Decentralized Professional Social Network Receives Backing From Coinsilium
Indorse, a blockchain-powered decentralized network for professionals, has released the specifics of its grant of an additional seven percent share to Coinsilium Group Limited for S$350,000. This announcement follows the project’s successful pre-sale raise of $5.5 million USD. The main Indorse token sale will run until September 7th 2017.
David Moskowitz, Indorse Co-Founder and CEO, said: “With the explosion of social networks over the last several years, social media has unquestionably become an integral part of our lives. Yet privacy violations and data ownership controversies have seen many users fall out of love with their favourite platforms. 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,”
Offering users full control over their own data as they build professional profiles and share skills on the platform, Indorse aims to build a serverless, decentralized network where users benefit from platform growth and data insights rather than third parties.
Coinsilium Group Limited, an accelerator that finances and manages the development of early-stage blockchain technology companies, previously invested $100,000 in Indorse in June of this year. Following the successful completion of its pre-sale, which saw 18,396.21 ETH – approximately $5.5 million USD – raised in three days, Indorse has granted Coinsilium Group Limited an option to subscribe for an additional 7% of the fully diluted share capital of Indorse for S$350,000.
Eddy Travia, CEO of Coinsilium and Indorse Advisor, commented: “The impressive pre-sale is a vote of confidence for Indorse and reaffirms our position and belief in both the platform and the team. 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.”
The Indorse token sale will run until the 7th of September 2017, where the Indorse Tokens (IND), the required payment method of buying advertising space on the platform, will be distributed to token sale participants, representing approximately 35% of the total supply created. The IND token is a tradeable token, and participants will also receive Indorse Score (SCR) tokens, which are a non-tradeable reputation token required to post updates to the member profile or indorse and flag claims, once the platform is released on the mainnet. Similar to the Proof of Stake mechanism, the Indorse Score allows moderators to stake their reputation on a claim or indorsement, offering users an easy way to earn rewards through a token based system.
Indorse Co-Founder and CTO, Gaurang Torvekar remarked: “While current models can be viewed as invasive and advertiser-driven, the Indorse platform shifts the power to the hands of its users. 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.”