Listia is a company that aims to launch a decentralized marketplace next month. This was after it managed to raise $15 million from over 4000 people who participated in its ICO. The company, which was founded in 2009, already runs a traditional online marketplace. However, it aims to develop new services by utilizing blockchain technology.
It added that the token sales ended in about 12 minutes after hitting the $15 million hard cap. Some of those who contributed to the sale included Tetras Capital and ConsenSys Ventures. The decentralized marketplace it intends to launch will be known as the Ink Protocol. This launch is going to take place on February 28th. On that same day, Listia intends to distribute XNX tokens to users. These tokens can be used to buy and sell goods on its site. According to the CEO, this launch will see over 10 million users get their tokens.
Understanding the Ink Protocol
According to its developers, the Ink Protocol aims to create a decentralized marketplace in which a user can establish their credibility without worrying about their profile being taken down. This is quite a common phenomenon on marketplaces where control is centralized.
Listia CEO Gee Chuang said,
The Ink Protocol decentralizes marketplaces by allowing buyers and sellers to control their own reputation, choose any marketplace platform they prefer using, and safely pay for goods and services without relying on any central service provider.
Any buyer will be able to view the seller’s reputation and make payments using escrow contracts. The contracts will come with an option for third-party mediation. Users can pay directly using the XNK token, or they can convert it to fiat currency.
The Ink Protocol will also come with proof of payment, which is quite innovative on the blockchain. After each complete transaction, buyers will be allowed to leave feedback about the seller. The feedback entails a rating and a comment. This is stored as data on Ethereum and the Ink Smart Contract. With this, anyone will be able to access the feedback from anywhere in the world. This will help to determine the trustworthiness of each seller by buyers.
Background on Ink Protocol
The team behind the Ink Protocol project has been working on it since June 2017. The idea for the marketplace came up when they were discussing the impact of decentralization on P2P marketplaces. That is when they decided to use Listia to develop the Ink Protocol.
Listia has eight years of experience as a P2P marketplace. The marketplace lets you give away free items you do not need in exchange for that which you do. They aim to extract it into a layer that anyone can use to build on before they eventually go fully decentralized.
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