Is BranchOut the new LinkedIn?

When I opened my email the other day, I saw a notification about BranchOut. I didn't mind it since I figured it was spam because I didn't sign up for any social networking sites other than the one I already am active in (Twitter, Facebook and of course, LinkedIn). And then another email notification came in and according to it, my BranchOut network now includes one of my Facebook friends. So naturally, I got curious. What exactly is BranchOut?
BranchOut is a professional networking service on Facebook. What got me thinking was: is this Facebook's competition to LinkedIn? In an effort to answer this, I have compiled some of the uses which BranchOut will address:

• Job opportunities on BranchOut are reportedly pegged at 3 million and an internship count of 20,000. According to a recent press release, BranchOut introduced a JobsTab to source leads for sales, recruitment and build a professional network.
• Unlike Facebook, BranchOut does not include a photo album or status update that goes with their profile. Instead, it offers endorsements and career badges which is given from one colleague to another in acknowledgement of their skills and accomplishments.
• People who are interested in hiring new recruits or looking for jobs would most benefit from signing up.

In my opinion, BranchOut is different from that of LinkedIn although of course, there are some similarities. Social media can fuel the growth of businesses and where there's an abundance of social networking sites, this just means that social media success is possible.