What is Indorse?
Indorse is aiming to be a decentralised, crypto-powered professional network, an alternative platform to Linkedin. It already has with a working platform available to see at their website https://indorse.io/gaurang – this example being the personal page of one of the developers, and seems to live up to its goal. It is built on the Ethereum blockchain.
Indorse seems like a great potential platform with some good ideas, and is worth keeping an eye on, especially as public sentiment is growing against heavily centralized social media and professional platforms, such as Facebook.
Once (and if) the platform goes fully live for this one- and if the tokens are found to actually be actively used on it- there could be some real value to this project. There are a couple minor teething issues with the project but with enough resources and time, this could become a popular platform.
How the Indorse platform works
Indorse members will get rewarded for their participation in the platform, as well as being able to earn a ‘reputation’ on the platform on their reputation system. These rewards could help encourage large social media users – such as active Linkedin users with large followings who post regularly and are active in groups, to also use the Indorse platform.
The Indorse Rewards system will be the most important part of the workings of the Indorse setup. Every member of the platform will be an “Indorser” and will have the ability to verify a claim made by another user. For example:
- A member claims to have excellent Java coding skills.
- A member claims to have worked at a specific company before.
- A member claims that they speak fluent Spanish.
Any other member on Indorse can verify these claims. Let’s say Rachel lists “Java coding” as one of her skills. Bob can verify that Rachel does indeed have excellent Java coding skills. One earns SCR tokens both for making claims and for verifying them, as well as gainingreputation. Bob can also verify that Rachel really worked for that specific company before. The more you “indorse” or verify someone’s claims, the more reputation you gain. The more reputation, the more SCR tokens you get. Indorse hope that there will be community managers in time whose only job is verifying claims. While there will be some automated systems to verify simple claims (for example, you can upload your diploma and automatically verify that you really graduated from that university), the majority of verification will be done by the community.
Once a member accumulates enough SCR tokens, they have two options:
- Use them to post updates to his own profile
- Convert them to IND token and sell through exchanges
Now, you may be wondering how to verify a claim like “I make tasty cakes”. The Indorse team has a solution to that too: some member will agree to go and eat that cake. This specific example is in fact given in the white paper…
There is also a way of finding out if someone has made a false verification of a claim. If another user points out he/she was wrong and “unverify” a claim, that member will lose both reputation and SCR tokens. And if his token balance drops under 1 SCR, he will be “disqualified” from the platform.
Potential Issues with Indorse
False Claims: There are still some potential ways of making false claims – one such way would be forming a group together and all verifying each other. There are not yet any means in place of preventing such a group forming a coalition and verifying each others’ false claims. Whilst this isn’t a long term problem – as over time, the greater Indorse community would look to verify such claims, and any found to be fraudulent would lose their SCR tokens and have their reputation scores dropped – it will most likely cause some issues in the early days. However, this problem isn’t exclusive to Indorse- there are constant messages on Linkedin asking to endorse the skills of complete strangers, with many even endorsing your skills – without their knowing anything about you- in the hope that you will do the same for them in return.
Harassment for reputation scoring: It’s also not impossible that messages would get sent along the lines of “Hey, I can unverify your claims. Send me IND tokens or your reputation will drop.” It would be possible for Indorse to have a support line to prevent such messages but this hasn’t been confirmed yet.
Community Management: A reputation system controlled by the community will be hard to manage and ensure that it is run without any of the potential problems mentioned above. Indorse has good intentions and a decentralized professional network sounds good, but they must implement a more thorough verification system. Otherwise, no company will take them seriously and it will turn into a social media platform, instead of a professional network.
What are the uses of the Indorse tokens? Are they worth holding?
The Indorse platform isn’t yet monetized- currently tokens have no real working uses other than speculation – but when it goes live, there will be two tokens:
- Indorse Score (SCR): This is the “member” token. Each member must have at least 1 SCR in his wallet to become a member and use Indorse. The platform isn’t open to everyone, only SCR holders can become members and use it. If somehow your balance drops to less than 1 SCR, you won’t be able to use or login to the platform. You have to hold SCR to post updates to your member profile. Every action on your profile (i.e. adding another client to your portfolio) will require a certain amount of SCR, but the amounts are unknown at the moment. SCR tokens are not transferable between members. You cannot buy SCR through exchange sites. The only way to gain SCR is the “Indorse Rewards” system, so you will first have to use the platform as intended by rewarding or ‘indorsing’ other users. Indorse Score tokens will also be the currency used as the “reputation tokens” – see more below.
- Indorse Tokens (IND): This is the “advertiser” token. These can already be bought and traded on several crypto exchanges. IND tokens will be the payment method for buying advertising space on the platform. Companies can also buy IND to use the talent acquisition service of the platform. Half of the IND tokens used to purchase advertising credits and talent acquisition services will be placed into a pool and the other half will be put into an administrator fund. Every month, 10% of the amount accumulated in the pool will be distributed among members of the platform as a membership reward.
|Creator||Gaurang Torvekar, David Moskowitz|
|Creation Date||August 2017|
The founders are the same team behind Attores https://attores.com – a company that develops smart contract templates for blockchain apps. They’re clearly already experienced in working with Ethereum and it’s no surprise that they are using Ethereum for Indorse.
Partnerships and Social Presence
Indorse has already partnered with companies such as Smith + Crown, Coinsilium, and Blockchain Assets which should help to boost their reputation. There isn’t a lot of hype around Indorse – yet- but the team have active accounts on almost all social media platforms, and mostly use BitcoinTalk to communicate
|ICO Date / ICO Price||September 7, 2017 / 1 IND = 0.33 USD|
|Is The Coin/Token Live?||Yes|
|Current Value (Total)||$ 3.853.176|
|Available In||Can be used only on its own platform / can be traded into other crypto-currencies and Fiat currencies via exchanges|
|Can Be Traded In||RightBTC, Liqui, HitBTC, YoBit, COSS, Qryptos, Gatecoin, Bancor Network|
|Can You Buy It With Fiat Money?||Yes|
- Q1 2018: Company Pages. Validated Connections. Consensus Skill Validation. Sybil Attack Prevention.
- Q3 2018: Automated Skill Validation. External Validation.
A reputation system controlled by the community will be hard to manage and ensure that it is run without any of the potential problems mentioned above. Indorse has good intentions and a decentralized professional network sounds good, but they must implement a different verification system and for example, disregard SCR tokens. Otherwise, no company will take them seriously and it will turn into a social media platform, instead of a professional network. Once (and if) the platform goes fully live for this one- and if the tokens are found to actually be actively used on it- there could be some real value to this project.