Home > Experts Corner > Indorse the Social Network on Blockchain- Interview with CEO & CTO

Indorse the Social Network on Blockchain- Interview with CEO & CTO

Indorse the Social Network on Blockchain

The world is changing, and so our needs and wants in these ever evolving times. Even as we speak, there are individuals who are hard at work; trying to create something, which I myself do not realize –at the moment—I wanted.

Needless to say, the technological revolution that we see today, owes a lot to the Internet. In its infancy, Internet painted a picture of a truly connected world, build on the principles of parity and freedom. But now as we look back, the whole philosophy of ‘Net-Neutrality’ has got somehow diluted. In the last decade or so, a number of centralized powerhouses have emerged that are enjoying wealth & power from their position of authority.

With inception of the idea & need for decentralization, evolution of Blockchain technology took place.

 

Indorse the Social Network On Blockchain

 

Cryptoniam had got an opportunity to talk to the co-founders of one of such projects named INDORSE.  They are trying to realize the “Power to the people” ideology in a decentralized ecosystem, fueled by Blockchain technology.

David Moskowitz, Co-Founder and Director & Gaurang Torvekar, Co-Founder and CEO, detailed us with their future plans for Indorse and a whole lot more.

David-Moskowitz
gaurang-torvekar

Speaking of the background story, David Moskowitz, Co-Founder & Director of Indorse, explained how the idea for Indorse was born in March/April of 2017, from their other project named Attores.

Attores is a company that assists educational institutions in issuing diplomas, degrees and other certificates on blockchain.

“We started looking for much wider use cases of this technology. How can we do skill verification outside of trusted institution? We wanted to look beyond that into creating a platform that allows you to showcase your skills and also have external validation to them.”

- David

As per Gaurang Torvekar, Co-Founder & CEO, Indorse is fundamentally trying to address the three problem that are prevalent today.

First: On current professional networks, users don’t control their data.

Second: At the outset, users don’t get any monitory benefits on social networks like Instagram, YouTube, Facebook etc. Although users are the ones who make these networks more valuable with the content they produce.

Third: On professional networks such as LinkedIn, unavailability of any data validation mechanism leave the recruiters & organizations asking for more.

Gaurang added:

“I can say I went to Harvard or I invented Ethereum. People have to take me at face value or people have to do their own research to validate it. But in indorse everything you put on your profile must be validated by the crowd or some trusted third parties. That’s how it differs from existing social networks.”

When asked about Indorse’s validation protocol, Gaurang stated that “the ultimate aim of Indorse is crowd sourced validation”. The details put up by a user—on Indorse platform—get validated (endorsed) by the other Indorse members. While doing so, the validators get rewarded in IND tokens for their contribution to the platform. Also, if the user’s claim gets endorsed by (for example) 70 to 80% validators, then the user also gets rewarded with IND tokens. He further went on to add:

“The crowd source validations are the ultimate aim, ultimate vision but we are also doing some trusted validation. So with Attores, we have certificate being stored on the blockchain, which are already being issued. So those certification can be used as proof elements in Indorse and that can act as trusted validation. Or we can ask an influencer from the platform to start validating it and that can be a trusted validation as well.”

Utilities for IND Tokens

 

The token itself is utility token on the platform, David explained. It allows token holders to purchase services or endorse some of those services on the Indorse platform. For example, creation of company page. On Indorse, a company page can be get validated by paying in IND tokens. Also, company employees or company advisors can get validated with the use of IND tokens.

“We started looking for much wider use cases of this technology. How can we do skill verification outside of trusted institution? We wanted to look beyond that into creating a platform that allows you to showcase your skills and also have external validation to them.”

- David

Blockchain Future

 

In David’s opinion, the Blockchain technology is going to be ubiquitous in all walks of life and probably one won’t even be aware of its existence, which is great, since the experience will be seamless. The security and safety continues to be accrued as well. We still have a long way to go, before we can really hit the mass market, but I think we are getting there and I think 2018 is going to show a lot of improvements on block scaling as well as security and smart contracts on Blockchain technology”.

“I think this year will be of mass adoption and solving issues around scalability and gaining more community members. That’s where we are heading in this year”.

- Gaurang 

Responding to the scalability and latency issues of Ethereum—upon which Indorse is built—Gaurang said that ICOs were clogging the network, during the months of September & October. He thinks the issue will continue until Casper or Plasma protocol does not get implemented. “One more interesting think to look at is the Raiden Network, which is similar to the lighting network. I am personally very bullish of that aspect.

Speaking on the steep upwards trajectory of crypto markets and the possibility of it crashing, he said:

“I think the trend is rising upwards and frankly, if you look at the other bubbles like the dotcom bubble or the housing bubbles in 2008 we are nowhere near to that. So I think it has a long way to go and it will continue rising.”

- Gaurang

“I think if you look at it as an overall asset class then cryptocurrency tokens are 600 Billionish now and I see no reason it will be trillion by end of 2018 for sure. Any one particular blockchain be dominating it? Possibly Bitcoin.”

- David

“It is like saying that Internet companies are worth trillion dollars in 1997 and is that a bubble? I think we have still a long way to go”. David reiterated that it is hard to say if it a bubble until we see that total value of the all the companies that are being built on Blockchain technologies.

Complexities with Blockchain

 

According to David, Blockchain indeed is a complex tech to understand, for an average user. The users must have the basic knowhow of how to securely store their cryptocurrencies. Also acting cautiously, in the beginning, with small quantities, before going in with large amounts should be their investment strategy.

“I think we are still quiet early with the technology, especially for ease of use for the mass market but tools are getting better, technologies are getting better and the companies that are building these wallets are developing good wallets. They are doing a good job and make life easier for the user”.

Gaurang thinks that the average user does not really need to how Blockchain works, just in order to use it. “Definitely they need to know the basics but they don’t need to know all the complex stuff for non-technical people and I think that’s where we are going in 2018 and 2019, over the next 2 years”.

Differences between Steemit, LinkedIn & Indorse

 

While Steemit is a content creation/sharing & monetization platform, Indorse is a platform dedicated to skills verifications & endorsements, while getting monetary benefits as well. David explained:

“Linkedln is more about posting your profile, not necessarily of having that information validated. We want to go a step further and do some sort of verification on the skills. And we also want to go beyond qualification and get into informally attained skill-sets too. So we are going to step beyond in that area as well”.

Indorse’s Journey so far & Roadmap Ahead

 

“The response for Indorse has been surprisingly really good”, told Gaurang. The ICO saw contribution from 1800 plus unique accounts. Indorse’s Slack had upwards of 4000 members, during the ICO phase. Their MVP came out in the end of November 2017, and there are about 2600 people using it already. They are already working on ramping up the sales & marketing aspects for Indorse.

New features such as “creating a company page”, are in pipeline for the near.

“We have some companies lined up already, interested in using this. So that’s for the short term. In the Mid term, we are working on Trusted Validations so that other trusted platforms like Attores from where we can get the certifications. We are also working with a company which is doing AI chat-bots so that can be one of the first validations for skill. We are also working with the advertising agency called service plan. They are one of the biggest agencies in Germany and they are working on complete rebranding of Indorse. In the Midterm, along with What and How we also want to work on the Why of Indorse.”

- Gaurang

In the long term, they what to work towards their ultimate vision of crowd sourced endorsements and the completely decentralized platform.

David invites all of us to the Indorse platform. What do you get with it, you may ask? David explains:

“I think one of the great thing about Indorse is it gives the opportunity for the millions of people to understand and use blockchain & cryptocurrency without having necessarily knowing that they are using blockchain. We give them the opportunity to earn by participating in the platform and playing an independent role in the overall growth of the Indorse platform”