Changing the way we view professional social networking
Singapore-based blockchain company Indorse Pte. Ltd last week launched an Initial Coin Offering (ICO) for a revolutionary platform using new models of tokenisation and decentralisation which it envisions will change the face of professional social networking.
Finally, your CV and work information belongs to you
Taking on traditional giants in the industry such as LinkedIn, the Indorse platform aims to give its users ownership of their own data. It first fixes the main issue on conventional platforms, whereusers gain little other than expanding networks for activities, while giving up ownership for unique content generated. Indorse, on the other hand, will reward users for sharing their skills and activities.
Secondly, Indorse users no longer need to worry about user-generated content and information being sold to providers, advertisers and recruiters. On the Indorse platform, you own your data, you maintain your privacy, and you share in the revenue.
Tired of endorsing LinkedIn contacts with no return? How do rewards sound like?
Utilising a model that Steemit users might be familiar with, Indorse users will earn internal rewards (called Indorse Bucks), while building up reputation through the Indorse Score system. Indorse’s design incentivises users to add their professional achievements as well as to endorse those of others. Active participation in and contribution to the network, unique content and endorsing efforts will earn Indorse Bucks.
This system is also expected to result in a more accurate reflection professional skills and expertise, assigning credentials a certain degree of validity from endorsements from professional peers. As the platform gains acceptance and recognition, Indorse expects that advertisers will, in turn, purchase space on the site, generating revenue that will be shared with users who contribute content.
Thanks to tokenisation, the revenue you generate can be freeky traded, sold, exchanged or even used to purchase advertising on Indorse.
Token Structure and the Indorse ICO
Indorse will create 2 tokens for a fair distribution of ownership and incentives: a tradeable Indorse Token (IND) used on the platform to obtain services and the reputation accounting Indorse Score (SCR).
Following a Token Pre-Sale that ended on 3 August, the general sale of the IND token began on 8 August and will run for a month, for a maximum of 30 days (7 September). Each ETH contributed will create 1,000 IND and 1 SCR. Indorse aims to raise at least 15,000 ETH, with an initial soft cap of 30,000 ETH and a maximum hard cap of 50,000 ETH.
It is expected that 35% of the tokens will be distributed to ICO participants and 40% stored for future use. A further 18% will be distributed to staff, founders and advisors in a 240-day timelock to prevent early liquidation while the remainder will be used for marketing and promotions.
How it works
SCR tokens are required to post updates to profiles, endorse and flag claims. After a 3 month vesting period, Indorse Rewards are accumulated and automatically converted into IND tokens based on the amount of IND in the pool from advertising revenue and inflation mechanism.
Half of the pool will be placed into an administrative fund to finance operations while half will be rewarded to users based on contributions.
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