Indorse is a combination of LinkedIn and Instagram – on a blockchain. Individuals will post their profiles and their content – fellow individuals will “indorse” them. By using the blockchain, Indorse is able to verify claims and endorsements; Doings so will create a new networking platform that is fun and rewarding. Indorse proposes the following use cases:
- Companies looking to hire. Individuals with high “Indorse” levels will be seen as more trustworthy, socially networked, and employable.
- KYC. By attaching ones identity, profile, and achievements to an Ethereum address in a decentralized manner, Indorse is creating an independent identity system.
- Oracle for Prediction Markets. The Indorse platform can also feed into existing prediction markets like Gnosis or Augur. Indorse will do so my collecting metadata based on “indorsements.”
- Advertising. The most direct use of the data collected on the platform is for targeted advertising. This includes the persons viewing the profiles and the profile creators themselves.
- Freelance Services. With credentials being indorsed on the platform, contract work and other job requests can be posted and filled by members of the community.
These Use Cases will, naturally, be fulfilled by members of Indorse. Each member can take part through two main roles on the platform –
These two main roles will use 2 types of tokens to make the process work — 1 tradable token and 1 internal accounting token:
IND token: Indorse Token (IND) [tradable]
SCR token: Score Token (SCR) [internal]
The entire process starts with a claimant making a “claim” associated with his profile. A “claim” can be either that of professional skill OR a personal skill (i.e. “I graduated from MIT” or “I know how to surf”). With every claim made, the claimant needs to attach one or more proof(s) of information (MIT degree or surfing certificate). The moderators verify the claims separate from the blockchain (i.e. on the web or in life) and either indorse it or flag it. Indorse then uses a mechanism similar to Proof of Stake. This mechanism is called an Indorse Score (SCR).
Example from a member’s perspective:
- Alice joins the Indorse network. Upon registration, she is issued a minimum Indorse Score (SCR token) that will enable her to post a single claim to her profile.
- She starts by creating her unique profile identity, and then adds a claim. She claims that
she graduated from MIT in 2017 with a Specialist Diploma in IT Network Systems. She provides a link to the MIT verification page for her certificate information. She submits the claim with that and her Indorse Score is locked. The Indorse platform randomly chooses a number of other members who can indorse the claim, and the claim enters the gestation period.
- Bob is an Indorse member who is chosen to indorse the claim. He receives a notification
and sees that Alice has placed a link to the verification page for her certificate. He verifies that the claim is valid and indorses the claim, locking up his Indorse Score.
- The gestation period ends with a consensus of indorsements. Alice’s Indorse Score is
increased by 1, for making a valid claim. She is also rewarded a tradable Indorse Token (IND) Bob
also has his Indorse Score increased by 1 and receives an IND.
What happens to members who indorse ‘wrongly’?
If a member of the platform, be it a claimant or a moderator, keeps indorsing against the majority, either by way of making frivolous claims or by indorsing or flagging in a dishonest way, their Indorse Score will be reduced, until it reaches a minimum score of 1. This member will only be eligible to earn back his Indorse Score by making ‘correct’ indorsements, beginning one at a time.
- NOTE: in the following diagram Indorse had the tradable Indorse Token IND labeled as BUC.
A final feature of the Indorse platform will be advertising. Advertisement placement and impressions will be bought by advertising agencies and marketing agencies. These agencies will need to purchase IND tokens from exchanges in order to advertise. Indorse will follow a model similar to Google Adwords, but with the difference that a portion of the IND tokens paid for advertising on the platform going back to members of the platform.
These features of the Indorse platform will be accessible in the form of a web application in the beginning. In 2018 Indorse plans to develop and release the platform as a mobile app. The web app and mobile app will be created through a combination of Ethereum, IPFS/Swarm, and Whisper. Indorse will be built on a serverless, decentralized architecture, with the content and code on IPFS, and the computational engine being the Ethereum blockchain.
To implement this new technology and create the Indorse Platform, Indorse is holding a crowdsale.
IND Token: The IND token is the token that will be issued during the Token Sale. A contribution of 1 Ethereum will buy 1000 IND. Each contributor will also receive 1 Indorse Score (SCR) token. Contributors will thus be incentivized to create a profile, make a claim, and indorse claims of fellow members — once the platform is released on the mainnet.
Once the platform is released on the mainnet – and members begin creating profiles, making claims, and indorsing claims – advertisers will then be able to move in. Since the IND token will be the required payment method for buying advertising space on the platform, advertisers will need to purchase IND tokens (such as through an exchange) to advertise on Indorse.
There are no hard timelines set for these milestones just yet. Nevertheless the Indorse team is working diligently to implement these goals.
- David Moskowitz: Project Head (Founder) – David is co-founder and CEO of Indorse and Attores. Prior to Indorse and Attores, David founded a bitcoin brokerage ‘CoinRepublic’ in 2013 and sold it in 2015. As a co-organiser of the Bitcoin Singapore meetup he has been a vocal evangelist for cryptocurrency and decentralization. He is also a board member of ACCESS The Singapore Cryptocurrency and Blockchain Industry Association. Pre-Blockchain, he was a systems integrator, helping SME’s set up subscription systems online (SaaS). He has 20 years experience in product development, marketing and sales.
LinkedIn – https://www.linkedin.com/in/davidmoskowitz/
Twitter – @davidmosk
- Gaurang Torvekar: Project Technical Lead (Founder) – Gaurang is co-founder and CTO of Indorse
and Attores. Gaurang has been involved with several startups in FinTech and AI across India and Singapore as the ‘tech guy’. He has a Masters from Singapore Management University in Information Systems. He is the co-organiser of the Ethereum Singapore Meetup, and helped it grow from 23 members to 1300 members. He conducts courses on Ethereum hands-on coding and has also worked on a book on Building Ethereum Dapps.
LinkedIn – https://www.linkedin.com/in/gaurangtorvekar/
Twitter – @gaurangtorvekar
- Dipesh Sukhani: Project Operations Head – Dipesh has been recently appointed as the Operations Head at Attores and Indorse. Dipesh is an Indian Chartered Accountant with 11 years of work experience in the field of international tax structuring. Dipesh was, until February 2017, working as a Tax Manager at PWC. Experienced in the field of tax and regulatory framework – he has assisted various multinational companies in bringing tax efficiencies in their operations. At Indorse, Dipesh has been mainly working on the Front-end development of the application along with the Operations.
- Avadhoot Kulkarni: Project Marketing Head – Avadhoot is Chief Communications Officer at Attores and Indorse. Prior to Indorse, Avadhoot has served as a Marketing Consultant to FinTech and SaaS startups mainly in USA & South East Asia. After completing his Computer Engineering degree course, he worked at Siemens where he got introduced to Digital Marketing.
LinkedIn – https://www.linkedin.com/in/avadhootkulkarni16/
Twitter – @avadhoot_kulk
- Dave Appleton: Smart Contracts Developer – Dave is an expert in blockchain technology and has worked on a number of state of the art blockchain codebases. He specializes in Ethereum smart contracts. Dave studied at Imperial and King’s Colleges in London in the 1970s, resulting in a Bachelor’s degree in Electronic Engineering. After receiving his Master’s degree (Management of Technology) at the National University of Singapore, he founded Calistra Research Labs developing advanced machine vision systems.
LinkedIn – https://www.linkedin.com/in/dave-appleton-4893a7/
Twitter – @appletondave
- Harsh Nene : Senior Developer
- Kedar Vaidya : Senior Developer
- Brian Ip: Project Development
- KC Chng: Co-Founder and CEO of Digix Global
LinkedIn – https://sg.linkedin.com/in/kai-c-chng-540b339
- Shaun Djie: Co-Founder and Partnership Director of Digix Global
LinkedIn – https://sg.linkedin.com/in/shaundjie
Twitter – @shaundjie
- Benedict Chan: Director of Engineering at BitGo, Inc., Creator of Ether.li
LinkedIn – https://www.linkedin.com/in/bencxr/
Twitter – @bencxr
- Loi Luu: Founder and Developer for the SmartPool Project, Oyente, Developer, Ethereum
Foundation Researcher, PhD Candidate in Computer Science at National University of Singapore
LinkedIn – https://www.linkedin.com/in/loiluu/
Twitter – @loi_luu
- Matthew Tan: CEO and Founder of Etherscan
LinkedIn – https://www.linkedin.com/in/matthew-tan-4a3021a7/
Twitter – @etherscan
- Eddy Travia: CEO of Coinsilium
- Dushyant Bhatia: Co-founder, Managing Director at GOZOOP, Social Media Marketing and Ad
- Patrick McCorry: Research Associate (Blockchain), UCL
- Yacine Teraï: Blockchain Investment & Corporate Business Advisor, Coinsilium
- Wings.ai: A decentralized platform for creation, participation and management of Decentralized Autonomous Organization (DAOs)
- Coinsilium: Finances and manages the development of early-stage blockchain technology companies. Coinsilium shares are traded in London on the NEX Exchange Growth Market, the primary market for unlisted securities operated by NEX Exchange.
|Token Sale Dates||ICO open until September 7th 2017|
|Total Supply||15,000,000 to 50,000,000|
|Raise Limits||15,000 min ETH & 50,000 MAX|
|Pricing Structure||1 ETH = 1000 IND + 1 SCR per contributor|
|Technical White Paper||https://indorse.io/static/media/Indorse-Whitepaper-v1.1.a733cc8e.pdf
Comprehensively presents an ambitious if somewhat unclear business plan.
|Team||Experienced team of business professionals who understand emerging blockchain technology. Wired advisors bring in expertise related to blockchain, government, financial services, data science, and public relations.|
|Token Rights||IND and SCR token holders will be able to redeem for services on the platform|
*Disclosure – At the time of writing, cryptorated staff owned no Indorse tokens.
Interested in deeper analysis – Indorse?