indaHash is a marketing platform that allows influencers to earn money by participating in brand campaigns on their social media profiles. As summarized in this review, indaHash was launched in January 2016 with a focus on micro-influencers (those in the sweet spot of reach and engagement), and in its first year ran 497 campaigns in 34 markets, while their influencer network grew from 10,000 to 110,000 and their employee count from 6 to 62. indaHash now boasts a network of over 300,000 influencers from 70 markets; over 400 clients, including Fortune 500 companies (such as Coca Cola, Sephora, VW, Adidas, P&G, McDonald’s, L’Oreal, New Balance, etc.), who have run over 1000 campaigns on the platform; and over 130 employees in 7 countries (Germany, UK, Poland, Singapore, US, UAE, and South Africa).
With indaHash, a brand submits either a photo/video for reposting or an assignment for influencers to create and publish their own content. The company or agency designates the tags to use and selects the criteria for influencers such as categories and follower counts. The indaHash platform then broadcasts the campaign to influencers who fit the requirements, moderates the submitted content, and tracks performance in terms of reach and engagement. The client pays the participating influencers according to reach (CPM), engagement (CPE), views (CPV), or content creation (CPCon), with rates set by indaHash, and receives a report detailing the campaign’s performance as well as rights to all the content created for the campaign.
The requirements for being accepted as an indaHash influencer include having at least 700 followers, a “proper number of posts”, a “good engagement rate”, and a “decent quality of posts (no memes, plagiarized or controversial content)”. Once accepted, the rates for an influencer’s participation are determined algorithmically and dynamically, based on followers and engagement. Influencers access the platform through a mobile app, whose Android version currently has an average rating of 3.3 from 1,899 reviews (including numerous complaints about long waits to get verified/accepted as well as a lack of campaigns), and whose iOS version has an average rating of 2 obtained from 21 ratings (with an ‘All Versions’ average of 3 from 62 ratings). After logging in, influencers can see the list of campaigns available to them, and the details for each campaign assignment. Generally, influencers have to take a photo or record a video and publish it on a social media account, with the brand’s specific #hashtag and @tag/mention in the description. Influencers can see their remuneration (rate per post) before deciding whether to participate, and their account balance is updated once the content is submitted, moderated, and posted. Withdrawal of earnings is limited by a minimum amount and payment terms are 30 to 60 days; payments come from indaHash directly and are deposited into the user’s bank account.
indaHash is now launching its IDH cryptocurrency, with a pre-ICO set for November 8, to be running for a week. Although fiat currency payments will remain available, using the cryptocurrency will allow influencers to be paid immediately and without revealing their private information, as well as make the platform available to more participants worldwide. Influencers will be able to sell their IDH coins back to indaHash (via a buyback program based on fiat payments from brands) or on a crypotcurrency exchange, as well as use them for special offers or early access to brand products and services. Furthermore, influencers will be able to exchange their IDH for personalized tokens, which they can then use to reward followers for engagement and to grow their audience. Fans would then be able to exchange these personalized tokens for things like access to exclusive content, a meeting with the celebrity, or making an appearance in a post. Fans will have their own indaHash profiles where they can see their balance of different influencer tokens. In order to incentivize use, brands buying a campaign with IDH coins will receive benefits (discounts, extra features), while influencers with more IDH in their wallets will receive higher bids for campaigns.
Although the Ethereum infrastructure is sufficient to handle the current volume of platform transactions, indaHash is aiming for mass adoption which will bring it beyond Ethereum’s capabilities. While IDH tokens are planned to remain on Ethereum, indaHash is looking at scalable solutions for the personalized influencer-fan tokens, such as Raiden (in which case influencer-fan tokens will be off-chain), Plasma (which will provide influencer-fan tokens with greater versatility), or other blockchains such as EOS or Exonum. The current whitepaper concentrates on the business plan and does not go much into implementation, but states that a technical whitepaper describing the platform architecture will be published, albeit without mentioning when.