INTRODUCTION
Ink Protocol is a cryptocurrency used for Listia, a web and mobile marketplace where users exchange goods. Listia is a web and mobile marketplace where users
exchange goods, trading unwanted items for credits that can be used to purchase goods offered by other users. These credits are currently called “Listia Credits”, a centralized digital currency controlled by Listia, Inc. They are now building the Ink Protocol and will launch it on their marketplace with a corresponding token
called XNK, designed to take over the role of Listia Credits. By adopting a blockchain based system, Listia will benefit from decentralization as well as more security and transparency in their operations.
Any marketplace that supports the Ink Protocol will benefit from improved trust and security for their platforms. Even brand-new markets can launch with
instant trust and user feedback in place due
to Ink and the XNK token. Customers will benefit from the transition to XNK because it will be more fungible and tradable for other currencies, and Listia will benefit
from no longer acting as a central bank who have to print and regulate Listia Credits. Problem Current P2P marketplaces have the following problems associated with them.
• Goods are hard to value.
• High transaction fees (a large portion
towards the platform’s profit however a
large fee due to monetary transactions).
• Lack of trust between sellers and buyers;
a buyer is always taking a gamble that the seller is honest.
SOLUTION
Ink will natively solve some of the most common and difficult issues with transacting on a pure P2P marketplace. With these features, Ink has a big
advantage over not only Listia Credits, but also traditional forms of payment:
• Decentralized Reputation and Feedback
• Decentralized Escrow
• Third Party Dispute Resolution
• Very Low Transaction Costs
CURRENT STATE OF PRODUCT
Listia credits have been used on the Listia marketplace for over 8 years and in 2014 allowed Bitcoin to be bought and sold in the marketplace. They currently have over 10 million registered users who have sold
over 100 million items online.
HOW IT WILL FUNCTION
Ink will be integrated into the Listia marketplace and replace Listia Credits. This means that Ink will be immediately adopted by existing users immediately upon launch (Listia Credits will be replaced by
Ink already held by existing Listia users).
TOKEN DISTRIBUTION
Distribution / Network Incentives – 32%
Retained by Listia – 32%
Token sale – 30%
Existing Listia Credits – 6%
CONCLUSION
Ink Protocol is a P2P payment solution that is being added to the Listia platform. It is replacing credits that came about in April of 2016. This will cut costs due to
blockchain technology. XNK is an erc20 token it will allow an immutable reputation for the seller giving people full confidence in the P2P purchases based on
past reputation and smart contract releasing of payment.
You can find out more about Ink Protocol with the links below:
Website: https://paywithink.com
Blog: https://medium.com/@PayWithInk
Telegram: https://t.me/paywithink
Twitter: https://twitter.com/PayWithInk
Whitepaper: https://paywithink.com/#documents