WHAT IS SPLYT’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.
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.
eNFT INVENTORY CATALOG
Every item is assigned a unique eNFT which cannot be duplicated. The eNFT in the blockchain database eliminates the double-sell problem with live-updating inventory tracking across all online marketplaces and affiliates.
eNFT PROOF OF AUTHENTICITY
The eNFT acts as a digital proof of authenticity, which carries a brands own SKU and metadata. The eNFT delivers data points across the lifetime of a product such as resale value and the length of time a product retains value.
eNFT BOUNTY MARKETPLACE
Brands set a bounty, or commission, for each eNFT, creating transparent and seamless affiliate or enterprise sales agreements, executed by smart contracts that are baked into every eNFT's.
eNFT OFF-CHAIN DEFI
DeFi pools for collateralized inventory represented on the blockchain as eNFTs and verified via decentralized warehouses.
HOW DOES THE SPLYT PROTOCOL WORK?
Splyt's TCP/eNFT (Transmission Control Protocol for E-commerce Non-Fungible Tokens) creates a universal, standardized protocol for how data and funds are shared securely between all parties in e-commerce transactions.
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.
Seller Mints eNFT
All inventory uploaded into blockchain is assigned a unique eNFT. The eNFT contains metadata describing the item's properties, profit share terms, affiliate requirements, and internal SKU or tracking data.
eNFT Broadcast
Brands place a bounty, or commission, within the eNFT. All e-commerce stores and affiliates in the network can list the eNFT from the Splyt network on their own platforms without buying or physically holding inventory, enabling e-commerce stores to experiment with new brands.
Dropshipping Purchase Escrow
Once a product is purchased and payment is made, smart contracts hold the payment in escrow while product is drop shipped directly from Seller to Buyer. Funds are released to seller & affiliate, giving visibility to both parties. A record of the transaction is added to the eNFT which the Buyer retains as proof of purchase/authenticity.
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.
SPLYT TECHNICAL ARCHITECTURE
With Polkadot Substrates, the power of decentralized e-commerce comes alive with faster transactions and lower gas costs. Splyt will initially integrate with Polkadot via an EVM bridge using the Plasm Parachain.
FIRST USE CASE
Maison Du aggregates inventory from all participating brands onto the blockchain to create the next-gen digital marketplace for the luxury e-commerce market. Launching 2021 with 2000+ strong community of brands and e-com stores.
WEB 2 COMPATIBILITY WITH SHOPIFY
ROADMAP
Achieved
2020
Testnet Launch
Achieved
Q1 2021
Shopify Integration
SHOPX Mainnet Launch
Plan
Q2 2021
Shopify Client
eNFT Protocol Mainnet Launch
TEAM
TEAM EXPERIENCE
PARTNERS AND FRIENDS
IN THE MEDIA
FAQ
The call for a decentralized “free market” has been growing louder as we begin to realize the strengths of such a system. It isn’t until now that conceptualization has been able to join with innovative technology to create a model that is global, scalable, able to withstand complexity and change, and highly resistant to fraud. Splyt Core is the first and only entity of its kind. The power in decentralization comes in multiple parts. First, with the right mechanics, many different processes can be automated. Not only does this include tedious manual tasks, but even person to person communication can be avoided by relying on the functions of the system instead. Second, attention and resources aren’t pooled in one area, creating oligopolistic entities that can censor individuals and dictate terms. Finally, new rules and system updates can be decided by consensus, ensuring that only the most efficient protocols are implemented, unmotivated by personal gain.
Our strategy is very straightforward: 1) raise funds, the nonprofit, non-stock corporate entity model is well suited to avoid influences that may corrupt its mission of serving token-holders and users through a decentralized protocol. For-profit entities favor maximizing profits, which are not aligned with users and customers, society, or even useful products’ survival. Concepts like profit maximization, executive fiduciary duties, and pressures from forces like hostile takeovers can promote informational asymmetry, aggressive exploitation of steep bargaining leverage, oligopolistic markets, and psychological manipulation of users and customers through advertising. If true decentralization of control for the benefit of customers is the goal, a profit orientation simply is not the most aligned model for success.
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.
Blockchain is currently the only way to create a platform that is decentralized and immune to data corruption and system-wide hacks. It’s not enough to create a fair and equitable economy on theory alone. It’s possible to imagine and plan such a concept, but the only way to have it work as intended is for the technology and machinery to be functionally decentralized.
Most other companies have been building tech with the expectation that users will completely abandon the current system in favor of their own. But even a flawless, revolutionary platform will never be adopted if users are expected to drop everything and jump ship at the same time. Also, large companies have little incentive to bleed profit during the transition while they’re already at the top of their own ecosystem. Splyt offers a Plug and Play option that is crucial towards bringing this tech to the mass market. Large companies won’t face the inefficiencies of a massive change in protocol, but will also be able to keep up with and accommodate the changing landscape.
Timing is crucial, and we need to move before this window of opportunity narrows. On the surface, the US only officially recognized cryptocurrency in 2020. It’s as legitimate as it has ever been. More importantly, blockchain technology itself has only recently advanced to the point where it is viable and scalable enough to accommodate widespread adoption. Upon closer observation, it is clear to see that everyone is now online as a result of Covid. Not only that, but the free time we have been given, along with the increase in e-commerce, has dramatically increased the awareness around business transparency and the implications of online marketing. Retail giants have cornered the market and are now taking advantage of their position. The public is hungry for solutions.