INK PROTOCOL: REVOLUTIONIZING TRANSACTIONS USING BLOCKCHAIN TECHNOLOGY

INTRODUCTION
Blockchain technology is revolutionary with regards to its dynamic applications, which is of great necessity to this present generation. Many payment systems have failed due to several drawbacks. Many people have lost funds trying to transact online due to shortcomings posed by such platforms like no reliable escrow service, slow transactions due to completely centralized payment systems, partial rating of users reducing sincerity and trust, including several other factors which draw great concern. A friend of mine by name Kingsley, lost a fortune online trying to purchase a Camry vehicle. Have you ever thought of doing seamless transactions by buying and selling used and new goods via online marketplaces with just a single decentralized payment system? An already existing reputable P2P Marketplace (LISTIA) developed the INK PROTOCOL to ensure seamless transactions online while reducing fraud.

Listia as already mentioned is a P2P Marketplace launched in the year 2009, with over 10 million users on the platform and 100 million items exchanged so far. The initial aim of creation of this marketplace was to enable people trade their used goods.
PREVIEW OF LISTIA MARKETPLACE:

The INK Protocol is a decentralized reputation and payment system powered by Ethereum blockchain and its native tokens, XNK, which is ERC20 compliant. INK Protocol enable users to make payments safely and earn reputation scores in P2P market places online. The following are some key features enhancing payments through INK protocol , making it unique :
• Extremely low transaction cost.
• Secure payment is ensured by decentralized escrow service.
• Users can be rated before carrying out transactions by viewing their reputation ratings.
• There exist third party dispute resolution

Existing marketplaces and also marketplaces which do not handle payments directly like Facebook and Craigslist Marketplace can make use of INK. Sellers can easily build reputation across market places by accepting INK, boosting the trust buyers have in dealing with them. Buyers can view Seller ratings across marketplaces and decide whether or not to transact with them. Transactions can be initiated using either automated or human-mediated escrow contract. Users can decide to make payment with the native tokens, XNK, or convert to FIAT currencies like USD for instance.

Listia currently utilizes a centralized virtual currency known as Listia Credits, for payments. Listia Credits will be replaced by XNK (INK PROTOCOL TOKENS) and an a percentage of total supply of XNK will be allocated for Listia Credit swap. Hence users already making use of listia credits can easily convert to XNK and start using it on the platform. LISTIA saw reasons to replace the centralised listia credits with INK PROTOCOL due to several benefits the decentralized blockchain technology has to offer with regards to core areas of concern like; speed of transaction and trust. Blockchain smart contracts will definitely solve trust issues.

THE INK PAY APP
Aside multiple marketplaces integration of INK Protocol, INK PAY app will be created by Listia to enable users make payments easily across marketplaces like Craigslist. No knowledge of cryptocurrency or blockchain is required to utilize this app, hence it gives users seamless experience and quick accessibility. Users build their reputation while using INK as they complete transactions successfully.
PREVIEW OF THE INK PAY APP:

INK PROTOCOL TOKEN (XNK)

It’s an ERC20 token built on Ethereum blockchain . It is a cryptocurrency for general purpose with features including :
• It can not be affected by inflation.
• It has a fixed supply.
• It is transferable and suits swift payment.
XNK is already listed on coinmarketcap with a total supply of 500 million and circulating supply of 172,756,808. It’s already trading on exchanges like Qryptos, IDEX, and Forkdelta. In my own opinion, it’s a very good token for long term hold, considering the awesomeness of the project and the use cases.

TOKEN DISTRIBUTION AND ECONOMICS:

THE TEAM
The team members comprise of experienced and capable individuals with great profiles related to the project aim. They include :

1. Gee-Hwan Chuang
   Co-Founder & CEO, Listia
2. James Fong
   Co-Founder & President, Listia
3. Gee-Hsien Chuang
   Head of Product, Listia
4. Ngan Pham
   CTO, Listia
5. Charles Huang
   Mobile Developer, Listia
6. Xenor Chang Developer, Listia
7. Lake Chang
   Developer, Listia
8. Jerry Chen
   Developer, Listia
9. Natalie Acosta
   Member Support, Listia
10. Ricky Lugonja
    Member Support, Listia
11. Ashton Lauren
    Member Support, Listia

ADVISORS

1. Samuel M Smith PhD
   Chief Architect Reputation AI Systems, ConsenSys – Reputation, Identity
2. Philip Krim
   Co-Founder & CEO, Casper
   E-commerce, Biz Dev, Marketing
3. Richard Ma
   Co-Founder & CEO, Quantstamp, Former Algorithmic Trader, Crypto Fund Manager – Strategy, Business, Security
4. Lester Lim
   Cryptocurrency Investor, Digital Marketing Strategist, Advisor to SelfKey and CoinFi – Marketing, Strategy

TECHNOLOGY PARTNERS

1. Quantstamp
   The Protocol for Securing Smart Contracts
   Security, Auditing, Token Sale
2. Kleros
   The Blockchain Dispute Resolution Layer
   Dispute Mediator within Ink Protocol
3. ConsenSys Ventures
   Harness the power of Ethereum
   Technology, Infrastructure, Apps

USEFUL LINKS
consider checking out these links to know more about this awesome project :
Website: https://paywithink.com/
Whitepaper: https://paywithink.com/wp-content/uploads/2018/02/Ink_Protocol_Whitepaper_V8_Listia_Inc.pdf
Reddit: https://paywithink.com/
FAQ: https://paywithink.com/faq/
TWITTER: https://twitter.com/paywithink
Telegram : https://t.me/paywithink

Author's BountyOX username : deodivine