 Evening everyone, thank you for having me speak tonight. My name is David Moskowitz. I am the CEO of Indorse. And I'm going to be talking about our pre-sale that we had the other day, but I'm first going to be talking a little bit about what Indorse is and what it is that we are actually selling the token for. So I've been in the market for quite a number of years. Originally, in 2013, I had set up a Bitcoin brokerage here in Singapore. So that business in 2015 started looking at interesting blockchain projects at that time, which is when I met my co-founder, Gareng, who is also experienced in various startups. A number of different people involved on the team. Depeche was formerly from PWC. He actually came to us thinking that blockchain was something unique and then learned about cryptocurrency after the fact, which is a quite interesting story. Adute up in Pune is handling marketing. Dave helps us out a bit with code as well, and then Kedar is our full-stack developer. We also have a really good team of advisors. I think you guys probably know some of these people if you're in the industry. I'm Casey and Sean from DigX, Ben from BitGo, which is the world's largest Bitcoin wallet or holds the most tokens or Bitcoin of any wallet service. Matt Tan from Etherscan. If you're doing transactions in Ethereum, you're probably checking those transactions on Etherscan. And then Loi Lu, who is pretty well-known for auditing smart contracts as well as his smart pool, and also his code-checking system called Oyante. And then Eddie Travia, who was our lead investor with Coinsilium when we first started the project, we received investment from his firm, which is a venture capital firm that's listed in London. So Eddie also came in as a board member, or not as a board member as an advisor at that time. So after selling my brokerage in 2015, I met Gorang. And we started talking about some interesting ideas on the blockchain and eventually settled on a company that we set up together called Adaris, which is doing basically document security and using blockchain technology. Eventually moved that business into doing digital diplomas on the blockchain. I'm not sure if you guys had a chance or you've heard about the project or the pilot that we're working on with Neand Polytechnic. Has anyone heard about that? Putting diplomas on the blockchain? OK, a few people. So yes, we're working with Neand Polytechnic to put their diplomas on the blockchain. We're currently in a pilot. Originally started off with about 100 students, and it quickly grew to about 500. I started off with one course, and now we're doing five courses. And the plan is going ahead. We are talking with all the other polytechnics to join them into essentially a consortium on the same blockchain to issue all their diplomas onto that. So that's pretty cool. It's moving ahead quite well. But as part of this project itself, we were asked, actually, when you deploy these certificates after you do that, can you push these to sites like LinkedIn and other social media networks? So our students have these certificates. We want them to be able to share them socially. And we want them to be seen by recruiters. We want them to be seen by potential employers. We want them to interact in a professional manner. Can you do this with your platform? We said, yeah, we can push it to LinkedIn. That's pretty cool. So we started looking at that, and we started to see some problems with the current structure of these professional networks. Mainly that, on the one hand, you're giving up a bit of ownership of your data when you do that. So in the terms and conditions of these networks, when you hand over your data, you're basically handing them ownership of the data for them to monetize and for them to use, which is fine. I mean, we are gaining a bit of the network effect, but we're not gaining all of the full effects or all of the full benefits that the network itself is benefiting from. The other thing is the monetization of data. They're able to monetize your data. And as a user of that platform, I'm not benefiting from this monetization, or at least not directly. And then the third thing is we're moving into a skills-based economy where certifications are still very, very important. But the ability to do certain things, to code JavaScript, for example, where you don't have a certificate or to understand solidity coding, which there is no course that I know of yet to do that, or various skills, being able to play the guitar when you don't have a degree necessarily. All these different skills are becoming more and more important as we move into the skills-based economy. And there is no real way to validate the fact that these skills are true or are real. So we started looking at these problems, and that's how we came up with the idea for endorse. Just to give you an idea of the problem or the market size, I should say, LinkedIn is recently sold to Microsoft for $26.2 billion. How many people here use LinkedIn? Okay, you see their advertisements every day, I'm sure. Do you earn anything from these advertisements? No, not one cent, okay. How about when they sold to Microsoft, $26 billion? Anyone get a dividend or a check from that? No, okay. So these networks are benefiting from the users sharing their information on them, and the users are not the beneficiaries of these revenues, of these benefits. So we think that we have a new way to do it, using Ethereum, using smart contracts, using decentralization, using tokenization. So let me take you through how a user actually uses the platform, because that'll give you a better idea of actual mechanics of how it all works. So this is Alice. She is a new user on the platform, and she's given a minimum reputation score on the platform. If some of you guys are familiar with Stack Overflow where you have reputation on it, depending on how you respond to questions or how you interact, we have a similar system where we give reputation to users for making claims and making endorsements on those claims. So Alice comes to the site and she's given a minimum reputation score, and she hasn't earned any rewards yet on the platform, but it doesn't cost her anything to join up either, which is really cool. So she joins up, she gets her minimum reputation score, she creates a new profile, and then she goes ahead and she posts a proof element or a claim, I should say a claim to the platform. In this case, she's claiming that she can claim or that she can code in JavaScript, and she provides some proof elements. She provides things like links to her GitHub repository, perhaps some websites that she's programmed, and she provides some proof elements within those things as well to show that it's her content or her skills in doing it. So she goes ahead and she posts that proof, and the system then goes ahead and chooses a number of endorsers or other users of the platform to endorse that claim or to endorse that those proofs are true. So we're using something called anonymous endorsements. It's an anonymous endorsement protocol which is being developed and it uses ZK proofs, which allows us to do anonymous voting. So the reason that we do anonymous voting is to allow people to vote and then have people later on also vote without seeing what the previous people have voted. So it's not gonna influence their decision on which way they're gonna vote. Is it gonna be a true statement? Is it gonna be a true proof? Or is it gonna be a false proof? And once a consensus is met on that, we then create the reward system. So this is Bob here. He has been chosen to endorse Alice's claim. So he goes ahead and he checks the proof element and he also puts his reputation at stake when he does this. So Bob has his reputation at stake. Alice has a reputation at stake. So to all these different endorsers and they then go ahead and vote on whether or not this claim is true. When a consensus is met, they then have an increase in their reputation score. So in this case, Bob is getting an increase. John is getting an increase and perhaps this person went against it so he loses that reputation score. So his reputation is gonna go down a little bit. It's a true claim so Alice's reputation goes up and all the people who voted in favor or are agreed in consensus and Alice also get a reward from the platform. So after a period of about three months, these rewards are then converted into the token IND which is freely tradable outside of the system. So we have an internal reward system. What happens is the advertisers and other people come to the site to have services. For example, advertising services, HR services. They then purchase credits on the site to do advertising and other things in the form of IND. And then this flows back into a pool which is then distributed among the users who created that content over that time period. So the technology that we're using for this platform, we're building it on top of Ethereum. As far as the data storage itself, we're using something called the interplanetary file system which is like a distributed file system or a distributed Dropbox if you're familiar with it. So it's spread out over many, many, many nodes. The Indorse engine here, which is the voting mechanism and the rewards mechanism. We're integrating with things like U-Port in order to prevent multiple accounts from being built. We don't wanna have multiple accounts gaming the system so we need to be careful about onboarding new users who are looking at different technologies to help make that happen. The certificate platform that I mentioned earlier, Adaris as far as doing digital certificates or digital diplomas. We're also gonna be looking to integrate that into the platform as well so that you have institutional level validated proofs as well as individual validated proofs. Spectrum, which is a great wallet by the guys over at Digix. And Truffle, which is a development testing platform from Consensus. So a bit more about the technology. Unfortunately, my co-founder is not here to explain it in more detail if you want. You can send us email and I'm happy to explain it a bit more. So we see this in a lot of different use cases. The scoring mechanism of reputation and the rewards mechanism, these things are ERC-20 tokens or standard tokens so they can be used in multiple platforms as well as our own. So we're looking at a unique vertical to start with, the professional network to start with or a network for professionals to start with. But we do see this as a platform upon which other interesting projects can be built just having the discussion the other day where someone said, well, this would actually be pretty good for events. So everyone here signed up for an event. If you had put your reputation up on the line, if as an organizer, I had put some sort of reward mechanism there. And if you showed up, you get that reward. And if you don't, your reputation goes down. I would have a better idea of what the turnout of the event is gonna be because of this. So there's some interesting additional things that can be built on top of this sort of platform. So talk a little bit about the token sale that we had the other day. So we did a pre-sale, which is, are you guys familiar with token sales? Who's familiar with token sales? Okay, so token sales often come in stages. So oftentimes you'll have a seed stage which kind of gets the project going, individual investors. Then you'll have something called a pre-sale stage in which you offer a bonus to people to come in at an earlier period. And then you'll have the final sale which is where you kind of allow everyone else to come in and purchase the token. So we raised seed funding a number of months ago to start the project off, to kick the start project off. And now recently we closed our pre-sale offering. We did that in about three days. So we started it on July 25th. We started taking an ether on July 26th because we were whitelisting and I'll get into that in a moment. And we offered a small bonus or actually pretty good bonus to 25% at that point. We capped the pre-sale at 17,000 ETH which means we limited the number of ETH that we would take during the pre-sale. And we closed it in about three days. We're gonna have the next token offering or the full sale offering on August 8th and we're gonna have a hard cap of 50,000 for that. So our minimum that we wanted to raise was 15,000 ETH. So we were able to hit that already with the pre-sale, which is pretty cool. So what we wanted to do with the pre-sale and the way that we structured it, the way that we did, is there's a lot of different ways you can structure these sorts of sales. In our case, we wanted to structure it in a bit of a controlled way. So we wanted to build a book of people who are interested in participating in the pre-sale to begin with. So that's what we did. We started taking commitments from people who wanted to purchase the tokens. We wanted them to go through the whole TNC, approve of TNCs, before we would allow them to purchase tokens. And we wanted to give priority to the people who did go through this process over everyone else. And we wanted to do it in some sort of order that they came in. So the actual process was extremely clunky. It was a little bit painful, I think, for the user. But fortunately, it still worked out for us. What we did is we took commitments by either email or by a form online. Before this, though, we had built up a pretty good community on Slack as well. So from that community, we're able to ask them if they're interested in committing. So we got a number of commitments by email and from a form online. We then entered those emails into an online database which would allow them to register their Ethereum address because we wanted to whitelist their Ethereum address in the smart contract. And I'm kind of going pretty deep into what we're doing here. Let me know if I go too deep or if I lose anyone. So in the smart contract itself, the smart contract is essentially a crowd sourcing or a crowd token selling system. Think of it like a vending machine. You put in a quarter, you get a soda out. In this case, you put in a quarter and you get a future. In the future, you're gonna get the soda out. But you can program that vending machine in a number of different ways. In this case, we programmed it to only allow quarters with certain serial numbers on it to go in, okay? So we wanted to have some sort of control mechanism as far as who was putting funds into the contract. And we wanted to do this by capturing their Ethereum address. And we also wanted to make people aware of the entire process. So we wanted to kind of slow down the process and control the process a little bit. Also something important that we did was make it very public that we had what's called an Ethereum name service address. So if you've ever seen an Ethereum address, it's this long string of characters, zero X, one, two, three, four. I think it's 36 characters long. Very confusing. And what happened previously, about a week before or two weeks before our sale was one of the sites that was doing a sale got hacked. And the hacker put up a different address. And they stole about $7 million. So we were very concerned about this. We didn't want this to happen. We don't want people to lose money. So we registered something called an Ethereum name service address which the Ethereum network has a registry of addresses or names like a domain service and actual contracts. So instead of putting in this long string, the zero X, whatever, you can now put in this Ethereum name service address, in this case, endorse.eth into the wallet itself. And it will then convert it over into the actual contract address that you have registered for that wallet or for that name service. So by publicizing, this is the only way to send ether to us. And I'll say it here now because I want you all to be aware of this. This is the only way to please send ether to us is to use this name service. If you see any other address, it's a scam. It's somebody trying to steal your ether. So you need to be wary of that. So I made a number of videos about it. I made a medium post about it. And I think it was pretty effective at preventing anyone from sending ether to the wrong address. Okay, so back to the actual process here. So we wanted to teach them about the actual process of signing up, of sending the ether. So we slowed down the process. We captured our Ethereum address. And then we whitelisted it. Every day we would do a whitelisting of the Ethereum addresses that came in that went through this process. So it was a slow process. Every day we'd have to add new whitelists to this. And we'd notify the people who were previously in it that we're gonna be adding more people if you actually want to follow through. It's a good time to do it now before we add in these new people. Oh, if you're interested in our code, it's up on GitHub as well. So the results, we received about 316 emails through this process. We whitelisted 51 wallets. And we had about 20 people actually participate in the crowd sell. And each one on average sent about 690 ether. So in today's value, that's about $3 million. In general, we were expecting about 50% of people who committed to actually follow through. But I think it was a bit lower because of the process that we had. I think that this number probably would have been much higher. The total number of participants may have been much higher had we had a more open system, had we had a way for them to get in a little bit quicker. So what I learned, we had a pretty high barrier to entry with the whitelisting, as well as educating people about ENS. The whitelisting, I'm not sure if it's the best method or not. It worked for us, fortunately. ENS is certainly something that people should be using. That was a very good thing to have. We seem to have limited the number of people scamming or are able to scam because people always tell us now when they see something suspicious. So we're able to address it pretty quickly. So the only recommendation I would have then on the actual smart contract is perhaps to have a way to remove the whitelisting function so that if you're not selling enough and people are coming and they're not finalizing and you need to get those sales going that you can remove this whitelist function and start to allow more people in a little bit quicker, especially if you have a very short window for your presale. So that's it. If you have any questions, I can stick around a little bit, but I think we actually have another speaker coming up. You wanna get to the next couple of Q&A or otherwise we'll go ahead to the next. Okay, cool. So please again, official website is endorse.io. Please only go to this website. Again, there's people who scam and put up fake websites, and please only use endorse.eth for the contracts for sending ether to the site. Thank you very much.