I never thought I'd be reviewing and bringing your attention to a crypto for "payments". Despite there being a bazillion payments protocols in the crypto space, every now and then you come across one that has actual potential.
Ink Protocol is a project that I have come across several times now. So I stopped to take a look and to be quite honest, I can see this one as a real contender for the top prize.
Personally, I don't think there will be one blockchain project for payments that will rule them all. After all, we live in a world with MasterCard, VISA and a host of other payment solutions and all of them are thriving, despite the competition.
There's plenty of room in the marketplace for multiple payment systems. Just like there is ( or, was ) room for plenty of banks.
Having said all of this, 99.9% of the ICO's and blockchain startups that are entering the space will go bust. The first to go bust will be those coins that simply want to "beat bitcoin" to market.
So when I came across Ink Protocol, I admit I was really jaded. Bored, in fact when seeing another "payment solution" crypto come across my desk. But I found something interesting about Ink Protocol that told me to take a real look at the project.
See if you can spot what I saw...
Yes, look at those metrics! Holy cow. This is an established company.
What's refreshing about Ink Protocol is that their parent company, Listia, is already in operation and has been around for 9 years. They have 10 million registered users too. So what this tells me is that this project is merely upgrading the system it already has in place and is adding a crypto / blockchain to their market place.
The fact that INK / Listia is already up and running puts them miles ahead of most payment blockchain startups who have yet to make any partnerships in the real world.
Ink Protocol is just updating an already operational marketplace and is essentially expanding their reach. Expanding beyond their own marketplace. Yes, Ink Protocol is developing a payment gateway that you can plug into other marketplaces like Craigslist, Facebook and a host of other sites.
Wow, Ink Protocol is close to becoming a decentralized version of Paypal. With more features and without the high fees. ( Which makes me wonder how Paypal will pivot in the marketplace? )
One of the key features of Ink Protocol is it's reputation score system that buyers and sellers can readily see in the app. This feature is epic as many of the current payment solutions like Paypal aren't up front with the trustworthiness and reputation of the person you are dealing with.
On top of this, Ink Protocol will have a mediation system whereby a 3rd party settles any disputes between buyers and sellers. Mediation is a trend some of the top payment systems are adopting, so it is interesting to note that Ink Protocol will be offering this feature.
All in all, if Ink Protocol isn't a contender to knock Paypal out of the market, I don't know what is. Have a look at some of the roadmap plans and you can see the scale of the project.
- Launch Ink Pay App and Ink Pay partnerships
- Launch Ink Protocol public API for easier partnership integration
- Launch first reputation score aggregator
- Launch feedback and reputation importer for existing marketplaces
- Launch reputation and payment widget for 3rd party web sites and apps
- Here's a biggy... Start work on fiat payments integration
- Think about this one... Start work on marketplace plugins for forums and message boards
- Start work on marketplace plugins for online stores
- Launch fiat to fiat marketplace payments through Ink Protocol
- Integrate Ink Protocol into forums, message board, classifieds, and online stores
Given that Ink Protocol already has a marketplace, with a huge user base, I think they are a contender to become a standard in blockchain payments. The project is huge but because a lot has been developed already, Ink Protocol are building on top of a solid foundation. They are miles ahead of most projects and I am willing to bet-my-bitcoin that they will be around in 5 years after the crypto gold boom is over.
Thanks for watching,
Brendan Rohan - Indie developer of 'next gen' natural medicine from Melbourne, Australia
Www.Skyflowers.co ( see "botany" tab for the plant research )
If you support natural medicine and an independent research project that began in 1997, then steem me. The creds I get will help me provide a solid body of information that future generations can build upon.
DISCLAIMER: This article is written by an amateur investor and is offered purely for information purposes. This is not financial advice and you should always seek the advice of a finance professional.