, up-votes for a specific review are going to turn into rewards for the user who contributed. These rewards are not only monetary but also higher the status of the user, making him/her a more trusted user within the network. Using this approach, BWOMM stands out the current one-user, one-vote principle within the online review industry, shifting the power towards the trustable users within the democratic BWOMM community.
More Information and examples are going to follow in our Whitepaper and Technical Paper.-- Stay tuned --
