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SPLYT AMA Recap Crypto Revolution Community

SPLYT AMA Recap Crypto Revolution Community

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On 23rd of March Splyt conducted an AMA in Crypto Revolution Community. Splyt is one of TOP Crypto Revolution Projects for 2021. They are featured on our Website: https://crypto-revolution.io/project/splyt/ . Our guests were Cyrus, CEO of Splyt and Lindsey from Team Splyt. Let’s take a look at most interesting points from our Conversation with them! AMA was going really well for more than 70 minutes but Cyrus went to a Meeting and we finished so expect soon another Splyt AMA in Crypto Revolution!

INTRODUCTION

Danny | Crypto Revolution: Welcome Cyrus and Lindsey! Happy to have you with us today/tonight!

Lindsey | Splyt: Excited to be here!

Cyrus | Splyt: Thanks for having us! Excited to be here too Danny!

Danny | Crypto Revolution: Could you please introduce yourselves guys and tell us how did you get involved into Crypto? ??

Lindsey | Splyt: For sure! my background is in retail/business with a creative eye. RISD graduate. decade of experience in ecery aspect of retail- from branding, designing a product, development, production, sales…. I know supply chain and sales. I’ve been having conversations about sustainable business relationships and ethics for many years. that’s always been my focus- humanizing commerce. I met Cyrus and fell into the Splyt vision and love what we are doing and that people are ready for what we can do to reshape ecommerce! My background in blockchain and crypto is about a year young, but I picked it up fast as the ethos of it aligns with my own! It’s a really exciting time- mindsets and practices are shifting for the better!!

Danny | Crypto Revolution: Quite impressive background Lindsey ??

Cyrus | Splyt: I’ve been in the blockchain community since 2014. One of my good friends sent me a COINBASE referral link to get into this thing called Bitcoin. Never looked back since ?? I started building dApps in 2016 with Splyt manifesting in 2017.

I have been to Devcon a couple times and a contributor as an ETH Magician. ?? I have a passion for decentralized economies and systems where the big players cannot exploit their positions giving everyone a chance to succeed based on their merit.

Before my crypto time, I am a former Deloitte Consultant in the high-tech e-commerce and digital marketing space and a serial entrepreneur with 2 portfolio companies at Silicon Valley VCs.

I love meditation, Ice Hockey, cooking, reading, and traveling. Can’t wait for the world to open up to visit new places!

Danny | Crypto Revolution: Meditation, Ice Hockey, Cooking, Reading and traveling. Noicee. So could you please share with us your favorite food, book and place to visit? ??

Cyrus | Splyt: Putting me on the spot!!! haha

Danny | Crypto Revolution: Lol. Yeap ??

Cyrus | Splyt: Favorite food is Khoreesht Karaafs (persian celery stew) and I like cheese pizza lol

My favorite books (too hard to choose one!!):

“Coaching for performance”- John Whitemore

“Siddartha” — Herman Hesse

“The New Earth” — Ekhart Tolle

“The Alchemist” — Paulo Coelho

Place to visit:

I fell in love with Marrakesh, Morocco :sparkles:

Danny | Crypto Revolution: Always welcome to come visit East Europe man. You will Love this part of the World ??

Putting this books on my personal List ??Could you please introduce Splyt in Layman’s term to the Community?

Lindsey | Splyt: Splyt is a marketplace of marketplaces- it is the infrastrucutre connecting all eccomerce stores, brands, and affiliates.

Cyrus was the first person to conceptualize the idea of the NFT and him and Josh built it out in 2017 to resolve fractional ownershipo and the double-sell problem.

The eNFT has evolved to resolve all pain points in supply chain/sales- it acts as a digital proof of authenticity (which brands can write with their own internal SKU and meta data), it live-updates and cannot be sold twice which resolves double-sell problem so a brand can list a product across multiple platforms. It is a unique identifier, which we have built out to dismantle the knock-off industry and create buying security for shoppers in the second hand market. It then travels with the product for its lifetime, creating lifetime data points arounda. product if it is ever resold such as value retention.

The eNFT also has smart contracts baked into it, so that affiliates/ecomm stores and brands both have visibility into their sales power. Brands set a commission/bounty on the eNFT, which automatically dispatches upon a completed sale. We create frictionless and transparent sales so all parties can do what they do best- create great products and sell them!!

Danny | Crypto Revolution: Okay. I’ll need few seconds to read ??

Please ??

Cyrus | Splyt: Slay it queeen!! Lindsey ??

Danny | Crypto Revolution: Really good Concept. Like it!

One question I’m sure a lot of people asked you already. Why you guys decided to stay with Kyle and Paid and do your IDO on Ignition after PAID was hacked and how long you know Kyle :grin:

Personally big Supporter of Kyle and Paid. My Community and Kyle know. ??

And additional question here: Is your Contract Safe and Audited?

Cyrus | Splyt: Yes, I met Kyle in Los Angeles at a crypto conference in 2017 and subsequently met him a few more times throughout the globe as we ran into each other at crypto hot spots.

Kyle’s kindness and passion for community and blockchain is what first drew me to him and we’ve been friends ever since.

When we looked to brining Splyt to market, there were tons of options and we felt Kyle and Dane’s ethos at PAID Ignition fit in with ours — Family and doing things together.

The PAID incident was difficult for everyone however we noticed how hard and diligent Kyle and his team were to make it right. We are all innovators and mistakes will happen, and I look at how people respond and show up as an indicator of true commitment. We did our due diligence, talked to some other platforms and security advisors and we were happy with the steps PAID and Ignition took to remedy the situation. We have to remember that Ignition was not technically affected by the incident. We feel strongly about launching on Ignition.

Kyle has heart and that is something you cannot teach or buy. We are happy to be building this together!

Yes! We are doing 2 audits with out first just completed today. We built everything in house (Joshi and I architected and coded them) ?? https://twitter.com/hackenclub/status/1374410918382116864?s=20

Danny | Crypto Revolution: Thank you Cyrus! Couldn’t respond in a better way to this 2 Questions! Noicee for the Hacken Audit. This is great ??

TWITTER QUESTIONS

Q1 from @TheShadowJK_1

Splyt affiliates can select any eNFT to display as items that can be purchased on their respective e-commerce sites through their app integrations? How does the Splyt affiliate marketplace work? How can I join these affiliates?

Cyrus | Splyt: Splyt is the eNFT infrastructure to connect marketplaces together — creating a super affiliate network on the blockchain ??

Our protocol is a layer-2 NFT solution and we are building clients to web2 interfaces to take advantage of Splyt’s awesome tech.

The first client is on Shopify where you can seamlessly connect to the Splyt eNFT catalog and choose items to drop-ship to your customers.

We are open source technology and have an SDK so we invite anyone to build their own clients and there are plans to bring woo commerce and magento clients in the future!

The Shopify client will go live later this year so be sure to join our mailing list to be notified!

As most things, it’s awesome to see it in action — this video will give you a sneak peak of how it works! https://www.youtube.com/watch?v=gOur7pm6yl0&feature=youtu.be

Danny | Crypto Revolution: This looks dope!

Q2 from @Sarathvmohan

Why does your marketplace require validators and arbitrators? How do you solve this problem knowing that we are in a decentralized environment? What is the innovation in this aspect and do you think it will surpass the old methods for traditional platforms?

Cyrus | Splyt: Validators and arbiters are there as a safeguard agasint bad actors in our system. We do have mechanisms in place to prevent scams, but also feel that the power of the community can also help govern the integrity of our ecosystem.

The innovation was borrowed from Mike Goldin, who first introduced TCRs back in 2017. We ask sellers to deposit a little bit of $SHOPX (Splyt’s native token) to mint eNFTs. This stake will signal to buyers that the product is real and accurate — and if deemed a scam or in bad faith, the seller can lose their staked deposit. Read more on TCRs here https://medium.com/@ilovebagels/token-curated-registries-1-0-61a232f8dac7

Validators can browse the decentralized eNFT catalog and find bad actors/inaccurate info as a second line of defense. Validators have reputation, are required to stake tokens, and are held just as accountable to ensure no foul play or off-line collusion.

In any type of decentralizes system, there is a need to resolve disputes. We believe that Arbitration is expensive and should be avoided if possible. Thats what drove us to build a ADR system (alternative dispute resolution) where the two parties can play a “double-blind” poker game to try to resolve the dispute themselves. If that fails, we then send it to arbitration to ultimately have a settlement. A KPI of ours would be to capture more disputes in ADR before hitting arbitration.

Decentralize arbitration is still in its infancy and we are working with the leaders in the space to innovate. We believe that this is a better system for society to avoid censorship and exploitation but we have to do it right. The more we share in the community, the stronger of a system we can build ??

Danny | Crypto Revolution: Long answer. Let me read it ??

Cyrus | Splyt: Great Qs from the community should have mindful answers ??

Danny | Crypto Revolution: Oh yeah agree with you!

So people will be able to stake $SHOPX and mint eNFTs. What other benefits will $SHOPX have?

Lindsey | Splyt: The SHOPX token has multiple use-cases within the Splyt ecosystem. We require new brands to stake tokens in order to list products, which are held in escrow until successful sales are made by the brand to establish legitimacy and trust. The token can be used as buyer rewards, encouraging returning customers and the further purchase of tokens when they return. We create systems to encourage shoppers to buy and hold tokens, which they can then shop with. We also use the SHOPX token in our DeFi protocol. This creates a constant circulation of tokens, outside of the general market trade.

Danny | Crypto Revolution: Thank you Lindsey!

Cyrus | Splyt: Yes! $SHOPX is a mechanism to prevent fraud NFTs from being minted or a seller conducting a Sybil attack in the ecosystem.

Also, as buyers, holding $SHOPX will unlock exclusive rewards at participating Splyt powered e-commerce stores markets. Err I see Lindsey already mentioned that ??

Danny | Crypto Revolution: Yeap. Lindsey is quick. Lol ??

Q3 from @doppumon

Can you explain a little more about FRACTIONAL OWNERSHIP, specifically about how the user can claim back the asset in question, without violating the hodlers of said asset / nft?

Cyrus | Splyt: Our eNFT system lets buyers purchase an item with a group. We create a DAO inside the eNFT and buyers can contribute fractionally to purchase an item. Governance of said item is determined by the cost of ownership and the DAO members can bid for redeeming the usage of said asset. Any excess monies for the bids will go back to the DAO’s purse and can be voted on how to be disbursed. This part of our technology is in POC — it will require more testing before we bring it to the public next year! Great question and good eye for catching it in our WP!

Danny | Crypto Revolution: And great answer from you as well!

UPTRENND QUESTIONS

Q1 from Crypto Investor

I read the project and the first objective is to create a marketplace of nft and this is very awesome. My question is how can we do to compete with other big market places of nft like OPENSEA and rariable? What is the big difference of this project?

Lindsey | Splyt: The biggest difference is that we are attaching eNFT’s to off-chain assetts, physical products- clothes, tech, shoes, jewelry…. etc

Nobody else is doing what we are doing.

Just to note, we have a pretty hard out as Cyrus has a meeting he has to run off to so we do sadly have to wrap this up ??

Danny | Crypto Revolution: Oh noo! You guys killed me right here ??

Lindsey | Splyt: We can always come back for another! pre-launch has us on a tight schedule ?? gotta make that magic happen for everyone with the launch! ??

Cyrus | Splyt: Great question! Splyt is a marketplace of marketplaces so Rariable and Opensea can use our eNFT protocol to connect each others NFT database to each other. We are complimentary and a tool to help increase sales and traffic without any middlemen costs! We also are compatible with digital goods, services and assets!

Q2 from Jesus Freites

What is the NFT infrastructure that Splyt has developed to drive the e-commerce and decentralized finance markets? How does Splyt simplify the eNFT e-commerce supply chain to function similarly to a global blockchain SKU number?

Lindsey | Splyt: 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.

CONCLUSION

Cyrus | Splyt: Danny that last call came in! You’re in good hands with Lindsey for this Q.

I wanted to thank you for being such a great host. The Questions and format is AMAZING!

Danny | Crypto Revolution: Thanks man. Well this was half part of it. You guys have to come back again ??

Cyrus | Splyt: Last words are always remember to be kind. NFTs and crypto are super cool tech, but ultimately they were made for making our lives better. And with better lives comes better relationships. Cherish those!

Thanks for having us — I would love to come back for round 2 — Danny let’s make that happen!

Danny | Crypto Revolution: We will!

Cyrus | Splyt: Next time, let’s book 2 hours ??

Danny | Crypto Revolution: Oh yeah. Hah. I have feeling l can talk with you quite long!

Lindsey | Splyt: Ahahah we’re a chatty bunch!

SPLYT Community was awesome joining Crypto Revolution and sharing a lot of cool Splyt Pictures so I’ll share them woth you: