02 Sep 202000:08
OIN Finance AMA Recap
Myko (CryptoDiffer)Hello, everyone!😁
We are glad to meet here:
Cyrus Taghehchian, CEO at Splyt
Lindsey Mallon, CMO at Splyt
Welcome Cyrus and Lindsey, thank you for taking your time today!
Cyrus Taghehchian@mykocryptodiffer thanks for having us! Always excited to make new friends and talk crypto & $SHOPX!
Myko (CryptoDiffer)yeah ama is a great chance to keep in touch with cryptoworld
Our team has prepared 3 questions for you to start with!
Lindsey Mallonthanks for having us!
Myko (CryptoDiffer)Let`s start with the introduction !
Q1: Can you introduce yourself to our community?
Lindsey Mallonyes! a little bit about me- I'm a RISD grad ( fun fact- RISD is the very first design school in the USA!), have over a decade in the retail industry. My background spans everything from launching a brand, design, development/production/supply chain, through marketing and sales! my career focus has been on sustainable commerce and business practices, and humanizing business landscapes. My emphasis on sustainability is in sustainable community- labor standards and ethical practices.
I got into crypto a bit late in the game but when I met Cyrus, it was instant synergy- he had the tech concept and I knew how much the industry needed it. So here we are! Cyrus crash coursed me in crypto and blockchain one day, so I learned from the best and we've been pioneering d-commerce ever since!
I got into crypto in 2014 and heavily involved in building blockchain dApps in 2016/17 on Ethereum. Built the first POC of Splyt in 2017!
Before my time in crypto, I was a Deloitte Consultant in e-commerce and digital marketing, 6x founder 2x portfolio companies in silicon valley VCs, and spent some time in finance too.
I'm super excited for the world to open up again as one of my favorite things to do is travel, (over 50 countries so far!). I also like to read, practice meditation, play sports, cook, and enjoy time with friends.
Myko (CryptoDiffer)Wow, such interesting and different expriences!!
it seems to be an interesting ama)
so we can move to the 2nd question
Q2: Can you introduce Splyt to us?
Cyrus TaghehchianSplyt is a symbol for a better e-commerce system and experience for society, "splitting "away from the current one riddled with middlemen and fraud.
Splyt is a decentralized e-commerce supply chain system that enables p2p marketplaces to exist without fraud, centralized manipulation or censorship. It truly enables an e-commerce system where we have a free market and let everyone have a fair opportunity to build an online store.
Splyt accomplishes this by tokenizing product SKUs on the blockchain as eNFTs. These NFTs are the data backbone on web3 to create a decentralized e-commerce ecosystem
I believe that cryptocurrency is programmable money and NFTs are programmable data. As TCP/IP did for the internet, our TCP/eNFT will do for the internet of shopping - Splyt 🤟
Myko (CryptoDiffer)🚀🚀 thanks for a nice explanation
we have one last question before we'll move to the community part
We'll talk a little about your current progress and future goals!
Q3: Let`s now talk about the milestones you have achieved so far and about your upcoming plans?
Lindsey Mallonyes! We have a lot going on behind the scenes!
We have the shopify app dropping in about 60 -90 days.
We have our SHOPXperience Metaverse in the works. Brands will be able to stake tokens to rent space to provide shoppers with a digital shopping experience to buy physical goods, do digital runway shows, meet & greats with designers and celebrities, auction off the first eNFT a brand sells... and so many other fun things!
We have the Reserve program- staking for shopper VIP membership and shopper rewards, launching with our first brand, Magpark, in a couple of weeks.
We're beginning transition onto Polkadot.
SHOPX is now on Bitmax/Ascendex with a 100% first-month APR!
We're launching a new rebrand in about 2-3 weeks! We'll have a brand that will really speak to the high-level vision of Splyt!
We're on track with our roadmap otherwise, with WooCommerce, Magento, and bespoke brand plugins rolling out after Shopify. Web3 nearly done. Maison Du launching in the fall.
So many things!
Myko (CryptoDiffer)Thank you for such detailed and interesting answers!
It is time to move to the community questions part.
Cryptodiffer CommunityHello sir🙋,
1-What is the story behind starting such a huge project, "Splyt "?
2-What is the meaning of your project name Splyt ?
Lindsey MallonGreat question!
Splyt's name came from the concept of splitting off from the outdated systems and creating new systems!
Cyrus was a consultant for many enterprise brands, and saw many brands loose millions of dollars annually to over-sold inventory (which they'd then have to refund). He observed that crypto resolved the double-SELL proble, so he realized a token could be created to solve the double-SPEND problem. And so the NFT was born, but he called it a tokenized asset back in 2017. the erc-721 and NFT terms came after.
From there, a lot of time and theory and development went into creating the solutoins Splyt has created for the pain points of retail/ecomm and inventory management!
Cryptodiffer CommunityFrom what i could read SPLYT is marketplace of NFT. My question would be, What benefits can you offer to the users that others, like "Opensea" and won't have? i mean, Wich would you consider as the most prominent feature on SPLYT that can be a key difference from other proyects?@cyruskind @lindseymallon
A few things-
Opensea and other marketplaces are dealing with digital goods, not physical goods.
Also, we aren't the marketplace itself. We are a marketplace of marketplaces. So imagine the piping running under a city connecting water to all the buildings. That is similar to Splyt. we connect the brands, retailers, affiliates, and influencers to create seamless partnerships and supply chain.
We are the first company to attach off-chain asetts to NFT's. We are resolving real world problems with our eNFT✨
Cryptodiffer CommunityWhat is the Splyt service fee ? As a user, what incentives can I get?
Lindsey MallonWe're a non-profit and the tech will eventually be open-sourced so that ppl can fork and evolve the tech. So we don't have any service fee! We have consulting to onboard brands or help people customize the tech, but otherwise-- we're really working towards decentralized, open-sourced tech. We see Splyt as the next era of commerce. The way the internet enables all digital transactions, we're moving into the Web 3 era, and Splyt is the ecommerce infrastructure for the future of retail!
Cryptodiffer Community$SHOPX is designed to benefit both buyers and sellers of e-commerce. Could you tell us exactly how buyers and sellers are meant to benefit from holding the token?
I read that Splyt allows e-commerce businesses to get collateral-based loans to fund their operations. Can you further explain how this works? How can I apply for this kind of loan as a business owner?
Cyrus TaghehchianGreat question! We designed $SHOPX to be of value to everyone that partakes in e-commerce while removing all the intermediaries that take value away from earnest businesses.
1) Sellers must stake or deposit a bit of $SHOPX in order to mint an eNFT (Splyt's NFT standard for e-commerce). The more items a Seller lists on Splyt, the more $SHOPX is needed. Once the item is sold, the Seller gets the deposit back.
Using this collateral based listing system, it ensures Buyers that the Seller will fulfill their order in this p2p system. This removes the need for trust as if a Seller is a bad actor, they will lose their deposit through our Alternative Dispute Resolution protocol.
2) Buyers can stake tokens against participating brand's NFTs to get access to exclusive deals, drops, and discounts. The more $SHOPX you have and stake, the more perks you unlock!
3) $SHOPX is required to participate in the Splyt E-commerce Metaverse. You can use $SHOPX to shop, rent virtual stores, and unlock experiences that brings us to the future of retail!
4) Once we have established an affiliate drop shipping ecosystem by doing 1-3, we can let Sellers finance their inventory with off-chain DeFi - appraise their inventory via decentralized warehouses and oracles, and secure funds without censorship. Sellers can also take out loans agasint their accounts receivable, as all that info is traced in the eNFTs!
Cryptodiffer CommunityWhat can you say about the Plug and Play option on Splyt Core? And how does Splyt compare with other eNFT markets?
Lindsey Mallonthe plug-&-play app enables brands to adopt the tech into their existing webstores. Otherwise, brands would have to leave their existing e-store behind (and for enterprise brands, thats millions of dollars of investment on building that out), and rebuild on the blockchain.
We really understand how the tech needs to adopt today to be relevant and how people and brands will use it, so we've thought through those processes deeply. We are bringing the tech to them, and making it so that it integrates seamlessly! You dont have to understand blockchain to use Splyt.
@cyruskind put the chocolate down and catch up! 😜
Cyrus TaghehchianGreat question, our TCP/eNFT is like a walk on the beach, it happens and it's so effortless.
We built the protocol so that the eNFT data (PoS onchain and metadata hashed to decentralized datastore/mondoDB etc) is only shared with the parties in the e-comm Tx so that randos are not mining your data, stufing cookies, etc.
There is no others of its kind, in fact, most people still haven't picked up on the true potential of NFTs!
Cryptodiffer CommunityHey when is the staking going to go live on ascendEX?
Lindsey MallonToday i believe!
Cyrus TaghehchianWe have been BUIDLing before TGE and post TGE.
We have a demo if you'd like to check it out.
1) We will have an update to the demo this week. Expect the v1 to be out this Q
2) We have our authentication portal in the works that can be checked out within a month or so too!
Cryptodiffer CommunityWhat are the main real-world use cases for SPLYT's eNFT, what value will it bring to the real world in the future? Also, as an investor, why should I invest in the Splyt project as a long-term option?
Lindsey Mallonit will be the e-commerce NFT, resolving pain points in supply chain and sales. it resolves the double-sell problem, can dismantle the knock-off industry as a proof of authenticity with brands' SKU/metadata written in. Smart contracts hold commission information and mediate sales between brands/affiliates/retailers and release the funds immediately to both parties upon a completed sale, enabling transparency between both sides. Listing a product with our live-updating inventory database allows retailers to try new brands without the liability of holding inventory so emerging brands can break into the market. Our eNFT can be used all the way down to the raw aterial sourcing to create absolute transparency around sustainability measures. And our eNFT is used as a proof of auth. in resale which is especially valuable for luxury and tech items!
Alright, sadly I must go as I have an interview. But happy friday and thanks so much for having us!
Cyrus is leading a meditation tomorrow, so please join us for that! 12 pm PDT ✨