Ink Token is a cryptocurrency at its core, but in addition to being a method of payment, the larger value in using Ink comes with its ability to store transaction data and feedback.
Listia's initial integration of Ink into its marketplaces introduces XNK as the new currency, replacing credits. In the coming months, Listia will continue integrating with the rest of Ink Protocol.
What's to come
With a full integration of Ink Protocol, every transaction on Listia (a listing that has been paid by the buyer) will exist on the Ethereum blockchain. Data that is stored:
- The buyer and seller's public Ethereum addresses
- The Ink amount transferred
- Information about the listing (title, description, etc)
- Dispute details and outcome
- Buyer's feedback on the transaction
This means that every seller's reputation will be available on the Ethereum blockchain. This reputation is public and is no longer owned by Listia, which means that it can be brought to other marketplaces and added to. This means that:
- Sellers can join new marketplaces and leverage their existing reputation
- Marketplaces that use Ink Protocol allow sellers to take their reputation with them
- Prospective buyers can get a much better understanding of the seller they're dealing with
Here's a potential real world scenario to illustrate what's possible. A veteran Listia seller lists something on Craigslist and shares their public reputation. The buyer now trusts that the seller is good, meets up with the seller, and pays them with Ink. The buyer can then leave their positive feedback for the seller, which further builds on the seller's reputation. This helps the seller with future sales, regardless of which marketplace they're selling on.