Public Recognition on the Blockchain Incentivizes Sellers to adopt INK Protocol and use XNK
Widespread adoption is crucial for the success of a project on the blockchain. Compared to a few competitors in this niche within the blockchain space, Ink Protocol already has established connections, which could help it get a lot of the market share from its competitors. Their Telegram channel has 10.700 members and their Twitter has around 4.800 followers, which shows strong community support and interest around the project. There is definitely more room to grow in this area as shown by their social media following.
“Ink Protocol is a low market cap project, with a long and detailed roadmap and a strong community support. I think it has a lot of potential to obtain a large piece of the market share from its competitors if the team can deliver on their promises.” Christian Catlan
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 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. 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.
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. 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. The data is completely free from any centralized party or marketplace.
The Universal, Decentralized Transaction System For Any Marketplace
Building on their years of experience and learning from over 100M items traded on Listia, the team has launched a decentralized transaction system that can be used on any marketplace that includes self-sovereign reputation, decentralized escrow, and dispute resolution.
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 some cases) because they own your reputation data and you are now locked into their platform. The only way for sellers to use and benefit from this hard-earned reputation is to continue selling in that marketplace.
Self-sovereign reputation frees sellers from the confines of any specific centralized or decentralized marketplace and allows them to sell on any platform they want, such as managed online marketplaces, classifieds-style online marketplaces, social media, decentralized marketplaces, offline marketplaces (such as farmers markets and flea markets), and service marketplaces.
The Ink Pay app will be launched in Q2, but Ink Protocol is already integrated on the Listia marketplace as the primary virtual currency for all transactions. The XNK token is an ERC20 token using the Ethereum blockchain. XNK is the currency powering all Ink Protocol transactions using the proof of payment shown on the blockchain. Mediators can also earn XNK by solving any disputes between buyers and sellers on the Ink Protocol marketplace.
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