- The Lum Network is built on Tendermint and the Cosmos SDK
- Lum Network offers a decentralized review system to assist customers
An innovative initiative attempting to apply blockchain immutability in consumer use cases, Lum Network has secured $4 million in a private sale spearheaded by several notable cryptocurrency and technology investors.
Lum Network offers a decentralized review system to assist customers in making intelligent purchases. In 2017, Sarah-Diane Eck and Fabrice Bascoulergue established Sandblock, which they constructed together SaaS business Skeepers. The Lum Network is built on Tendermint and the Cosmos SDK, and it wants to use IBC to help and work with the Cosmos ecosystem.
The round featured Cosmos ecosystem members such as Peng Zhong, CEO of Tendermint, and other contributors to Osmosis, Cosmos, and Tendermint such as Cosmostation, SG-1, Stakefish, and Sentinel. Arcanum Capital, Klub and Ki Foundation, SwissBorg, and prominent entrepreneurs like Owen Simonin, CEO of Just Mining, and Djamel Agaoua, CEO of large instant messaging company Viber, also participated.
Lum is developing an on-chain review system with Skeepers to allow companies to give credible reviews by timestamping and storing them on the Lum Network blockchain using the Cosmos SDK and Tendermint consensus architecture.
Skeepers is a major customer engagement firm specializing in User Generated Content (UGC), with over 30 million reviews gathered annually and over 100+ million unique people reached. With Lum Network as the backbone of Skeepers’ technological infrastructure, users may be compensated honestly and equitably for their effort.
Consumers value reviews highly, with over 95% of people reading them before buying a product. It’s no surprise that reviews are one of the most gamed areas of retail trade, with corporations almost always rewarding positive evaluations with various clean and not-so-clean tactics. Conversely, they will endeavour to neutralize negative evaluations.
Aside from the obvious foul play, there are also inherent human aspects at work: consumers like to speak about extreme experiences (good or bad), with average users seldom commenting.
Reviewer writers will be compensated in LUM according to the material they provide. Lum can assist companies in creating a more true image of their customer satisfaction metrics while new prospective clients can correctly judge the quality of the items.
