Relevant Project $REL Token: Everything you need to about
What is Relevant? Relevant is a social news reader that prioritizes quality over clicks. The project’s mission is to build a token that is backed by quality metric for the information economy, aiming to make the human values of veracity, expertise and agency economically valuable.
Relevant wishes to offer a platform that breaks free from the current culture of misinformation and click-bait. Relevant attaches economic value to human values, transforming the information economy.
What is Relevance?
Relevance is the Return On Attention (ROA) which indicates the value the user gets back, when they pay attention. Relevance differs from the traditional Web 2.0 engagement metrics, as the latter only measures the quantity of attention and not its quality.
The Relevance metric offers users the option to rate, classify and annotate content by bringing agency, nuance and meaning back, into the information ecosystem. In the short term, this will result in better curation and discovery methods. In the long term, this will result in a complete restructuring of the information environment.
Relevant App: What is it about?
Relevant is available only through the mobile app that curates information based on quality and not clicks. Relevant utilizes a reputation system and economic incentives, encouraging users to rank and organize content within communities based on topics. It is based on the principle of inclusive hierarchy which allows anyone to participate, but everyone’s vote does not hold the same weight.
The app serves as a lab for formulating and experimenting with the Relevance metric and the underlying economy as the team is working on the decentralized technology, to support it.
How does Relevant work?
Each Relevant community works similarly to a subreddit, where users are allowed to up-vote, down-vote, and discuss links. Relevant looks at who upvoted the posts to determine their value, instead of counting the number of up-vote. On Relevant, one upvote from a trusted user is worth a lot more than a million votes from bot accounts.
User activity in the Relevant App produces Relevance that is a social good as well as a data-rich record of information quality.
This data will be stored in the Relevant Knowledge Base which is an open, decentralized database that maps the relationship between users, content and applications. The value of the Relevant Knowledge Base is represented by total market cap of Relevant Tokens.
The working of Relevant entails:
- Communities: Users can start discussion threads by posting links or text, and rank content using upvotes and downvotes.
- Reputation: Each user is assigned with a Reputation score. Users can earn reputation when reputable community members upvote their comments. Content and links are ranked on the basis of user reputation. The higher the score, greater the control, the user has over what is shown as part of the community feed. Reputation scores are specific to community and cannot be transferred between networks.
- Coins: Users can earn Relevant coins by upvoting quality posts. The user has three days to upvote a post, after it goes live. If other users with a high reputation also upvote the post, the user can earn coins. Users cannot earn coins by posting content, they can earn only from upvoting. Obtaining more coins does not impact the user’s reputation score, only their ownership in the platform does.
The Relevant Token (REL)
The Relevant Token is a cryptocurrency that is based on the Ethereum blockchain network which represents the value created by users on the Relevant platform as well as the ownership in the platform, itself.
The Relevant Token allows users to develop an economy, around the information that they value. Instead of manipulating user behavior to extract capital, the Relevant team has created economic incentives, that reward the creation and dissemination of quality content. The token is decentralized and in the hands of the users, to ensure that those who create value, can benefit from the rewards.
The Relevant Token will also reportedly play a role in the governance of the platform. Users will be the ones who have the authority to decide what kind of features and policies, will be implemented on Relevant.
At the time of writing this article, the REL token was priced at $1.50 USD with a 24-hour trading volume of $36,694.82 USD. The REL token is ranked at number 3946 on CoinMarketCap. The maximum supply and circulating supply is not available. The total supply is 27,777,045 REL tokens.
Relevant Tokens are called Coins in the Relevant App and can be found in the Relevant Wallet. Relevant Coins are distributed to users through a zero-stakes betting game where users are encouraged to predict the Relevance of posts.
Every time the user upvotes an article on the Relevant network, they it automatically bet 10% of their available coins on the future Relevance of the post. Three days after a post has went live, all the coins that were bet are returned to users. If the post achieved a high Relevance score, rewards are distributed to upvoters.
How to Earn Relevant Coins?
- Register for a new account on Relevant through the mobile app. Confirm your email address or connect your Twitter account to receive some free Coins.
- Select a community you would like to join (Relevant Feed is the most active one at the moment).
- Familiarize yourself with the type of content that ranks highly in the community.
- Up-vote new posts that you think will also rank highly in the community.
- Wait for the rewards, after about three days, the user is bound to receive a payout, if their predictions are correct.
Coins earned on the Relevant network can be exchanged for Ethereum (ETH) and other cryptocurrencies on the Uniswap Exchange.
Relevant coins can be transferred to a Metamask wallet through the user’s wallet. Once the coins have been transferred to the user’s Metamask wallet, the coins can still be used to bet on posts, as long as their Ethereum account is connected to Relevant.
Users can find the development map of the Relevant Network here.
For further updates, it is recommended to stay tuned with their social media handles.
Who are the investors in Relevant?
We have some big names like Coindfund and Coinbase Ventures as their investors. Looking at the investors the project should do good. However, it has been quite some time the project has already hit the market.
Should you invest in REL?
The current market cap is 1,663,648 which is very less compared to the other projects. There could be a lot of upside. However, I would not bet big on REL. The only reason being it is almost 2 years, and there has not been much development. We would like to see RELEVANT team update us more about their project. Not much media hype at the moment, which could change with time. Let’s wait and observe.