Ink Protocol (XNK) ICO review
Ink Protocol is a P2P payment solution that is being added to the Listia platform. It is replacing credits that came about in April of 2016. This will cut costs due to blockchain technology. XNK is an erc20 token it will allow an immutable reputation for the seller giving people full confidence in the P2P purchases based on past reputation and smart contract releasing of payment.
The first thing to look at in this ICO is the Listia platform itself.
That's the road map highlights for the Listia platform. It's a platform that obviously has thrived and continued to grow over the last 9+ years now. As you can see they hit 10 million users last may, so at the very least you have a community of 10+ million people that will instantly be using XNK for purchases. 6% of the tokens are going to these members right off the bat to replace the current credits system used on the platform.
Onto the most important part of any ICO or already live coin review. Is the token tied to the platform and will it grow with the platform? (As it doesn't matter how great the idea is or how great the team is if the token you purchase as an investment doesn't increase in value with the token/idea/platforms growth). In this case it does for sure in multiple ways. It can be used just like fiat currency to buy things on this platform. In addition to this it will have to be used for each transaction as it is the backbone of their immutable P2P reputation system and resolution system utilizing the smart contract feature the Etherium block chain affords erc20 tokens. Further this token can just be taken and used by another platform as a payment option and a P2P reputation system that would also have all the P2P reputations from the Listia platform already built in.
Token economics of the token sale are:
● Ethereum ERC20 Token called XNK
● 500 Million Ink Protocol Tokens Issued (500,000,000 XNK)
○ 6% reserved for existing Listia User Credits
○ 30% sold in presale and public token sale
○ 32% retained by Listia, vested over 3 years
○ 32% allocated for distribution and incentivizing the network, released over 3 years
● Token Price: 1 ETH = 7,500 XNK
● $15MM Maximum Sale Cap
Only 30% for the public token sale is a little low for me. If we add in the 6% going to replace the credits we get closer to the 50% (at least) you want to see sold off in an ICO. They do have some positives here as well thou 32% held by the team (which is a little high but not to greedy) is vested for 3 years so that's a big plus knowing that those tokens won't be released onto the market for a long time. The other 32% is of some concern but as long as they are actually released slowly over 3 years they shouldn't dilute the price to much.
They have a hardcap of 15 million that puts them at 434th on https://coinmarketcap.com (CMC). They have a finished product, its been finished for 9 years their platform has been growing and continues to grow. I think this alone will drive the price after the ICO up several times at least. Getting to the top 200 ~62 million is a 4x ROI I don't see that as something that will be difficult. This platform accepts fiat and credit cards but people who use it more often will see significant savings using XNK (due to bank fees, credit card fees) as well as some will have to be used for every transaction for the smart contract use. This is all before we get into it maybe being used on other platforms and there is no reason it won't be as Listia's 32% vesting stake would love for their tokens to be worth that much more once they are released to them in 3 years time.
Here is the diagram for dealing with a mediator if there is a dispute on a transaction. Any P2P platform needs to have something like this to deal with disputes. This one seems fair and innovative to me.
Again this is something that would be brought instantly to any other platform using this token. Obviously they would need to hire their own mediators.
In closing I think this is a really strong ICO. It has a pretty low cap at 15 million, a platform that has been around for 9+ years, and it's easily integrated into any other P2P system making the whole token even more valuable. The token economics are a little lacking IMO but not to a large degree. Please do your own research on any ICO you are thinking of investing in, I am not your financial adviser I'm only a crypto enthusiast who likes evaluating new ICOs. Check out Ink Protocal's homepage here:
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