Ethereum-based social platform Indorse has some momentum behind it as it begins its token sale today.
Backed by blockchain business accelerator Coinsilium, Indorse uses peer-to-peer validation of an individual’s personal reputation and branding while giving users ownership of their personal data. People clearly like what they see, as the company met its 17,000-ETH pre-sale limit in days.
Indorse is based the belief 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 said.
“Networks such as LinkedIn (and 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 4 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, i.e., community based endorsement.”
Indorse said anyone should be able to profit from sharing their skills and accomplishments. They are one of the first blockchain startups to employ Ethereum Name Service (ENS) to address the phishing and fraud scams that have affected some recent token sales. ENS enables an easily identifiable and much more secure set of human-readable characters to be used as Ethereum token addresses.
Indorse users share information about themselves and stake their IND tokens. When someone in their network verifies that information, both sides are rewarded. Should someone make a false claim, they are penalized. This information can be leveraged across other networks too.
Indorse said Ethereum has several advantages.
“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 decentralised applications (DApps) such as: Inter Planetary 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,” founder and CEO David Moskowitz said. “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.”
The Indorse white paper is available for download on the website.