Indorse went live with its minimum viable product recently, opening access to beta users who want to build professional profiles on the Ethereum-based platform. The MVP lets professionals create a pro
Indorse went live with its minimum viable product recently, opening access to beta users who want to build professional profiles on the Ethereum-based platform. The MVP lets professionals create a profile, import their existing LinkedIn data, and access a skills visualizer that tracks specialties and accomplishments.
The Singapore startup, founded earlier this year, aims to build a serverless, decentralized alternative to traditional professional social networks. Instead of third parties capturing value from professional data, Indorse hands control to its users, who benefit from platform growth and insights generated on the network.
"When we first challenged the control and use of data on traditional social networks, it was encouraging to see thousands of eager participants join us in our pursuit of an innovative, equitable model," said Gaurang Torvekar, the company's CTO and co-founder. "We are delighted to have successfully launched our MVP, further bringing us one step closer to becoming the go-to social network for professionals."
Indorse built its incentive system around two primary tokens. The Indorse Score (SCR) functions as a reputation token, required when members post profile updates, endorse others' skills, or flag claims. The Indorse Token (IND), a tradeable token, serves as a separate reward mechanism. Members will earn Indorse Bucks for participating and contributing, with the system designed to encourage users to list their skills and validate or challenge others' claims.
The MVP launch comes two months after Indorse raised US$9 million through a token sale in September. Torvekar said the fundraising demonstrated genuine appetite for a decentralized professional network and revealed the community's confidence in the project's direction.
"In addition to proving the desire for a decentralized social network for professionals, our token sale demonstrated a significant level of trust and support from our community. We are thrilled to see the timely passing of this benchmark and look to continue rewarding that early trust and support," Torvekar said.
The token stands at US$0.08, up 60% from the beginning of the month.
