The team has been working hard on the Ink Protocol’s launch on Listia, and we wanted to release some additional details on how things will work. If you didn’t already know, XNK will be replacing the existing Listia Credit system on the Listia marketplace, providing buyers and sellers with much more value and utility than the existing system. It will also give Ink Protocol a huge boost in usage and network effects right away.

Check out our previous post on ways to start earning future XNK today.

Our target date for replacing Listia Credits with XNK is 2/28/18.

What will change on Listia?

All Listia members will have the option to convert their non-purchased Listia Credits to XNK (credits that are purchased with fiat money cannot be exchanged for XNK, but can still be used on Listia). The conversion rate will be $1 of credits = $1 of XNK based on the token sale price, which is 3,850 credits for 1 XNK. After launch, all new listings in the marketplace will be listed in XNK. This means that sellers will start to earn XNK for everything sold on Listia after launch. Any listings that were listed before the launch will still be denominated in Listia Credits, but they will be quickly phased out as the listings end. Sellers who receive credits for these old listings can then convert their credits into XNK based on #1 above. You can pay for items using any existing method, including credits, XNK, or USD. Applicable exchange rates will just be applied during checkout. This ensures that users can use up any existing purchased credits or unconverted credits. All other bonuses, fees, and promotions that are currently denominated in credits will be changed to XNK (the exact amounts will be announced later and subject to change over time). Users with purchased credits (Listia Credits purchased using fiat currency) will be able to spend those credits on Listia as usual, but will not be able to convert them to XNK. Users will not be able to directly purchase transferable XNK on Listia yet, even after launch. All purchases with fiat currency will only be applied as store credit and can be used to buy items or checkout in the marketplace. Users will be able to transfer XNK into and out of their Listia wallet, subject to network transaction fees.

This is going to be HUGE for both Listia as well as Ink Protocol. It will be one of the first consumer use-cases of an application built on top of Ethereum, and it will be in the hands of millions of users at launch. Separately, we are also working on partnerships and developer tools, so stay tuned! Ink Protocol is designed to be useful way beyond Listia, and our goal is to build the foundation for peer-to-peer transactions and decentralized marketplaces of the future.