Ink Protocol

Overview of Ink Protocol

  • Ink Protocol endeavors to take away the monopolistic power from marketplaces which have the ability to modify your reputation, censor, or otherwise filter out your feedback, and most importantly, they are able to charge extremely high fees (20–30% in a few cases) because they own your reputation data and you are now locked into their platform.
  • Ink Protocol is built on top of the Ethereum blockchain and provides all of the most important marketplace features which include funds escrow, third party dispute resolution, and most importantly, a transferable, decentralized reputation system.
  • Ink protocol is committed to compliance, Quantstamp community members from the US, Canada and China are currently ineligible for these airdrops — for the time being — we will make sure to update you when there is an update.
  • Ink Protocol took these two critical points into account as well as a third, 2M items listed using XNK ensures mass adoption, making XNK one of the largest real-world consumer applications on a blockchain.
  • Ink Protocol, a Y-Combinator backed decentralised reputation and payments system for P2P marketplaces, will join forces with Kleros to provide users with a way to settle transaction disputes.
  • Ink Protocol, a decentralized platform for peer-to-peer (P2P) payments, announced Tuesday that its decentralized application (dapp), Ink Pay, is now available on Coinbase’s Wallet app.
  • Ink Protocol’s reputation system, which is implemented as a series of smart contracts on Ethereum, makes this possible without the need for a central service or middleman.
  • Ink Protocol’s founders previously raised $15 million in an initial coin offering (ICO) to power the Listia platform, as previously reported by CoinDesk.
  • Ink Protocol incentivizes sellers to work hard on customer service, fulfillment and quality, while still allowing the seller to benefit from all the hard work.
  • Ink Protocol (XNK) is the #1575 largest cryptocurrency by market cap as of May 06, 2021, with a market cap of $1,871,545 USD.

    • Blockchain

    As designed, Ink Protocol enables buyers to have full control over the content of each individual feedback rating, and feedback will only be tied to a verified transaction.Ink Protocol is a decentralized reputation and payment protocol looking to bring transferable reputation to P2P marketplaces.It is currently live on the Listia platform and plans to expand to other P2P marketplaces where the lack of reputation is a major driver for centralization and monopolistic practices.The data is completely free from any centralized party or marketplace.The team felt that users should be credited for completed peer-to-peer transactions, and devised the blockchain platform so that marketplaces that refuse to give them public credit will be viewed as less trustworthy than those that adopt Ink Protocol.This way the system continues to incentivize sellers to work hard on customer service, fulfillment, and quality while it allows the seller to be the main beneficiary of all this hard work.Users will migrate to marketplaces that give them public recognition on the blockchain, and markets will then have a strong incentive to adopt the protocol.

    Network

    If you would like to know where to buy Ink Protocol, the top exchanges for trading in Ink Protocol are currently Bibox, and Bancor Network.You can find others listed on our crypto exchanges page.

    Support

    A strong community forms the basis of any successful project.The community support behind the Ink Protocol ICO is very strong.With a large group of community members behind the project, the Ink Protocol ICO certainly has a springboard from which to gain momentum and support to facilitate wider adoption of the platform.

    Transactions

    Initially, Listia used a centralized virtual currency, called Credits, for all of its transactions, but earlier this year the Credit system was replaced with Ink Protocol’s XNK token.It was founded in 2009 as a YC Company and currently has more than ten million registered users, who have traded more than 100 million items.Listia is a peer-to-peer marketplace for buying and selling used goods.

    How advanced is the project?

    The team released the Listia marketplace back in 2009 as a “marketplace for free stuff”, with the vision of creating a safe, easy, and rewarding way for people to get rid of the unwanted goods they had lying around the house.Since launch, they have racked up 10 million registered users who have combined to exchange 100 million items through the Listia website and mobile app.In addition, they have allowed users to buy and sell Bitcoin since February 2014, and even experimented with creating a cryptocurrency in November 2014.The future development roadmap for the project has not been released yet.

    How Many Ink Protocol Coins Are There?

    There are currently 427,113,382 Ink Protocol coins circulating out of a max supply of 500,000,000.

    How Much Did Ink Protocol Raise?

    The Ink Protocol ICO (initial coin offering) raised $15,000,000 USD by selling 115384615.38461539 Ink Protocol tokens at a price of $0.13 USD.The Ink Protocol ICO began on January 22, 2018 and ended on January 22, 2018.Key team members during the Ink Protocol ICO included Gee-Hwan Chuang, James Fong, and Gee-Hsien Chuang.

    How to buy Ink Protocol (XNK) from above-listed exchanges?

    Step 1: Click on Buy Ink Protocol (XNK) from Exchange button.Step 2: You will be redirected to the exchange.Step 3: Sign up if you do not have an account with that exchange else log in.Step 4: See if the exchange support fiat currency or cryptocurrency or both.Step 5: Deposit the currency it supports and buy the currency you want.

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    What are the tokens used for and how can token value appreciate?

    XNK token has multiple uses for the Listia Marketplace, with the main purpose of acting as a payment network for buyers and sellers.XNK will replace Listia Credits as the marketplace currency, and users with existing Listia Credits will be able to trade them in for XNK.In addition, users can earn XNK the same way they used to earn credits, which could be referring other users or completing tasks/offers.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.As peer-to-peer transactions cannot always be trusted, the token/blockchain will also act as an added level of security using escrow and third-party dispute resolution.When a buyer pays, XNK tokens are held in the smart contract until the buyer indicates the item has been received.There is also a staking function where the seller must stake their reputation against the tokens until the buyer receives the item.If something goes wrong in this process, users assign a human or automated mediator to transactions that acts as a third party smart contract to help settle disputes.Mediators will receive fees from XNK transactions as incentives, and it is up to the buyers, sellers, and community to vet these third-party mediators.As XNK tokens are used on the Listia platform, the more activities the platform has, the more valuable XNK tokens should be.

    What do you think about the Ink Protocol today?

    Let us know by clicking the given button.

    What does the company/project do?

    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.First, the smart contract will feature a decentralized feedback mechanism, where buyers can leave feedback for the seller about each transaction.This feedback will consist of a rating and comment about the transaction, stored as public data on the Ethereum blockchain.As more third-party marketplaces adopt the Ink Protocol, this feedback will be stored for each marketplace and aggregated together between all markets to form a decentralized reputation for each user, identified by their Ethereum address.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.The idea is that users will begin to see completed peer-to-peer transactions as something they should be credited for, and marketplaces that refuse to give them public credit will be viewed as less trustworthy than those that adopt the Ink Protocol.Users will migrate to marketplaces that give them public recognition on the blockchain, and markets have a strong incentive to adopt the protocol.

    What Is Ink Protocol's Price Today?

    Ink Protocol (XNK) is trading at $0.00438 USD, decreasing by -3.76% since yesterday.Ink Protocol has traded $904 USD in the last 24 hours.

    What is Ink Protocol?

    Ink Protocol can be integrated into new or existing platforms and can also be used in marketplaces that don’t directly handle payments.

    What is Ink Protocol?

    Ink Protocol is a decentralized reputation and payment protocol powered by the Ethereum blockchain and XNK, an ERC20 compatible token.

    What is Ink Protocol?

    Ink Protocol is a payment and reputation system for peer-to-peer transactions.It allows buyers and sellers to transact confidently with decentralized reputation and escrow on any platform.

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    Why Should I Buy Ink Protocol (XNK)?

    Ink Protocol is a cryptocurrency that is identified by the symbol XNK.

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    Disclaimer: AMBCrypto’s content is meant to be informational in nature and should not be interpreted as investment advice.Trading, buying or selling cryptocurrencies should be considered a high-risk investment and every reader is advised to do their own research before making any decisions.

    History of Ink Protocol

  • In 2009, my co-founder, James, and I created Listia as a result of our frustration with existing peer-to-peer (P2P) marketplaces.