Ink Protocol Whitepaper

Abstract

Ink ​Protocol ​is ​developed ​by ​Listia, ​a ​P2P ​marketplace for ​buying ​and ​selling ​used ​goods ​online. ​Launched ​in 2009, ​the ​marketplace ​now ​has ​over ​10 ​million registered ​users ​who ​have ​exchanged ​100 ​million items. ​The ​company ​has
raised ​$11MM ​in ​venture capital ​from ​prominent ​investors. Listia ​will ​be ​introducing ​a ​new ​decentralized reputation
and ​payment ​system ​called ​Ink ​Protocol (“Ink”), ​which ​is ​powered ​by ​the ​Ethereum ​blockchain and ​XNK, ​an ​ERC20
compatible ​token. ​Ink ​helps ​users safely ​send ​and ​receive ​payments ​in ​P2P ​marketplaces ​while ​earning ​public
reputation ​for ​every completed ​transaction. ​It ​greatly ​enhances ​the ​buying/selling ​process ​with ​decentralized reputation ​and ​feedback ​ratings, ​decentralized ​escrow ​for ​secure ​payments, ​third ​party ​dispute resolution, ​and ​very ​low ​transaction ​costs.

Ink ​can ​be ​integrated ​into ​new ​or ​existing ​marketplaces ​and ​can ​also ​be ​used ​in ​marketplaces
that ​don’t ​directly ​handle ​payments ​(eg, ​Craigslist ​and ​Facebook ​Marketplace). ​For ​sellers,
accepting ​Ink ​builds ​up ​their ​public ​reputation, ​which ​allows ​them ​to ​start ​selling ​quickly ​on ​new
marketplaces ​without ​needing ​to ​build ​reputation ​from ​scratch. ​Buyers ​can ​view ​any ​seller’s
reputation ​across ​multiple ​marketplaces ​and ​confidently ​pay ​using ​either ​automated ​or
human-mediated ​escrow ​contracts. ​Payments ​can ​be ​made ​and ​received ​natively ​using ​the ​Ink
Protocol ​Token ​(XNK) ​or ​converted ​easily ​to ​and ​from ​fiat ​currencies ​like ​USD.

Ink ​will ​also ​become ​the ​new ​reputation ​and ​payment ​system ​within ​the ​Listia ​marketplace.
Listia ​currently ​uses ​a ​centralized ​virtual ​currency ​called ​Listia ​Credits ​for ​all ​transactions.
Existing ​users ​with ​Listia ​Credits ​will ​have ​their ​balances ​converted ​to ​XNK, ​providing ​Ink ​with ​a
tremendous ​boost ​for ​initial ​usage, ​stability, ​and ​network ​effects ​on ​day ​one. ​Additionally, ​Listia
will ​create ​a ​standalone ​payments ​app ​so ​users ​of ​local ​marketplaces ​such ​as ​Craigslist ​and
Facebook ​Marketplace ​can ​build ​reputation ​and ​start ​using ​Ink ​right ​away. ​With ​large ​scale
adoption ​and ​apps ​that ​can ​be ​used ​in ​multiple ​marketplaces ​at ​launch, ​Ink ​is ​well ​situated ​to
become ​the ​preferred ​reputation ​and ​payment ​system ​in ​all ​P2P ​marketplace ​transactions.

Ink Protocol Website
Ink Protocol Whitepaper

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