Welcome to the SPLYT $SHOPX AMA with The Gem Hunters! We would like to thank the team for coming today and sharing information with the community!
You’ve explained in your whitepaper that quote “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.” We are so excited to see Splyt innovate the space and offer individuals the opportunity to achieve! Could you please break down exactly how the splyt platform aims to provide users with the above and help them reach the outer limits of their own potential in the process?
First, we believe in putting the community and our token users first. We started first thinking about off-chain governance. We decided to become a non profit foundation so that token holders are not at odds with shareholders. This is truly a social utility meant to better society in the way we transact online. In all the decison making we take part of, there is no doubt we are doing it for our members and not to maximize shareholder profits. Because there are non - we can focus our efforts on building a healthy token project! Now users of our system can utilize our eNFT infrastrucure (more on that later) to build censorship resistant e-commerce affiliate market system in which there are no middlemen taking cuts out of every e-commerce transaction.
Everyone will have access to Splyt and they have a fair opportunity to build a product. Build a community, build a markerplace - and we band them together aka "collective commerce" so that they can create a decentralized C2C marketplace. By connecting all of commerce via tokenized invenotry, eNFTs, we enable brands to run their business the way they see fit without any counterparty risk or centralized intermediaries taking their profits - all while still having the same benefits of selling on places like Amazon.
So could you provide us with some information on your beautiful looking team, what experience have you guys collected over the years and how did you all come to take part in creating Splyt?
This is the fabric of our culture! I was told by a wise meme (hehe) at some point - its not about the destination... it's not about the jounrey either! It's about the company that makes life fulfilling - and I am so grateful to be able to experience that with our team :)
I'll start with my co-founder Josh, We both shared the same passion of blockchain and both witnessed the DAO hack back in 2017. Both Josh and I have been in crypto since around 2014 (right after mt gox - yikes) Seems like I'm going down memory lane here haha. Josh was one of the earliest devs to start using and learning solidity since the Ether ICO. For an industry this nacesnt, having someone like him is a blessing! He used to work for Blockchains LLC, who made the blockchain city in Nevada, and he was the lead blockchain architect for all their smart contracts. He was one of the first people to build idenity on chain, DAO governacnes systems - it was special! My background is pretty diverse, but I spent a lot of time working at Deloitte Consulting as a digital marketing and e-commerce thought leader. My team and I built intel.com and won numerous awards.
While at Deloitte, I learned about the double-sale problem - when doing affiliate sales - if you list an item for sells on mulitple sites, and it sales at two places at once, what happens? And while Josh and I discussed use cases of blockchain - it became evident we could solve a huggggge problem in the e-commerce supply chain by the same way Bitcoin solved the double-spend problem. The answer: NFTs - and Josh was the first developer I met create a NFT back in 2016, even before the EIP for the erc-721 standard was accepted in 2018!
I think we're all sick to death of Amazon and everytime i go to buy something they somehow find a way to sign me upto prime!
I know right! At least buy you a beer first or something before asking
So back to wrap up the story - Josh and I started tinkering with NFTs since 2016 until we got it right. We were delighted to see Dieter come up with the 721 standards and bring it mainstream. We've been BUIDL'ing ever since then even through the bear market - and that's where we are now. Couple more shoutouts to the team - Lindsey Mallon, our CPO/CMO - has been such a tremendous part of our success not only because of her background in Retail supply chainf for 10 years, but because of her kindness and attitude towards life. Very grateful to have her.
And to Joseph Yoo - who used to work a Bitthumb and is heading our SK office - to being there with me througout the good and tought times - helping bring value into what we are building. His trusted advise has been invaluable in making executive decisions 🙂
And lastly - to the rest of the team Leo to helping with secuirty - Kat for learning RUST on the fly and becoming our resident Polkadot Dev, TJ for helping develop our business, and eric for CS! I love y'all.
So as we were just saying you are entering a huge space and the possibilities and opportunities are endless, could you help us fully understand how big the actual industry is that splyt is entering and how Splyt aims to take full advantage of that industry?
Yes, e-commerce is the fastest growing industry in the world! It's now evern accelerating faster because of the pandemic - set to hit 10 trillion in marketshare in a few years!
Splyt is in the position to create the NFT infrastructure to power a e-comm protocol, just like how TCP/IP is the protocol for the internet! We can power every digital transaction just like TCP/IP protocol powers the internet. Secondly, e-commerce solutions are hot. Enterprise companies hired consultants like me at Deloitte, to come in and build solutions for $200M engagements! And the reason we were able to charge so much is because there is NO standard. There is no safe way to connect our DB to another store, Splyt solves that. We create a safe and secure way to trace e-commerce transactions using NFTs - that is impervious to centralized manipulation.
It's our life! Life is built around commerce! And our society is headed digital!
We extend the supply chain beyond brand to customer. The customer will custody the NFT after purchase and they canuse that to prove they bought a real item. Hahah - this year. We have partnered with our first use case Maison Du - with the help of Lindsey - to bring the first vertical to our system. This is a bg deal for secondary market sales. Imagine buying a rolex, and being able to prove its real via a NFT that you can trace back to the OG rolex wallet address. No more dealing with pieces of paper or counterfits.
So youve mentioned that your assigning unique eNFT’s to every inventory item, brans are able to upload their own inventorys with your app through which it will automatically tokenize the asset as an eNFT on Splyts catalogue! This sounds game changing, can you please run us through how this process is really going to revolutionize the way ecommerce actually works and how it will benefit users and companies participating on the platform?
Yes! So e-commerce is so cumbersome today. In order to maximize my chances of sale, I have to post on multiple sites like amazon, ebay, my own site, CJ, affiliates sites etc. That takes time, money, and is error prone to double sales. Double sales are bad bc some buyers won't get their product even tho they are epxecting it. This issue increases CS calls, created bad reputation, and sometimes, the reseller has to give an additonal credit in good faith to the customer, Splyt changes the game! With only a few pushed of a button inside your favorite e-commerce platforms (like Shopify, woo commerce, etc) you can publish your inventory as an eNFT (e-commerce NFT protocol standard) that will become shoppable by any other affiliate marketplace. We run nodes, similar to MyCrypto/MEW, so no one has to use metamask. This simplifies the brands efforts, saves them time, and gives them REAL TIME inventory and sales tracking.
We turbo charge this network by letting brands assing a bounty to every eNFT and this is where it gets really exciting! The bounty will incentivize affiliates to pick up the eNFT and add it to their stores to sell and collect the bounty. Since it's all traced via eNFTs and the blockchain - all the money gets routed appropriately to the people who earned via smart contracts so their is no counter-party risk in online collaborative sales!
one thing for those that are curious how it works on Shopify, check the video below of it working LIVE and creating eNFTs on testnet 🙂 be sure to check it out!
can we please now stray onto the Token itself, inspire us into some of the tokenomics, usecase of the token and how investors can benefit holding the $SHOPX Token?
First, the $SHOPX token is a symbol of trust and transparency! We want everyone to confidently use the token in our awesome network knowing that they are protected bc we desinged the token incentives to promote good behaviors. Its on testnet - but yeah, we are getting close! The $SHOPX token was designed after something we call TCRs. TCR = token curated registry
I first learned about it on this medium article - very good read!
So the $SHOPX token is required for brands to upload and tokenize their inventory on the blockchain. This does a few things
1) the deposit the brands put to upload their inventory will incentivize them to make sure the product is real, description is accurate, and to make a successful sale. Upon the transaction is complete without a claim -they ge thier deposit back! This helps buyers trust the seller bc they know if they are a bad actor, they will lose their deposit
We created a inverse multiplctive function to determine a fair deposit amountsand as your reputations increases - the deposit becomes less!
This is a really good system for overall transparency and surely that will attract more businesses to use the platform right?
Yes!!! And you get your deposit back! Unline Amazon or ebay - they just pocket it themselves.
The problem in the legacy commerce system is clearly shown with Craigslist. It's free to use but you get a lot of spam bc their is no penatly. So we take the best of both worlds! 🙂 Who doesnt like getting their cake and eating it too!
Now moving more onto the reward side of the token you just mentioned that investors can stake liquidity, get purchasing rewards and we see theres all kinds of other ways investors can earn huge rewards via holding $SHOPX, can we please dig into this a bit and over how we can truly take advantage of HODLing and how we can make the most of these juicy rewards?
Yeah! So parts of this design are still in design and final game theory testing - but to give sneak peak - we are rewarding holders if they help create liqudity mining pools for us like on DEXs etc. Second, we have a system where users can stake against an eNFT and take out off-chain DeFi and earn more in that way. The cool thing about what we are doing with off-chain DeFi - it;s hard to liquidate a physical item. Unitl Splyt - hehe- since we have a sales distributon system with eNFTs assigned with bounties - if a borrower default - we can liquidate the eNFT and dropship the items as a flashsale. In order to purchase items during our exclusive flash sales - you must be a token holder - so be sure to hang on to those if you wanna scoop up some good deals 🙂
By the way we cant imagine how many partnerships you have in the pipeline and a project this big needs big partners, who have you already partnered with, why and what plans do you have in future regarding partnerships!?
Yes! The response has been so exciting to see, Maison Du, a collection of almost 2k luxury brands, stylists and stockists are eager to hop onto our system. We started with the luxury market for a few reasons.
1) they are trend setters. What they do drives awareness and new trends - and Splyt is the system they love!
The luxury supply chain is ever so broken with most of it being BM -> helping them go digital built form the ground up correctly - is going to massivly save this industry. A lot of emerging small brands were going out of business bc all their sales relied on Boutiques that are closed bc of the pandemic. However, Splyt is here to partner with them to create a supply chain to let Stylists browse ou eNFT catalog, curate their own checkout cart (Using another partnership building on top of Splyt - CartRev) so they can sell to their customer base. All seamlessly and easily - so that commerce can continue - pandemic or not. In fact, Hasaan Pierre is quoted saying this a few months ago.
With our first partnerhsip with Maison Du - we will be that catalyst! Hassan, let's dance brotha! 😎 We are nearing the final stages however, we are live on testnet - that video above can show you how it will interact with Shopify!
Yeh just watched the video, really clear and it makes sense too i must say!
Ty!! we wanted to bring blockchain technology to where people interact today.
Ok this has been a really interesting AMA and we can see how serious you guys are, to finish up, we understand your in the whitelist stage right now, when can we expect the actual listing of the Splyt token?
Thank you again for all the kind words and affirmations. It means a lot to us. Everyone one of us has been putting in 18+ hour days and to see that the community appreciates that effort - man - I can't even describe the feeling besides it's good vibes everywhere! Whitelist is stlll open and we will be sure to give back to the community to everyone in same way. As far as the token - all that is still underwraps and will be announced soon! As you can see, the product is almost reasdy and we think it's prudent to be able to use our platform soon right after.
We would like to thank Splyt for coming to TGH today, if you would like more information on Splyt check out the links below!
Website - https://www.spl.yt/
Twitter - https://twitter.com/splytcore
Telegram - https://t.me/splytcore