INK Protocol’s New Version of InkPay App Is Coming This November
A New Version of Ink Pay Is Coming This November
What Is Ink Pay?
Ink Pay is a decentralized system that enables consumers to make purchases and sell on any market, and earn a reputation that they can carry wherever they wish to sell. With Ink Pay, you can view the history and reputation of a seller through their QR code or Ethereum address. This ensures that every transaction you make as a buyer is safe and that the sellers are trustworthy.
With Ink Pay, you get access to Ink Protocol, a decentralized payment system powered by Ethereum Blockchain and XNK. Ink Protocol is specifically designed for P2P transactions. Buyers and sellers can comfortably transfer funds and make safe purchases while building a public reputation for sellers. Usually, payments are made in XNK, ‘pronounced as Ink’, Dai or ETH. The seller receives the same currency used to make the payment. XNK is the currency used by Ink Protocol, while ETH is the token that powers Ethereum.
Why Is the Update Necessary?
Recently, Ink Pay announced an update set for mid to late November. According to the developers, users will not be forced to download special browsers, that is, Coinbase Wallet or Metamask, to enjoy Ink Pay. Instead, users will make payments directly from their hardware wallets, MyEtherWallet, or Listia Wallet. Decentralized apps, or DApps, are amazing, but also very difficult to use for anyone that is not a tech savvy or blockchain enthusiast. For this reason, Ink Pay is attempting to create a user-friendly marketplace.
Initially, users required a computer running on either Firefox or Chrome with the Metamask extension, or the Coinbase Wallet App installed on an iOS or Android device. To make any transactions, users also required ETH as gas, since it’s the cryptocurrency that controls Ethereum trades. XNK, Dai and ETH were also the only currencies supported by Ink Pay. Acquiring all of these coins before transacting automatically enrolls you on a fee.
The update is crucial because Ink Pay will improve buyer flow and overcome one of their biggest hurdles. Naturally, sellers enjoy using the new application because they stand to gain the most from improved sales. The challenge lies in convincing the buyers to assimilate new information, download apps and also transfer funds between different wallets, for the benefit of the seller’s reputation. With this update, Ink Pay will move towards the creation of a better decentralized marketplace, through the elimination of new wallets, gas coins, and downloading applications, all for the benefit of the seller.
Ink Pay developers recognize that the world is not ready for mass adoption of DApps. However, creating a friendlier environment for crypto enthusiasts and traders is a great way to bring more people on board. After payments, buyers will receive a link on their email to leave Ink Protocol feedback and also add to the seller’s reputation. There are also future prospects of creating a version that supports traditional transactions with currencies such as the USD. By so doing, Ink Pay will expand into all kinds of markets, and hopefully, encourage more cryptocurrency transactions.