Ink is a decentralized reputation and payment system powered by the Ethereum blockchain and a native ERC20 utility token called Ink Protocol Token (XNK). It is designed specifically for P2P marketplace transactions where trust between the buyer and seller may be limited. Ink greatly enhances the buying/selling process by helping users safely send and receive payments in P2P marketplaces while earning publicly viewable reputation. Payments within Ink are sent using XNK, but users can also convert to and from other cryptocurrencies or fiat currencies such as USD.
XNK is the underlying currency used in all Ink Protocol transactions. As a result, all transactions and feedback are backed by proof of payment on the blockchain. It is also earned by mediators for the mediation services that they provide on transactions. It is already used on the Listia marketplace as the primary virtual currency for all transactions.