Decentralized professional social network Indorse has raised $9 million through its recently concluded token sale.
“To see such overwhelming support for our community driven platform is both inspiring and humbling,” cofounder and CEO David Moskowitz said. “As we strive to build a new and mutually beneficial breed of social network, we would like to extend our sincerest thanks to the passionate Indorse community, without which we would not be where we are today.
“Together we will work to execute and build a new breed of social network which will ultimately, and deservedly reward the user to create shared value.”
Indorse plans on building a decentralized, serverless network where professionals benefit from platform growth and data insights as they build their professional profiles and share skills.
“The proliferation of social media in our daily lives has undoubtedly enhanced how we communicate, interact and share data,” cofounder and CTO Gaurang Torvekar said. “However, this enhancement has come at the cost of user privacy, data protection and information ownership, as hundreds of millions of users actively upload their data without realising the true value of it.
“As we launch into our development phase we pledge to put the power back into the hands of the user and ensure that the value of the content is accrued to the users who create it through a transparent and decentralized platform.”
The proceeds will be allocated to:
- Research and development (65 per cent)
- Marketing, advertising, partnership development (20 per cent)
- Operational expenses (10 per cent)
- Legal (five per cent)
The tradable Indorse tokens (IND) were distributed to sale participants on Sept. 7. Participants will also receive Indorse Score (SCR) tokens, which are not tradable and are required to post profile updates or indorse and flag claims once the platform is released on the main network.
“Traditional social networks have clearly shown the value of an outlet for engaged community voices, albeit in a way that is inequitable. Indorse is very eager to combine that group energy with the limitless potential of the blockchain and create a system that is more just and equitable for all.”