• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news today, price & technical analysis
Price & Market
Cap Data from
Nomics Logo
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Gamble +Try
  • Play GamesTry
No Result
View All Result
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Gamble +Try
  • Play GamesTry
No Result
View All Result
NewsBTC
No Result
View All Result
Price & Market
Cap Data from
Nomics Logo

Ink Protocol Enables Cross Platform Buying & Selling with Decentralized Reputation and Escrow

Guest Author by Guest Author
2 years ago
in Uncategorized
Reading Time: 3min read
ink protocol, ink
Advertisement
Listen to Article

“A very large portion of ‘gig economy’ startups are at the core, basically just a dispute resolution system, a reputation system, and a search engine. If you’re looking to build a decentralized version of one, maybe consider focusing on one component,” – Vitalik Buterin

After running the Listia P2P marketplace for over 9 years, the Ink Protocol team realized that the problems they were trying to solve could be generalized across all types of marketplaces. Building on those years of experience and learning from over 100M items traded on Listia, they launched a decentralized transaction system that can be used on any marketplace. The system includes self-sovereign reputation, decentralized escrow, and dispute resolution.

Ink Protocol’s decentralized transaction system is a great way to focus, as Vitalik recommended. Taking this tip a level higher, the team projected that a self-owned reputation that can move from one marketplace or app to another will change the way people buy and sell online. Ink Protocol took these two critical points into account as well as a third, 2M items listed using XNK ensures mass adoption, making XNK one of the largest real-world consumer applications on a blockchain.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

Seller reputation is an important asset because buyers often choose sellers on the basis of their reputation. This is particularly true when the quality of the goods or services are hard to measure and the parties cannot perfectly predict the outcome of the transaction. As a consequence, the seller will be mindful of building and maintaining a good reputation through the information that buyers have about the seller, including previous transactions and the reports of other buyers.

Buyers will often pay higher prices from a seller with a better reputation and prefer marketplaces like eBay, Amazon, and Etsy, rather than taking a risk with lower prices from a seller with a lower reputation. As a result, sellers work extremely hard to maintain a pristine seller reputation through great customer service, fast shipping, and quality products. Craigslist, OLX, and Facebook Marketplace have an extremely wide reach and are free to use. There are no transaction or listing fees in most cases but the same problem exists here, you have no idea from whom you are buying.

The Universal, Decentralized Transaction System For Any  Marketplace

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.

As designed, the 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.  Buyers get peace of mind, and sellers get a transferable reputation that frees them from the confines of centralized marketplaces.

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. No wonder excitement is brewing after hearing about the largest deployment and best use case for the blockchain so far.

The statements, views and opinions expressed in this column are solely those 
of the author and do not necessarily represent those of NewsBTC.

 

TweetShare
Nexo Logo
BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner? Win up to $1,000,000 in One Spin at CryptoSlots
Guest Author

Guest Author

Related Posts

bitcoin dangerous triangle pattern

A Dangerous Technical Pattern In Bitcoin Is Back, And It Is Breaking Down

3 hours ago
Bitcoin

Here’s Why Coinbase Whales Contributed to Bitcoin’s Sub-$30,000 Plunge

3 hours ago
Ethereum

Ethereum is Showing “Exceptional Signs of Strength” as Bulls Defend Crucial Level

7 hours ago
Saylor: Institutional Interest in Bitcoin is Bigger Than You Think

Saylor: Institutional Interest in Bitcoin is Bigger Than You Think

10 hours ago
3 Things Bitcoin Traders Should Watch in FOMC’s First Meeting of 2021

3 Things Bitcoin Traders Should Watch in FOMC’s First Meeting of 2021

12 hours ago
Bitcoin and How Crypto will Transform the Financial World

Bitcoin and How Crypto will Transform the Financial World

14 hours ago

Premium Partners

Top Brokers

eToro

eToro

Review · Visit
Evolve Markets

Evolve Markets

Review · Visit
ArbiSmart

ArbiSmart

Review · Visit
PrimeXBT

PrimeXBT

Review · Visit
Moneta Markets

Moneta Markets

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
CryptoSlots

CryptoSlots

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bonusfinder DE

Bonusfinder DE

Review · Visit
Bspin

Bspin

Review · Visit
Wolf Bet

Wolf Bet

Review · Visit

Top Sportsbooks

1xBit

1xBit

Review · Visit

Press Releases

FEB Inc. Announces a New Service, Cost-Effective PR Media Packages for East Asian Markets

January 27, 2021

Hodlnaut Partners with Crowe Singapore to Perform Independent Verification of US$106 Million of CryptoAssets

January 27, 2021

Helio Lending Pivots into Becoming a CeFi Aggregator

January 27, 2021

Newsletter Signup


ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Auto Trading Software ▸

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2020 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Trade
  • Gamble +
  • Play Games

© 2020 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.