Coinsilium updates on initiatives at portfolio firm Indorse

Coinsilium Group Limited (LON:COIN) has highlighted a number of initiatives from its portfolio company Indorse, in which it holds a 10% interest and around 5.79mln IND tokens representing 15.37% of the circulating supply.

The blockchain and crypto finance venture group said Indorse has now released its Indorse 2.0 Light-Paper which provides the specifications relating to its updated token utility model.

READ: Coinsilium to start trading on OTCQB Venture Market today

Coinsilium said the Light-Paper reinforces the IND token as the core element powering the Indorse ecosystem through the creation of new roles and the introduction of staking rewards. The new roles include decentralised referral agents, who are required to stake IND to maintain their agent status, and liquidity providers who will play an essential external role in maintaining a dynamic IND token market. The company said the staking model, which involves token holders lending their tokens to the platform in return for a payment, is designed to reward the most active members of the Indorse community.

The firm added that the changes are the first steps towards the creation of a fully decentralised governance model of the Indorse platform, the Indorse Decentralised Autonomous Organisation (DAO) to be implemented throughout 2021.

Meanwhile, Coinsilium highlighted that Indorse has today launched the KyberSwap trading competition, which will reward users for providing liquidity to the IND token market.

“We are very proud to be supporting Indorse throughout this journey and we believe the publication of the Indorse 2.0 Light-Paper, in addition to the liquidity enhancement initiatives and the KyberSwap trading competition, will have a highly positive impact on Indorse and the IND token”, Coinsilium chief executive Eddy Travia said in a statement.

“KyberSwap trading competitions have been highly successful in raising awareness for several crypto tokens in the past and ‘Staking’ continues to demonstrate its effectiveness as a method of incentivising token holders whilst increasing the scarcity of tokens trading on the market. As confidence in the Indorse revived token model continues to grow, we expect this to provide a material boost to the IND token utility and re-dynamise the Indorse token ecosystem”, the CEO added.

Story by ProactiveInvestors