фото показано с : invezz.com

Lum Network, an innovative project aiming to use blockchain immutability in consumer use cases, raised a $4 million private sale round, Invezz learned from a press release. A number of key crypto and technology investors took part in the round, including Peng Zhong, CEO of Tendermint. It saw participation from Klub and Ki Foundation, Arcanum Capital, SwissBorg, and successful entrepreneurs such as Djamel Agaoua, CEO of major instant messaging platform Viber and Owen Simonin, CEO of Just Mining.

In partnership with Skeepers, a leading group in customer engagement, Lum is developing an on-chain review system that would allow businesses to provide trusted reviews. This will become possible by timestamping the reviews and storing them on the Lum Network blockchain, based on the Cosmos SDK and Tendermint consensus model.

Over 95% of users read reviews before buying a particular product, so it’s hardly a surprise that they have become some of the most demanded aspects of retail commerce. Companies always incentivize good reviews and attempt to negate bad ones.

Users with average experience rarely contribute. They are far more likely to share extreme experiences, be they great or awful.

Reviewers will receive rewards in LUM based on the quality of their content. Lum can help businesses paint a more realistic picture of their consumer satisfaction metrics by using a unique incentive model where the quality of the content gets a monetary incentive.

Sarah-Diane Eck, co-founder of Lum Network, commented:

We think the time has come for more mainstream uses of blockchain that would impact the real world. Since we started in 2016, the space has matured tremendously. Now, we’re ready to launch a large-scale use case that will directly impact consumers’ lives by adding value to the content they produce. We are very proud to build this in the Cosmos ecosystem, which I consider one of the most promising blockchain ecosystems.

Peng Zeng, CEO of Tendermint, added:

Enabling accessibility to blockchain for a wider audience to benefit has been a key priority for me and our work at Tendermint. I am excited to support Lum Network in their efforts to impact consumers’ lives through positive user experience which I highly value with my background in interactive design.

The post Lum Network raises $4M in private sale round, incentivizes quality reviews appeared first on Invezz.

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