As peer to peer marketplace evolved into one of the best online platforms to exchange goods anywhere in the world, the need to develop an effective reputation and payment system is crucial.
In 2009, Listia launched the Ink Protocol or “Ink” which is a P2P marketplace trusted by more than 10 million of their registered users who have already traded more than 100 million goods on its platform.
This year, Listia has come up with an innovative reputation and payment system dubbed as Ink that runs on the Ethereum blockchain and creates its own ERC20 compatible token, the “XNK”.
With the enhancement on Ink’s blockchain-powered system, users can now enjoy the benefits of a decentralized reputation and feedback ratings, secured payments through a decentralized escrow, third-party dispute resolution and lower transaction costs. Ink can also be integrated with any marketplaces, even those that don’t handle payments directly.
Reputation is an important asset in order to thrive in a marketplace. Ink can help sellers build their reputation so they can start selling fast on new marketplaces without the need to start from scratch. Buyers are able to view the seller’s information across all marketplaces and free them from worries as they pay through Ink’s escrow contracts using XNK coins.
Previously, Listia has also used a centralized virtual currency called Listia Credits for all their transactions. Listia Credits can have their balances converted to XNK which can boost Ink on the initial usage, stability and network effects from the start.
What set Ink apart from other from other cryptocurrencies is Listia’s huge community of users. These users have already produced revenues worth millions of dollars with the use of Listia Credits.
On top of the integration with the Listia marketplace, Listia has also created a payment app called Ink Pay. This is a standalone application which allows buyers and sellers to make and receive payment for items on third-party marketplaces like Craigslist, Facebook Marketplace, OfferUp, and more.