Indorse, an Singaporean ethereum-based social network that allows users to take control of their data, raised 27,422 Ether, or about US$9 million, through a recently closed ICO, the company told e27.

The pain point surrounds social media, and the fact that most of the popular platforms extract an incredible amount of data from its user base.

The Facebooks and Twitters of the world are fantastic for connecting the world, but their most valuable asset is the user data, which they sell for immense profit. The user (aka the data) does not benefit whatsoever from this arrangement and has no control over how the information is used.

Indorse wants to use the blockchain’s decentralised network to allow people to regain control of their data, and use it to buy and sell tokens which can be used for advertising on the platform. (The video above is a nice overview of the service).

Plus, the nature of the distributed ledger means Indorse users would enjoy significantly more privacy within the ecosystem than the current model for social networks.

The currency of trade are endorsements (‘Indorsements’ if we follow the brand) which are created through a similar method as LinkedIn.

People create a skills-based profile (I play the guitar, I own a business, I write for e27). Other users then visit the profile and anonymously endorse the skill. According to the marketing video, Indorse has used technology to make the endorsement truly anonymous.

The action of endorsing a fellow user results in both parties receiving a token (plus the recipient’s reputation score increases). The token, can be used on Indorse to purchase advertising and other services.

The tokens are tradable and will be listed on cryptocurrency exchanges.

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The company is co-founded by David Moskowitz a Gaurang Torvekar. e27 readers might recognise these two as the team behind Attores. They are running both companies simultaneously.

What is notable is the team raised the US$9 million over a month-long period between August 8 to September 7. That is a significant chunk of money to raise in such a short period of time.

Copyright: mayrum / 123RF Stock Photo