Spl.yt
Spl.yt
Spl.yt (founded in 2018) is a blockchain-powered global E-commerce inventory protocol that advances the online retail industry towards a less expensive and more secure process.
Overview
Spl.yt Protocol
The Splyt protocol provides online businesses with fundamental e-commerce technology infrastructure and marketing reach through the global, blockchain-based inventory system.
Most blockchain technology is built to create an insulated market, but Splyt provides a Plug and Play option to accommodate existing business, slowly phasing out outdated sales structures in favor of trust and transparency. [3]
Markets can plug in the Splyt's Software development kit into their existing platform with simple tools, or new webstores can be created on the Splyt Core platform. Each product uploaded into the global inventory is assigned a newly minted eNFT. [5]
This eNFT is stored on the blockchain.
and carries with it its data, history, and even seller-defined protocols for its use.
An eNFT is proof of authenticity, which can help dismantle the knock-off industry.
They can be listed on multiple markets, and the global inventory is updated upon purchase, preventing out-of-stock sales.[4]
Affiliates can list any eNFT in the global inventory on their market, and a smart contract will self-distribute funds upon successful sale.
The owner of the eNFT then collects their payment and dropships the item.
This process completely automates a host of manual tasks and time-consuming negotiations.
Among these trackable data points include resales over the lifetime of the product, which helps brands monitor retained value over time.
SHOPX tokens are used as the internal currency and to facilitate various functions that protect market integrity.
Sellers must deposit tokens in order to create an eNFT and list an item, Validators are rewarded with tokens for verifying listings, Arbitrators are rewarded with tokenss for successfully mediating disputes, and developers are paid to update the open source technology with tokens.[6]
The completely automated and streamlined process protects integrity, empowers small brands and markets, allows anyone to become an affiliate, and drastically reduces costs.[7]
History
Cyrus Taghechian, CEO of Splyt, Decentralizing Ecommerce | Blockchain Interviews
Spl.yt was founded in 2018 by Cyrus Taghehchian, Lindsey Mallon, Dipen Joshi and other notable members.
The main aim for developing this protocol is to empower businesses to transform the way they market, sell and operate online efficiently.
Spl.yt provides fundamental technology infrastructure and marketing reach through a global, blockchain-based inventory system at reduced costs by removing the need for intermediary services.
They provide the market reach of Alibaba Group and CJ Affiliate, with the assurance of Amazon.com, at the prices of Craigslist.[9]
"Splyt is opening doors for innovative businesses and entrepreneurial individuals to achieve their potential.
The use cases for improving efficiency, transparency and security across the industry are as endless as our imaginations.”
(Cyrus Taghehchian, CEO Splyt)
How it Works?
Splyt NFT Infrastructure Powered by Polkadot
Spl.yt uploads products as shoppable NFT’s, attached to physical goods in the traditional sense of an NFT and as a proof of authenticity- especially critical in the luxury and hype product markets.
Think Chanel or YEEZY digital “authenticity card.” Imagine the trackable information a brand can now gather around a product.[4]
Based on blockchain, Spl.yt omits the double-sale problem occurring quite frequently as many other e-comm platforms try and react to the new era of digital shopping.
Smart contracts omit the gray area in partnerships, so that partners can focus their energy on growing together instead of the “small print” that creates cat claws when things don’t go as favorably as anticipated.[5]
Spl.yt also looks at consumer habits- how people are shopping and what they are shopping with.
It is creating the first global shopping network that can be shopped with both cryptocurrency and traditional credit cards.[1]
Splyt Core is not a market place.
It is a marketplace of marketplaces.
Think of Splyt as the TCP/eNFT: the conceptual model and set of communications protocols used in e-commerce.
It is a self-enforced system that streamlines tasks and resources within the e-commerce industry.
Markets can either plug into the Splyt platform or can start fresh within it.[4]
Spl.yt is built out so that other companies can build on top of the technology, creating a decentralized platform for all industries to interact on.[6]
Funding
Splyt NFT Infrastructure Powered by Polkadot
Splyt Core s an open source ecommerce protocol built around the eNFT, has announced the completion of a fundraise oversubscribed by $350M, raising a total of $2.75M.
Notable participants include Master Ventures, Bigcoin Capital and Kyros Ventures.
All but ready for the launch, Splyt prepares to democratize e-commerce and to become “the Marketplace of Marketplaces,” paving the way for mainstream adoption of decentralized protocols in every industry.[7]
Splyt deploys a unique multilayered network that includes companies, cooperatives, and foundations which is designed to ensure cooperation, compliance, and user engagement at every level.
Although Splyt plans for worldwide adoption, the vast majority of allocation requests were turned down.
A $2.75M limit maintains integrity at launch and allows for controlled and balanced scaling.
Those who were chosen shared Splyt’s enthusiasm and vision, and are hoped to be positive contributors to the community.[7]
Migrating from Ethereum to PolkaDot
Spl.yt Core platform was built on the Ethereum network, as the first project to introduce a public sidechain as a scalable network solution for eNFT (e-commerce NFT) tokens.
As the industry and technology evolved and improved, the Ethereum network alone was no longer able to carry the sustainable growth in size and quality for Splyt.
E-commerce platforms should be able to accommodate high volume and frequency transactions without compromising speed and reliability.
Putting an e-commerce platform on the Ethereum (ETH) blockchain network will very likely increase transaction costs, while slowing down the transaction speed with very limited controllability. To solve this problem, Ethereum 2.0 has adopted sharded blockchain protocols to achieve scalability. And all and every shard in Ethereum 2.0 employ the samestate transition function (STF), which the Ethereum Wasm (“eWasm”) interface for smart contracts. Despite this, Ethereum 2.0 still has some shortcomings. [9]
Ethereum 2.0 requires a large number of validators that results in slowing down the transaction finality time (6 minutes - 12 minutes), 6 a time which pales in comparison to the process time for Polkadot.
In its governance process, Ethereum 2.0 is expected to be off-chain, which requires coordination for a hard fork to update the network. [8]
Ethereum 2.0 also requires blockchain network builders to use a single interface like eWasm, which allows very limited controllability on each blockchain.
Polkadot, in contrast, requires fewer validators that results in shortening the transaction finality time (12 - 60 seconds).
Polkadot’s parachains (parallel blockchains) are meant to process more transactions than a single blockchain, spread across multiple computers.
Polkadot’s governance decision can be made on-chain, which enables Polkadot upgrades without hard forks 7.
With this, Splyt can easily adapt and upgrade as technologies improve, ensuring Splyt is continuously at the forefront of industry.[8]
While Ethereum focuses on distributed finance and smart contract execution, Polkadot is intended to enable building entire blockchains and integrating these blockchains with each other.
Polkadot better enables scalable blockchain infrastructures 8. It is intended to enable cross-blockchain transfers of data and assets, in addition to tokens, and to communicate and interact with a larger network. By utilizing Polkadot’s bridges in conjunction with parachains, the Splyt ecosystem can accept, validate, and execute an NFT utilizing any blockchain currency. This enables easier buying, selling, and trading of NFT’s and eNFT’s for end users, expands our consumer audience, and provides more cost-efficient solution.[8]
$SHOPX Token
SHOPX is the token for Spl.yt Protocol, as well as fiat and other cryptocurrencies, will be used by buyers to purchase the item.
Retailers can post an item for 100 SHOPX tokens with a 10 SHOPX commission.
An affiliate will then list this item on their website.
If the item is purchased from this website the retailer will receive 90 SHOPX while the website will receive the 10 SHOPX reward.
This is aimed at fixing the currently broken affiliate marketing system.
Splyt is utilizing NFTs and decentralized smart contracts to create something new; a decentralized e-commerce platform that removes intermediaries to provide a better retail experience for both buyers and sellers.
Built on Polkadot, it combines NFTs and DeFi to create a global blockchain inventory of sellable items.
At the heart of Splyt lies the $SHOPX token, which powers the Splyt marketplace and is an integral part of handing power back to retailers.
The applications of the SHOPX token do well to mirror Splyt Core’s primary functions:
As the internal method of exchange, tokens enable users to access Splyt Core to buy and sell inventory, stored as eNFT’s, on the global inventory blockchain.
When listing an item, the Seller must deposit tokens in order to mint a new eNFT that will then be assigned to their item.
This procedure is used to prevent spam and fraudulent behavior.
Tokens will be used to compensate Validators and Arbitrators whose jobs are to regulate integrity, as well as fund future development.
Tokens represent each user’s voice in the self-governing system.
Staking tokens allows users to vote for new regulations and network updates.
Staking more tokens for a longer period of time gives the user a bigger voice.
eNFT
eNFT’s are as fallible as the blockchain itself, and blockchain is as secure as it gets.
eNFT’s are stored on the chain.
Further, a copy of a piece of digital art could possibly be resold, but without the authentic, verified eNFT to match, no serious buyer will consider it to be a genuine copy.
Unverified copies of artwork will have no resale value, so it isn’t a serious concern.[5]
How Does The Spl.yt Protocol Work?
Splyt's TCP/eNFT (Transmission Control Protocol for E-commerce Non-Fungible Tokens (NFT)) creates a universal, standardized protocol for how data and funds are shared securely between all parties in e-commerce transactions.
A Token Curated Registry (TCR) enables global product listings with decentralized arbitration capabilities.
The SHOPX token and smart contracts (baked into eNFTs) work together to improve the e-commerce experience for all parties.
SHOPX secures the Splyt network.[3]
Splyt Core aims to transform e-commerce by standardizing the Transmission Control Protocol for E-Commerce Non-Fungible Tokens (TCP/eNFT) - a decentralized e-commerce ecosystem regulated by internal protocol for fairness and governed by consensus for flexibility.
Anyone who participates in e-commerce is a potential user: consumers, affiliates, markets, and brands.
Cyrus Taghehchian, CEO and Founder of Splyt, noted that,
“Splyt actually conceptualized the NFT use case long before the current frenzy - we helped pioneer that.
Splyt minted NFTs in 2017 well before the erc-721 was introduced in 2018.
Since then we’ve built out the technology.”
eNFT Minting
Inventory is tokenized on the blockchain as eNFTs and contains metadata describing the item's properties, profit share terms, affiliate requirements, and internal SKU or tracking data.
eNFT Broadcast
Once an eNFT is minted, it is broadcasted to the Splyt network, synchronizing inventory across all marketplaces and affiliates.
eNFT Escrows
Smart Contracts are baked into each eNFT, escrowing all funds to protect users throughout the e-commerce transaction lifecycle.
Buyer Resale
If the buyer decides to sell the item, they can easily relist it on the global database.
The eNFT will update and retain its purchase history, preventing used items from being fraudulently misrepresented.
Sp.lyt's eNFT
Splyt’s eNFT (E-commerce-Non-Fungible-Token) tokenizes off-chain products on the blockchain.
This streamlines digital sales and enables lifetime product data tracking not previously possible.
The eNFT empowers a transparent e-commerce ecosystem.[6]
eNFT Inventory Catalog
Every product is assigned a unique eNFT which eliminates the double-sell problem with live-updating inventory tracking across all online stores.
eNFT Data Traceability
The eNFT acts as a digital proof of authenticity, carries sales metadata and history, and delivers data points across the lifetime of a product in the resale market.
eNFT Bounty Marketplace
Brands set a bounty for each eNFT that is traced and paid on the blockchain for perfect attributions and eliminates counter-party risk.
eNFT Off-Chain DeFI
DeFi pools for collateralized inventory represented on the blockchain as eNFTs and verified via decentralized warehouses.
Team Members
The entire Spl.yt operational ground is led by world-class engineering leaders and entrepreneurs as its founding team.
| Name | Position Held | Profile |
|---|---|---|
| Cyrus Taghehchian | FOUNDER, CEO AND CFO | [24][25] |
| Dipen Joshi | FOUNDER, CTO | [26] |
| Lindsey Mallon | FOUNDER, CMO AND CPO | [27][28] |
| Joseph Yoo | COO | [29] |
| Leo Jeong | LEAD BLOCKCHAIN ENGINEER, RUST | [30][31] |
| TJ Chang | CBDO | [32] |
| Katie Lo | FULL STACK BLOCKCHAIN ENGINEER | [33][34] |
| Kurt Ivy | RESEARCH AND DEVELOPMENT | [35] |
| Corey Billington | HEAD OF MARKETING | [36] |
| Josh Meier | MARKETING OPERATIONS | [37] |
| Cal Evans | LEGAL AND COMPLIANCE | [38] |
| Eric Douglas Mchugh | ACCOUNT EXECUTIVE |
Collaborations
Spl.yt x Maison Du
Spl.yt is partnering with Maison Du as a first-use case, a luxury market e-commerce platform dedicated to creating solutions for the rapidly expanding digital luxury market.[7]
Maison Du is focused on the luxury industry, an industry expected to be a $115B e-commerce market by 2025.
The luxury industry is rapidly moving online, reactive to the pandemic climate.
Many industry leaders have stepped back and challenged out-dated sales models and focused conversations around how to create a more supportive marketplace for emerging luxury brands.
This creates a very large marketplace hungry for solutions, with Maison Du pioneering with a global blockchain database that revolutionizes the sales and partnerships models.
Luxury brands traditionally must go through and pay wholesale stockists for customer acquisition.
Stockists set advantageous profit-share terms for themselves and don’t synchronize inventory, creating a logistics nightmare and a space hard to scale in for emerging brands.
With the move online, brands are competing for market share against big-name multi-brand e-commerce retailers.
Maison Du and Splyt are creating solutions for brands to grow their sales and brand awareness through stylists, affiliates, and drop-ship terms with larger e-commerce stockists.
Maison Du is launching with approximately 2,000 stylists, affiliates, and luxury brands.[7]
“This marketplace is forefronting digital innovation in consumer experience, and luxury is the largest segment in the e-com marketplace, making this partnership a no-brainer,” says Lindsey (Spl.yt Brand Partnerships) of the partnership.
“It’s a very interesting time- an exciting time!
The old rules are out the door, and this an industry hungry for solutions.
Multi-brand stores and designers are both starting to think outside of the box.
Consumers are much more comfortable buying luxury online, reactive to the Covid-19 pandemic climate.”
With the rush to move online, the e-comm market needs sustainable solutions for brands to survive the migration.
Spl.yt will be silently handling user's digital shopping experience.
“We are unique in this space as we are one of the few companies with an existing product that resolves real-world problems...
The problems of retail and e-commerce are widely known, so our solutions almost feel like a no brainer for many.
That is critical to our success, and critical in driving the interest Splyt has generated,” said Cyrus.
Spl.yt x Morningstar Ventures
The Spl.yt ($SHOPX) team collaborated with Morningstar Ventures, a highly respected venture capital firm with a proven track record of success and has worked with many of the most impactful projects in the blockchain space.[10]
Morningstar Ventures is known as a leader in the blockchain and Fintech space and has deep connections that will come in handy for us as we move forward in our journey.
With their experience and resources they will help foster growth and development and introduce the Spl.yt to their impressive network.[10]
These connections will be instrumental in providing them with the tools we need to share our vision of decentralized e-commerce with the world.
“The team at Splyt has hit the ground running since successfully launching on the 31st of March.
As we work to spread awareness for our brand, it is well connected partners that can sometimes make all the difference in making sure the right people hear about us.
Morningstar Ventures is a well respected and highly connected venture capital firm in the blockchain space and we are proud to have forged a strategic partnership with them that will contribute towards us achieving our goal!” (Cyrus Taghehchian, CEO of Splyt)[10]
Spl.yt x Mag Park
The Splyt team announced their new partnership with Mag Park, one of the Top 5 Hype Brands in the country.
The Magnolia Park was established in 2015 and is built on the foundation of Art, Music, Sports and Hype. A true retail experience like no other in the world, recognized for its exclusive items and billions of social media impressions.[11]
Mag Park has one of the largest art collections, and a sneaker collection that has been featured on ESPN, Buzzfeed, Tidal, and Real Husbands of Hollywood. To begin their partnership with Mag Park, Splyt is introducing a brand new way to interact with your favorite brands: the Splyt Reserve program.[11]
Soon, Mag Park enthusiasts and SHOPX token holders will have the opportunity to stake SHOPX tokens into a smart contract against the Mag Park NFT.
Staking will unlock exclusive benefits for the token holder.
First, you will be invited to the VIP rewards program.
For as long as you choose to stake your tokens, you will get preferential discounts and have access to rare, one-time-only Mag Park merchandise.[11]
The length of time you choose to stake will also grant a fixed amount of SHOPX tokens through liquidity mining rewards.
The longer you stake, the more tokens you will receive at the end of the staking period.[11]
The amount of tokens you will be required to stake is based on a bond curve.
The first person to stake puts down the lowest amount.
The next person puts down that same amount plus a little more.
This number grows exponentially each time.
But as mentioned before, SHOPX rewards are fixed based on the staking period, so you will want to get in as early as possible to get the biggest return on investment.[11]
They believe the Splyt Reserve Program will be an exciting way for customers to interact with their favorite brands and make money while doing it.
Spl.yt x OMNI
Splyt empowers individuals and small businesses to create their own stores and sell their products on their own terms.
With their partnership with Omni, it will be fully integratable with the next era of social media, allowing influencers to sell eNFTs directly from their content feed.[12]
This seamless collaboration is a glimpse into the future.
Omni uses their native token for creating and sharing content, tipping creators, and of course, buying products from the in-app stores.
This includes digital goods and NFTs.
And when Omni plugs their e-commerce sector into Splyt, those brands can sell their physical goods through our protocol with our eNFTs.[12]
Splyt will also give Omni businesses and customers more tools to track their purchases.
Omni influencers will have more control over their income stream with the eNFT resale fee, and can tailor their advertising campaigns to keep up with the sales data.
They could even have Omni affiliates helping to sell big-name products.
And customers will be able to resell their purchases effortlessly on the platform instead of having to rely on eBay or Craigslist.[12]
Splyt x AscendEX
Spl.yt has collaborated with AscendEX (BitMax.io) staking program. Both Splyt and AscendEX followers will get an exclusive first look at SHOPX token open-staking.[13]
Due to the fact that Splyt was dubbed the SHOP 100X, they celebrated their 100x launch and offered 100% APR FOR THE FIRST 30 DAYS.[13]