Indorse wants you to own and use your professional data, which they strongly feel isn’t to be used by centralized social networking entities who control the data. You can call it the decentralized LinkedIn, if you like. It is a skill-based professional networking platform, where the data that you own can earn you IND Tokens. It uses the Ethereum blockchain for decentralized social networking.
This is taking the power from social networking sites and giving it back to people. We get back complete rights over the information about us, and Indorse aims to put a stop to the usage of information about the users of social networking sites for money; you get to make money instead.
With Indorse, you can control what you want to do with the information about you. This way, you can ensure that your data is used for activities that benefit you and you get paid in return for maintaining the data and endorsing data about others.
The simple principle that goes behind the data decentralization in this professional network is “verification by public endorsements”.
What Is Indorse?
The Singapore based company has prior experience with the Ethereum blockchain. The majority of the members of the team are from a company based in Singapore who have already been working on the Ethereum blockchain. Indorse is headed by David Moskowitz as the Project Head and Gaurang Torvekar serving the role of the Technical Lead, who are also the co-founders of the company.
Their experience with decentralized certification issuance platforms and the Ethereum blockchain for Singapore Poly-Technic School holds promise.
The team induces confidence in this decentralized social networking blockchain, although they face stiff competition from centralized social networking sites and other already operational decentralized social networking sites.
How Does Indorse Work?
When a new user registers himself on Indorse, he will be issued SCR Tokens. They now can make claims against the SCR Tokens in his profile that should be endorsed and verified.
At this point, the system randomly chooses another registered member of Indorse to endorse the claim. There is another option to get this done as well. The user who stated the claim can use his SCR token or Indorse Rewards to get an Influencer on the platform to endorse his claim, as well.
The system monitors the degrees of separation from the user if it is randomly selecting other users to endorse claims.
Once the claims starts piling in, the data is gathered and the decision about the claim is taken based on threshold-based decision making logic. The true or false decision is based on whether a threshold number of people have endorsed one opinion over the other. The SCR tokens and Indorse Rewards will be awarded to those who have given correct endorsement and there will be a penalty for incorrect endorsements. Thus users can participate in the network to earn more Indorse Rewards. They can also do work on the platform and earn higher amount of Indorse Rewards as well. The Indorse rewards can be converted to IND Tokens and they can be traded in any cryptocurrency exchange.
Mint While You Network
One obvious advantage of the network is that something as simple as social networking can be used to generate wealth.
Indorse will be using advertisement and service discovery as their main sources of revenue, and this is distributed to the network participants based on performance. The trickle down profit is an added advantage to the users of the network, thus pulling up the value of the IND Tokens.
Their decision to integrate 3rd party apps and integration to digital certification platforms can be an additional strength of Indorse.
The high degree of competition from the centralized networking sites LinkedIn and other decentralized networks that already have a first mover’s advantage is a major challenge for Indorse. So is on-boarding the users and user engagement.
Advertiser and service discovery revenue streams may prove inadequate to generate substantial IND Tokens for the users.
Additional IND tokens are proposed to be generated in certain intervals. However, this is strictly controlled as it may lead to erosion of value in the long term.
Indorse Final Words
If you are interested in a decentralized networking platform that is similar to LinkedIn, Indorse may be exactly what you are looking for. With further refinement, Indorse and IND Tokens hold great promise for the users and the advertisers both.