Indorse, a blockchain-powered decentralized network for professionals, has announced the details of its grant of an additional 7 percent share to Coinsilium Group, an accelerator that finances and manages the development of early-stage blockchain companies, for S$350,000.
Earlier in June, Coinsilium invested S$100,000 in Indorse. The latest announcement comes on the heels of Indorse’s pre-sale, which saw 18,396.21 ETH (approximately $5.5 million) raised in just three days. Following the successful pre-sale, Indorse said it has granted Coinsilium an option to subscribe for an additional 7% of the fully diluted share capital of Indorse for S$350,000.
"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,” Eddy Travia, CEO of Coinsilium and Indorse Advisor, said.
Headquartered in Singapore, Indorse seeks to create a platform where users will 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. By 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.
“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,” Indorse Co-Founder and CEO, David Moskowitz said. “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.”
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.
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