Blockchain-powered decentralized network Indorse announced this week it has granted an additional seven per cent share to Coinsilium Group Limited for S$350,000. This follows an S$100,000 investment they made in June.
“With the explosion of social networks over the last several years, social media has unquestionably become an integral part of our lives,” Indorse cofounder and CEO David Moskowitz said. “Yet privacy violations and data ownership controversies have seen many users fall out of love with their favourite platforms.”
Indorse is in the midst of an ICO which runs through Sept. 7. Offering participants have full control over their data as they build their professional profiles and share skills on the platform. The Indorse Score resembles a proof-of-stake mechanism where moderators can stake their reputation on an endorsement. Participants making and receiving confirmed endorsements earn rewards.
“The impressive pre-sale is a vote of confidence for Indorse and reaffirms our position and belief in both the platform and the team,” Coinsilium and Indorse CEO Eddy Travia said. “As privacy fears grow, and revenue models fail, the time is ripe for building a blockchain-powered decentralised platform for professionals. We are confident that the proceeds from the pre-sale and the ongoing public token sale will provide the financial resources for the team to achieve their compelling objective.”
“While current models can be viewed as invasive and advertiser-driven, the Indorse platform shifts the power to the hands of its users,” Indorse cofounder and CTO Gaurang Torkevar said. “Advertising placements can be bought by agencies at fixed rates, with large portions distributed directly to the users on the platform as a reward for sharing their knowledge and expertise.”
Many may not realize what’s at stake when they generate data online, Mr. Moskowitz said.
“The average social media user may not comprehend the true value of their online presence and data. Despite what platform providers may have us believe, social media is not ‘free’ for use. As the saying goes, if you’re not paying for it, you’re the product.”