A Brief Introduction to the Ink Token (XNK)

The Ink Token (XNK) is a cryptocurrency built on the Ethereum blockchain. It is based on the ERC-20 token standard.

What is Ethereum?

Ethereum is a decentralized computing platform that runs smart contracts (small computer programs). You can think of it as a network of computers that are able to run computer code and store data. As opposed to traditional systems where all your data is stored by a central entity/company, data on Ethereum is not owned by anyone, and there's no single place to modify or delete it. For the purposes of understanding the Ink Token, think of it as thousands of computers that all have the same data. In this case, the relevant data is how much Ink you have in your wallet.

Ethereum Addresses and Wallets

All Ink is assigned and belongs to different Ethereum addresses (sometimes referred to as an Ethereum wallet). An address looks like a long string of text (eg, "0x79c943e641...") and is protected by a password called a secret key. The secret key is required to make use of the Ink and spend it (by sending it to another address). When you "own" Ink, what it means is that you have the secret key for the address that the Ink is assigned to.

While your Ink is on Listia, Listia will manage your address/wallet for you. We securely store your token and secret key, and you send and receive it as you would Listia Credits. You don't have to worry about keys, addresses, or anything else Ethereum related.

If you'd like to deposit Ink to your Listia account or withdraw your Ink on Listia to an outside address, you will need to own and have a better understanding of Ethereum addresses and how they work.

Here are a couple resources to help you better understand what's involved:

What does it mean for the Ink Token to be on Ethereum?

Because Ink is stored on the Ethereum network and is based on the popular ERC-20 standard for tokens, it can easily be adopted and used outside of Listia. Anyone with an understanding of Ethereum addresses and transactions can hold Ink outside of the Listia marketplace and use it to transact with others. Unlike Listia Credits, Ink does not only exist on Listia -- it's designed and intended to work anywhere.

 

 

Have more questions? Submit a request

Comments

Powered by Zendesk