Indorse, the Decentralized Professional Social Network, Receives Additional Backing From Coinsilium After $5.5 million Pre-Sale

Following successful pre-sale round, Indorse’s token sale is officially underway

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Indorse, a Blockchain-powered decentralized network for professionals, released the specifics of its grant of an additional seven percent share to Coinsilium Group Limited for S$350,000. This announcement follows the project’s successful pre-sale raise of $5.5 million USD. Just launched, the Indorse token sale will run until September 7, 2017.

Indorse Co-Founder and CEO, David Moskowitz said:

“With the explosion of social networks over the last several years, social media has unquestionably become an integral part of our lives. Yet privacy violations and data ownership controversies have seen many users fall out of love with their favourite platforms.”

Offering users full control over their own data as they build their professional profiles and share skills on the platform, Indorse aims to build a serverless, decentralized network where users benefit from platform growth and data insights rather than third parties.

Coinsilium Group Limited (NEX: COIN), the accelerator that finances and manages the development of early-stage Blockchain technology companies, previously invested S$100,000 in Indorse in June of this year. Following the successful completion of its pre-sale, which saw 18,396.21 ETH, approximately $5.5 million USD, raised in just three days, Indorse has granted Coinsilium Group Limited an option to subscribe for an additional 7% of the fully diluted share capital of Indorse for S$350,000.

Eddy Travia, CEO of Coinsilium and Indorse Advisor, said:

“The impressive pre-sale is a vote of confidence for Indorse and reaffirms our position and belief in both the platform and the team. As privacy fears grow, and revenue models fail, the time is ripe for building a Blockchain-powered decentralised platform for professionals. We are confident that the proceeds from the pre-sale and the ongoing public token sale will provide the financial resources for the team to achieve their compelling objective.”

The Indorse token sale will run until September 7, 2017 where the Indorse Tokens (IND), the required payment method of buying advertising space on the platform, will be distributed to token sale participants, representing approximately 35% of the total supply created. 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 mainnet.

Indorse presents a platform where users will build their profiles and profit from their reputation and from contributing on 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.

Indorse Co-Founder and CTO, Gaurang Torvekar said:

“While current models can be viewed as invasive and advertiser-driven, the Indorse platform shifts the power to the hands of its users. Advertising placements can be bought by agencies at fixed rates, with large portions distributed directly to the users on the platform as a reward for sharing their knowledge and expertise.”

The average social media user may not comprehend the true value of their online presence and data. Despite what platform providers may have us believe, social media is not ‘free’ for use. As the saying goes, if you’re not paying for it, you’re the product,” Moskowitz added.

For more information on the token sale, visit www.indorse.io.

About Richard Kastelein

Founder of industry publication Blockchain News, partner at ICO services collective CryptoAsset Design Group (helped raise over $200m+), director of education company Blockchain Partners (Oracle Partner) and ICO event organiser at leading industry event  CryptoFinancing (first ICO event in Europe) – Richard Kastelein is an award-winning publisher, innovation executive and entrepreneur. He sits on the advisory boards of half a dozen Blockchain startups and has written over 1200 articles on Blockchain technology and startups at Blockchain News and has also published pioneering articles on ICOs in Harvard Business Review and Venturebeat.
 
Kastelein has spoken (keynotes & panels) on Blockchain technology in Amsterdam, Antwerp, Barcelona, Beijing, Brussels, Bucharest, Dubai, Eindhoven, Gdansk, Groningen, the Hague, Helsinki, London, Manchester, Minsk, Nairobi, Nanchang, San Mateo, Shanghai,Tel Aviv and Venice. His network is global and extensive.
 
He is a Canadian (Dutch/Irish/English/Métis) whose writing career has ranged from the Canadian Native Press (Arctic) to the Caribbean & Europe. He’s written occasionally for Harvard Business Review, Wired, Venturebeat, The Guardian and Virgin.com and his work and ideas have been translated into Dutch, Greek, Polish, German and French.
 
A journalist by trade, an entrepreneur and adventurer at heart, Kastelein’s professional career has ranged from political publishing to TV technology, boatbuilding to judging startups, skippering yachts to marketing and more as he’s travelled for nearly 30 years as a Canadian expatriate living around the world.
 
In his 20s, he sailed around the world on small yachts and wrote a series of travel articles called, “The Hitchhiker’s Guide to the Seas’ travelling by hitching rides on yachts (1989) in major travel and yachting publications. He currently lives in Groningen, Netherlands where he’s raising three teenage daughters with his wife and sailing partner, Wieke Beenen.

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