Ink Protocol (XNK) is developed by Listia, which is a P2P marketplace for buying and selling second-hand goods online. In 2018, Listia introduced Ink, a new decentralized reputation and payment system powered by the Ethereum blockchain and the Ink Protocol Token (“XNK”), an ERC20-compatible token . Ink helps users securely send and receive payments on P2P marketplaces, while earning a public reputation for each completed transaction. Ink greatly enhances the buying and selling process through decentralized reputation and feedback ratings, decentralized secure payment escrow, third-party dispute resolution, and very low transaction costs.

1. Project introduction

Ink Protocol is an Ethereum-based decentralized reputation and transaction protocol newly developed by Listia. It aims to rely on blockchain to create a new generation of decentralized trading platform. Listia is a trading platform similar to Taobao Xianyu, founded in 2009 and headquartered in California, USA.

The goal of Ink Protocol is to solve various problems of centralized trading platforms such as consumer fraud, false items, etc., and to provide a reliable trading environment for both buyers and sellers, while also constraining both parties to trade fairly:

Buyer: You can check the seller's personal reputation and evaluation at any time. Thanks to the blockchain, this information will accompany the seller to every trading market or platform that accesses Ink Protocol. Buyers can have enough information to identify sellers and thus protect the interests of buyers.

Seller: The merchant evaluation information on the Ink Protocol is true and valid and can be viewed by everyone. The seller’s accumulated reputation on one platform can be seamlessly connected to any other platform or market connected to Ink, eliminating the need for The time and effort it takes to build up your reputation when expanding into new markets.

Decentralized mediation and custodian: Ink Protocol has a built-in dispute resolution system. Users can choose manual or automatic transaction mediation during transactions, and conduct transactions through third-party custodians in the form of smart contracts. When disputes arise, they can access Ink Protocol's trading platform customer service can use its smart contract on Ink to help resolve consumer disputes and get corresponding INK as a reward. This function can be imagined as a decentralized Alipay. At the same time, individuals who are not trading platforms can also deploy their own smart contracts to provide services for other transactions and earn fees. This function is an optional item for users to decide whether to use it when trading.

Ink Protocol can be easily integrated into any emerging or existing trading platform, and can also be integrated into those market areas that cannot directly enter the capital exchange. In addition, InkProtocol itself can be separated from any trading platform and be used directly for P2P transactions. The smart contracts provided and used by the above-mentioned third parties to resolve transaction disputes are also completely open and transparent, and can be jointly supervised by both parties to the house and the Ink community.

Listia's existing platform comes with Listia points. Users can barter with each other, or sell idle items to exchange points for buying items sold by other users. InkProtocol will be the first to be integrated into its newly upgraded Listia platform, and XNK will replace Listia points as a decentralized general equivalent circulating on the Listia platform. The points of existing Listia users will be automatically converted into XNK, so there will be a large user group at the beginning of the project's official launch, which will inject vitality into the Ink community.

In the future, XNK will be the base currency for all transactions based on the Ink protocol, and all transactions and feedback evaluations will be endorsed by XNK transaction certificates. XNK will also be issued to third-party mediators and custodians as rewards for assisting transactions. The total amount of XNK is constant without inflation.

2. Comments

Ink Protocol, developed by Listia, is a P2P marketplace for online buying and selling of used goods. Launched in 2009, the marketplace now has more than 10 million registered users who have exchanged 100 million items. The company has raised $11 million in venture capital from prominent investors.

Ink can be integrated into new or existing marketplaces, or used in marketplaces that don't directly process payments (such as Craigslist and Facebook Marketplace). For sellers, accepting Ink strengthens their public reputation, allowing them to sell quickly in new markets without having to build a reputation from scratch. Buyers can view the reputation of any seller across multiple marketplaces and can confidently pay using automated or human-involved escrow contracts. Payments can be generated or received natively using the Ink Protocol token (XNK), or can be easily converted to fiat currencies such as USD.

Related links:
https://paywithink.com/
https://www.chainnews.com/articles/174114185876.htm
https://info .binance.com/cn/currencies/ink-protocol