INDORSE — DECENTRALIZED PROFESSIONAL NETWORK
‘Indorse’ is a revolutionary platform using new models of tokenization and decentralization to change the shape of professional social networking. Unlike traditional platforms, we aim to give back ownership of the data to the member, and to reward them for sharing their skills and using the platform. Indorse uses internal rewards (Indorse Rewards) and a reputation system (Indorse Score) to incentivize members to add their skills / accomplishments and indorse those of other.
Social media has become an intricate part of our lives in the recent years,to a point that they control our actions and how we behave. But this innovation has become a doubled-edged sword. While providing a means by which we interact with the world, issues about personal privacy, data protection and ownership of information has arisen.
Three problems that plagues the current models of social network includes:
- Economic problem: Social networks are public goods that contribute significantly to the well-being of members when they are provided but are impossible to charge for use and this is not sustainable, As such, providers of social networks have turned to advertising as a revenue stream, doing so by requiring members to assign rights to their content and information to the provider and selling them to advertisers and recruiters.
- Autonomy problem: The centralized nature of social media today means that the platform is almost entirely controlled by the platform providers, with members having limited say over the direction of the platform.With this providers having almost unlimited licence, it opens the door to potential abuses which is seen in today's social media.
INDORSE SOLUTION TO THESE PROBLEMS
Indorse is an attempt to give back ownership of data to members. A platform which is not only fun, but also rewarding to the contributors of the content. Here, the value of the content is accrued to the members who create it. We will also design in-built mechanisms and integrations with other applications like uPort to minimise the damage caused by Sybil attacks. It will also have an in-platform token system where honest contributors will be rewarded for their contributions while persons who make the wrong indorsements will be penalised.
The members own their identity on the platform . The crowd economy is not only about sharing assets, it’s about the crowd owning, sharing and profiting from those assets which they fund, build and use. We are giving professionals, and for that matter anyone, an avenue to put up their documents and have a choice whether to advertise their personal information, with full control over their data.
The core features of the Indorse platform will be implemented through the combination of a few technologies, which include Ethereum, IPFS/Swarm, and Whisper. Indorse platform is to have a serverless, decentralized architecture, with the content and code on IPFS, and the Ethereum blockchain as the computational engine.
Each member can take part through two main roles on the platform :
The entire process flow starts with a claimant making a “claim” associated with his profile. A “claim” can be either that of professional information / skill (forming the core part of your profile) OR a personal skill. With every claim made, the claimant needs to attach one or more proof(s) of information. The moderators verify the claims separate from the blockchain and either indorse it or flag it.
We are using a mechanism similar to Proof of Stake, called an Indorse Score, wherein every claimant or moderator will stake his reputation on either the claim or indorsement. If their claim gets approved [or their indorsement is supported by other users] their reputation will increase, otherwise, it will decrease.
The platform will be integrated with the following third-party (D)apps
- Indorse DE — Indorse will be building a deployment engine (D E) for profiles and content, tying them back to the tokens and Ethereum smart contracts.
- Attores Certificate Issuance (CI) Platform — Attores has been working for more than a year on the certificate issuance platform, wherein a university or an institution can issue their degrees or diplomas directly on the blockchain in the form of a smart contract.
- IPFS — IPFS, which is like a decentralized Dropbox, is going to form the core of the Indorse platform. Most of the content, including documents, claims, updates to profiles and indorsements are going to be stored there.
- uPort — uPort is a self-sovereign identity system that allows people to identify themselves and authenticate both on and off the blockchain. The Indorse platform will be integrated with uPort so that the identity of the member on the platform corresponds with his real identity.
- Truffle — Truffle is a development environment for Ethereum smart contracts, which includes smart contract compilation, linking, deployment and binary management. This is the current state of the art for the Ethereum blockchain.
- Spectrum — Spectrum is an all-in-one wallet system for Ethereum currently under development by Digix. The Indorse platform will integrate with that since it provides ease of use for the end users and makes their life much simpler, while also providing security for the platform developers.
- Status — Status is an open source messaging platform and mobile interface to interact with decentralized applications that run on the Ethereum Network. We also plan to integrate Status in one of the releases so that there can be in-platform chatting, all on the blockchain.
Layer Of The Platform
Another integral feature of the platform will be advertising. Advertisement placement and impressions will be bought by advertising agencies and marketing agencies at certain fixed rates. We will follow a model similar to Google Adwords, but with the difference that a portion of the cryptographic tokens paid for advertising on the platform goes back to the users of the platform! More details about how this mechanism works are discussed in the next section.
DIFFERENT FORMS OFF THE INDORSE DAPP
While the Indorse dApp will be in the form of a web application in the beginning, we will also be releasing it as a mobile app subsequently as part of the development milestones. You can find more information about this in the subsequent sections.
ANONYMOUS INDORSEMENT PROTOCOL
When a member makes a claim, he will have two options for indorsements — either choose random indorsements or get his claim verified from an influencer on the platform. In the latter case, the member will have to pay using either his SCR tokens or Indorse Rewards. If he chooses the option of getting random indorsements, the Indorse platform will choose random indorsers based on the degrees of separation from the member.
ALIGNMENT OF INCENTIVES
In order to create a reward mechanism that fairly distributes ownership and aligns the incentives of all parties, the platform has 1 tradeable token and 1 internal accounting token (based on the ERC20 interface):
(a) Indorse Token (IND) [ tradeable]
(b) Indorse Score (SCR) [accounting of reputation]
The purpose of each of these tokens are as follows:
IND Token: The IND token is the token that will be issued during the Token Sale. Token Sale purchasers will also receive Indorse Score (SCR) tokens in addition to their IND tokens, once the platform is released on the mainnet. This will enable them to indorse the profile postings of members on the platform. In this way, the IND token holders have a vested interest in participating in the platform and indorsing viable claims. As the IND token will be the required payment method for buying advertising space on the platform, advertisers will need to purchase IND tokens (such as through an exchange) in order to avail of advertising units on the platform.
Internal Accounting Token:
SCR Token: SCR tokens (Indorse Score) are tokens that are required to post updates to the member profile, or indorse and flag claims. SCR tokens are denominated in whole units (no decimals) and are non-transferrable between members. A member may gain or lose SCR tokens as a result of his interactions with the platform, as expounded upon elsewhere in this paper. However, there is a minimum SCR token threshold built into the platform. The amount of SCR tokens that a member may hold in his wallet can never fall below 1 SCR token — the minimum required to act as an indorser. As much as we aim to encourage constructive participation in the platform, and to discourage misuse of the platform, we would not wish to exclude anyone from using the platform.
COMPANY LOOKING TO HIRE
With a large numbers of graduates being the norm these days, companies are becoming more discerning with regards to their hiring practices. For instance, most of the tech companies today look not only at the coding chops but also the cultural fit of prospective candidates. The Indorse platform can be the perfect way to show how good you. If you can claim (and prove through indorsements) your skills, then the hiring managers can get a clearer picture of you as a person, and a better idea as to your fit with the company culture.
KYC, or Know Your Customer has always been the Holy Grail of the blockchain community, with many companies and teams making it their mission to solve this. While projects like uPort are the first steps taken towards achieving this goal, we believe the Indorse platform will take the ecosystem significantly closer to the end goal. By attaching your identity, profile, and achievements to an Ethereum address in a decentralized manner, we are a step closer to an independent identity system.
ORACLE FOR PREDICTION MARKETS
The Indorse platform can also feed into existing prediction markets like Gnosis or Augur. Claims, and the subsequent indorsement process can serve as prediction markets.Additionally, we can even start treating highly subjective claims in a manner similar to Prediction Market results, where people can vote on the outcome of a certain fact being true.
The most direct use of the data collected on the platform is for targeted advertising. This includes the persons viewing the profiles and the profile creators themselves. Profile creators will be able to opt-out if they do not wish to share their data, however staying in will allow them to receive rewards in the form of Indorse Rewards.
The initial token sale for the IND tokens to support of the development of the Indorse network will be made via a sale for ETH. A distribution of 1,000 IND tokens will be distributed to token sale participants per 1 ETH under the IND Token Sale Terms and Conditions. IND tokens sent to token sale participants will represent approximately 35% of the total supply created.
Approximately 37.71% of the total supply will be reserved for future use and approximately 25% to be held by the network administrators, team, and advisors. The remaining 2.29% were issued to seed round supporters.
Token sale participants will send their ETH to an account specified on the Indorse website after a specified block number. The initial token sale will end when the end block is created, or when the amount of ETH sent to the account reaches the maximum. If the token sale fails to result in a minimum number of ETH, then the token sale will be cancelled and ETH sent to purchase IND tokens will be returned.
Advisors and team members will have a lockup period of 240 days before their IND tokens can be redeemed.
In addition to the IND Tokens, Indorse will also be issuing SCR tokens to its token sale participants. Details in relation to issuance of the SCR will be announced once the platform is released on the mainnet.
IND tokens per ETH — — — — — — — — — — — — — — — — — — 1,000
Minimum raised — — — — — — — — — — — — — — — — — — — 15,000 ETH
Maximum raised — — — — — — — — — — — — — — — — — — — 50,000 ETH
IND Token Distribution% of Tokens — Seed — — — — — — — — — 2.29%
% of Tokens — Supporters (IND Buyers) — — — — — — — — — — -35%
% of Tokens — Future Usage — — — — — — — — — — — — — — — -37.71%
% of Tokens — Advisors — — — — — — — — — — — 5% (time-locked 240 days)
% of Tokens — Founders — — — — — — — — — —8% (time-locked 240 days)
% of Tokens — Employees — — — — — — — — — — 5% (time-locked 240 days)
% of Tokens — Marketing / Promotion — — — — —5%
% of Tokens — Bounties — — — — — — — — — — — -2%
For Futher information and to participate in the ICO check the links below:
Official Website: https://indorse.io/
My Bitcointalk link: https://bitcointalk.org/index.php?action=profile;u=1023331