Ink Protocol, Listia’s New Reputation and Payment System

The Listia marketplace has existed since 2009 and was created with the vision of creating a safe, comfortable and rewarding method for people to rid themselves of unused stuff they have lying around. It has evolved to a current population of over 10 million registered users with more than 100 million items exchanged through the app. Its reputation has taken Listia to become a prominent figure in Silicon Valley and has raised investors including General Catalyst and SV Angel.

Listia has created a marketplace that is easy and fun to use for people to post stuff that has little value and would, therefore, be considered “too much of a hassle” to list on sites like Craigslist or eBay. They did this by creating a peer-to-peer marketplace that used no money but a “credit” system that eliminated the need to use money.

Listia has made a move to create the Ink Protocol (XNK), which looks forward to replacing these credits with a new cryptocurrency that functions both as a regular crypto coin and as a reputation system.

By creating the Ink Protocol (XNK), Listia has made another way for people to earn money from their unused items by being able to change them into regular, fiat currencies or exchanging them for other cryptocurrencies like Bitcoin or Ether.

Ink is powered by Ethereum’s blockchain and the XNK ERC20 compatible token. It’s been designed specifically for integration with a peer-to-peer marketplace to eliminate the need for trust between buyer and seller.

The Ink Protocol (XNK) allows for a decentralised reputation and feedback platform, escrow services and meager transaction costs.

One of the main advantages of this launch over previous cryptocurrencies’ is that Listia already has a significant community that uses Listia Credits and has generated millions of dollars in items exchanged using this virtual currency. The Ink Protocol (XNK) will replace credits in the Listia marketplace, giving them immediate adoption and usage straight after being launched.

That will mean millions of people will start giving instant liquidity to the cryptocurrency and will make its value skyrocket from day one.

Another fantastic thing about the Ink Protocol (XNK) is that it’s compatible with more than one peer-to-peer marketplace. That includes Craigslists and other markets that use no currency for their exchanges, whose users will be allowed to build a reputation and use XNK without waiting integration, due to the standalone payments app called Ink Pay.

Users from those marketplaces can immediately start handling payments and building reputation which will be the same in any other peer-to-peer marketplace thanks to how it stems from a standalone app.

What should be noted, though, is that although the cryptocurrency does include every characteristic that makes one, including decentralisation, any marketplace can integrate it accordingly to their principles. So privacy and other features can vary from one site to another.

As more people start using the Ink Protocol (XNK), their transaction history and reputation will grow continuously, with each trade adding to how trustworthy they are. Said public history will be stored in the Ethereum blockchain and will be verifiable by anyone, helping to provide a better and safer trading environment.

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