Indorse, a new social platform built on Ethereum, backed by blockchain business accelerator Coinsilium, is changing the landscape of social networking for professionals. Through a disruptive approach of peer-to-peer validation of people’s professional reputation and branding, Indorse is offering what other platforms are unable to provide to users; ownership of data and true social collateral which attests to the validity of their accomplishments.
Already having met the Pre-sale limit of 17,000 ETH within a matter of days, Indorse will commence their full-fledged token-sale on August 8, 2017.
Indorse is led by a team of experienced blockchain entrepreneurs, engineers, consultants and fintech experts who believe that the existing model of how people interact with online social networks is deeply unfair towards the end user and flawed in how information is accurately portrayed.
COO Dipesh Sukhani comes among the ranks of experienced Big Four consulting veterans bringing financial and tax auditing experiencing to the table – a particularly valuable asset in the world of blockchain startups holding token sales.
“Networks such as LinkedIn (and of similar service offerings) have never been able to pass the litmus test of accurate sharing of information [leave aside letting its users also benefit from the growth]. One cannot simply rely on the information put-up; every single claim has to be tested separately, which means time costs! As an ex-Big four consultant, I was always on a hunt for my clients to write me testimonials, so as to add that extra edge to my credentials. We at Indorse make that step the first stepping stone, ie, community based endorsement.”
Unlike traditional social media platforms such as LinkedIn, the Ethereum-based Indorse network aims to empower users with their data and reputation management, allowing anyone to profit from sharing their skills, activities and accomplishments on the platform.
Indorse was among the first blockchain startups to utilize the Ethereum Name Service (ENS) to help combat phishing and fraud scams which have plagued some other high profile token sales in past months. This service enables an easily identifiable and much more secure set of human-readable characters to be used as Ethereum token addresses.
As a reaction to fraud and spam have plagued many popular social networking and professional career websites, the Indorse team has taken a fresh approach to personal and professional branding enabled by smart contract functionality on the Ethereum blockchain.
Users can share information about themselves and they stake their funds, or IND tokens. In the event a person in their Indorse network is able to verify the claims made are true, both parties are rewarded. If either party makes a false claim, they are penalized, thus incentivizing true representations of one’s self on the network. Users are able to leverage this branded and verified identity of themselves on other networks as well, thus creating a usable asset for anyone in the community.
Compared to other blockchains, Ethereum provides the compute engine capability and transparency needed for a decentralized economy to succeed and incentivize its own growth. The platform will be integrated with a number of decentralized applications (DApps) such as; InterPlanetary File System (IPFS), uPort identity system, Attores Certificate Issuance Platform, Truffle, Spectrum and Status.
“Indorse will allow users to profit from sharing their skills and activities on the platform via reward tokens. We envision a serverless, decentralized future, where the users will build their profiles and profit from their reputation. This future will need a decentralized platform where others can judge the quality of a person’s profile not just by where they have gone to school, but what they have actually done in their professional and personal lives.”