Indorse Launches MVP After Successful $9M USD Raise
Indorse, the decentralized social network for professionals, has announced the launch of its MVP, allowing registered users to build professional profiles on the platform. The MVP launch follows the conclusion of Indorse’s September token sale which raised over $9 million USD and saw over 1800 contributors participate.
Indorse CTO and Co-founder Gaurang Torvekar said, “When we first challenged the control and use of data on traditional social networks, it was encouraging to see thousands of eager participants join us in our pursuit of an innovative, equitable model. We are delighted to have successfully launched our MVP, further bringing us one step closer to becoming the go-to social network for professionals.”
Offering users full control of their own data as they build professional profiles and share skills on the platform, Indorse aims to build a serverless, decentralized network where professionals benefit from platform growth and data insights rather than third parties.
As part of the launch, which was formally announced at the Ethereum Singapore Meetup, registered users will be able to create a professional profile, import their existing LinkedIn profile onto the platform, and view a skills visualizer to track specialties and accomplishments.
“Our users and community are truly at the heart of Indorse, building the platform in phases is an integral part of our overall vision, allowing us to take and incorporate feedback from our users every step of the way. This ensures that we have a product that not only reflects our users’ requests but stands the test of time,” said Torvekar.
The Indorse platform has already garnered interest from numerous reputable leaders within the blockchain industry, such as Anthony Di Iorio, CEO, and Founder of Jaxx and Decentral, and Co-founder of Ethereum, Loi Luu, Indorse Advisor and Co-founder of Kyber Network, and Benedict Chan, Director of Engineering at BitGo.
“Indorse is building an interesting platform that decentralizes existing professional networks and gives users opportunities to monetize their own social profile. From a technical point of view, what intrigues me is the employment of an interesting oblivious voting protocol to achieve fairness in the endorsement activity on the platform,” said Loi Luu.
Indorse presents a platform where users will build their profiles and profit from their reputation and from contributing to the platform. 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.
The Indorse token sale concluded on September 7, 2017 where the Indorse token (IND) was distributed to participants. 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 main network.
“In addition to proving the desire for a decentralized social network for professionals, our token sale demonstrated a significant level of trust and support from our community. We are thrilled to see the timely passing of this benchmark and look to continue rewarding that early trust and support,” concluded Torvekar.