I think 'rate' is a sort of old-school standard message board function, granted, it will still be useful in some forums that involve transaction which IMO should be a plugin.
Here are the reasons why 'Like' should replace 'Rate' -
  • 'Like' is popular term and function in the social media world, today.
  • 'Like' is simple and straightforward, 'Rate' involved adding feedback which may likely not be what users want to do all the time. Imagine trying to rate 10 different posts in a single thread.
  • 'Rate' is more useful to the marketplace community while 'Like' is a general forum and social media function.
My Type of Likes -
I prefer 'Like' that does not show who liked, this will make sure the sense of 'paying back' the 'like debt'. It will also save some line of codes, simple and neat. Unlike ' Mike and 6 users like your post' you will have something like Like (7).

My suggestion though.

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