🕵️‍♀️Problem Statement 1

The current Web 2 model of reviews is fundamentally flawed. Reviews are often mutable, easily manipulated, or influenced by companies through financial incentives:

Problem Statement: The Need for Immutable On-chain Reviews in the Web3 Ecosystem

• Scammed Reviews: Companies can pay for positive reviews to artificially enhance their reputation.

• Paid Removals: Negative reviews can be taken down for a fee, misrepresenting the true user experience.

• Lack of Incentives for Improvement: Companies are not adequately incentivized to address legitimate user concerns, leading to stagnant or declining service quality.

Without a reliable and transparent review system, users struggle to trust the authenticity of reviews and make informed decisions. This undermines the overall integrity of user feedback and hampers the ability of users to identify trustworthy companies.

Impact on the Ecosystem:

• Mistrust of Reviews: Users are skeptical of review authenticity, leading to reduced confidence in the review system.

• Unfair Market Practices: Companies that manipulate reviews gain unfair advantages over honest competitors.

• Decreased Accountability: Companies lack motivation to address genuine user issues, resulting in poor service and user dissatisfaction.

Need for On-Chain Review Systems: The Web3 ecosystem requires an immutable, transparent review system that leverages blockchain technology to ensure review authenticity and integrity. On-chain reviews provide several key benefits:

• Immutability: Reviews, once posted, cannot be altered or removed, preserving the integrity of user feedback.

• Transparency: All reviews and associated transactions are recorded on the blockchain, allowing users to verify the authenticity of reviews.

• Incentivization: Companies can be incentivized to address legitimate user concerns through an advertising token system, rewarding those that actively engage with and resolve user issues.

By implementing on-chain reviews, the Web3 ecosystem can create a trustworthy and reliable review system that benefits both users and companies. Users gain access to authentic and transparent feedback, while companies are motivated to improve their services and address user concerns to earn advertising tokens.

In conclusion, the Web3 ecosystem needs immutable on-chain reviews to ensure transparency, authenticity, and accountability. This will restore trust in the review system, promote fair market practices, and incentivize companies to continually improve their services, ultimately enhancing the overall user experience in the blockchain space.