Introducing SolSplits
A composable standard for splitting on-chain income on Solana.
The Start of Something Great
It’s the Fourth of July, and people around the United States are celebrating independence with loud fireworks, parades, and great company. We’re celebrating too, as today marks a different type of independence for the team behind SolSplits- we’re opening our doors to our public beta program! We’ve been hard at work putting together some really neat code and inventing new technologies to simplify payments on Solana, and we think you’ll like what we’ve built!
Ok- but What is it, and Why?
The SolSplits team entered 2020 as early adopters and builders of Decentralized Physical Infrastructure Networks (DePIN). We deployed wireless infrastructure far and wide, deploying hundreds of Helium hotspots and providing cheap ubiquitous internet access for IoT devices across California, Utah, Minnesota, New Jersey, Greece, and Colombia. Our work was recognized as having the best Helium deployments in the world. Tens of thousands of others around the world joined us in this endeavor, and other projects started growing with the goal of using crypto-incentives to address unique real-world problems. Teams like Hivemapper, DIMO, and WeatherXM (among many others) introduced innovative solutions to their respective problems, and now the DePIN field as a whole is growing into new verticals. Today, with over 420,000 Helium hotspots online, and tens of thousands of other devices and use cases coming online, hundreds of thousands of individuals worldwide are building these networks and getting rewarded for it.
Getting rewarded… but wait a minute. Are they? As builders in this space, we experienced that the largest issue facing the propagation of these networks is fairly paying people what was promised, on time, with ways to cash out their earnings. People have been deploying infrastructure in physical locations around the world and paying a commission of earnings in token or in fiat …and until now, those commissions were difficult to calculate, exchange and currency risks were borne by all parties, and they opened up both the commission payer and the payee to a bevy of taxes and payment-related issues.
The SolSplits Solution
SolSplits’ #1 priority is our customer- their experience, their needs, their trust. We began with the idea that the most important thing is that people get paid what they’re owed, when they’re owed, with the freedom to negotiate contract payment terms on an individualized basis, and the peace of mind that contracts are all on-chain, auditable, and transparent.
And this doesn’t just apply to DePIN networks, but to the wider blockchain ecosystem- people want simple and understandable tools that do what they claim they’ll do and not leave them second-guessing. A simple idea, but when it comes to the blockchain space all too often simple ideas and easy-to-use tools get hijacked by DeFi degens and lack wider functionality.
As part of our solution, users can currently do two unique things with SolSplits: they can create Splits, and they can create Vaults.
Splits are smart contracts that allow people to choose wallets, choose revenue-generating NFT’s and smart contracts, define payment terms, and automate payments for recurring execution. Or alternatively, to manually define one-time payments as the user’s need arises. A user could split revenue from the sale of an NFT, diversify income streams, calculate and manage expenses, define and withhold taxes, and do much more.
Vaults are smart contracts that allow people to designate a repository address for their split assets, and to transfer or liquidate those assets when they choose. A user’s vault is the central tool to manage and track assets, and will include integrations to swap tokens, and to off-ramp those tokens directly into their bank accounts in USD. Vaults give users freedom of choice- to choose how they want to be paid (whether in crypto or fiat), and to choose when -and where- they want to off-ramp their token earnings. Vaults thereby allow individuals to average-out and define their tax basis and simplify accounting. Split payments that are deposited directly into a Vault give financial freedom and flexibility for the payer and the payee.
The Bigger Picture
SolSplits’ code is dynamic and versatile, and revenue splitting is just one of many features that SolSplits unlocks. We intend to keep adding tools to our smart contract toolbox, including but not limited to: royalties and commission management, payroll tools, and token vesting & automated disbursement. As the wider system of revenue-generating NFT’s, utility NFT’s, and smart contracts matures- we will introduce or partner with companies providing asset- and wallet-based credit scores, asset- and wallet-based lending, swaps, structured products, and a suite of financial tools. In a nutshell- this is the beginning of something big.
200 closed-beta users have been helping us build.
We would love for you to join them.
Simply navigate to https://beta.solsplits.xyz/ to enter your email, connect your wallet, and get started today. If you have any comments, questions, suggestions, or simply want to say hi, drop us a line at hello@solsplits.xyz
