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Blockchain professional network Indorse launches MVP
Indorse, a decentralized network for professionals based on Ethereum blockchain, has announced the launch of its minimum viable product (MVP).
The MVP launch was formally announced at the Ethereum Singapore Meetup. With this, registered users would be able to build professional profiles on the platform, import their existing LinkedIn profile onto the platform, and view a skills visualizer to track specialties and accomplishments.
"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. 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 CTO and Co-founder Gaurang Torvekar said.
Indorse aims to build a serverless, decentralized network where professionals benefit from platform growth and data insights rather than third parties. Its platform would allow users to build their profiles and profit from their reputation and from contributing to the platform. Similar to the Proof of Stake mechanism, the Indorse Score allows moderators to stake their reputation on a claim or indorsement, offering users an easy way to earn rewards through a token-based system.
According to the official release, the Indorse platform has already garnered interest from numerous reputable leaders within the blockchain industry, such as Anthony Di Iorio, CEO and Founder of Jaxx and Decentral, and Co-founder of Ethereum, Loi Luu, Indorse Advisor and Co-founder of Kyber Network, and Benedict Chan, Director of Engineering at BitGo.
“I'm excited to see the development of Indorse and the idea of decentralized identity and professional networks. This could be a great use case for blockchain technology,” said Benedict Chan.
The launch follows the startup’s successful token sale in which it raised over $9 million from over 1800 contributors participate. The token sale concluded on September 7, 2017 where the Indorse token (IND) was distributed to participants. The IND token is a tradeable token, and participants will also receive Indorse Score (SCR) tokens, which are a non-tradeable reputation token required to post updates to the member profile or indorse and flag claims, once the platform is released on the main network.
“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,” concluded Torvekar.