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Splyt Core AMA

To help celebrate the listing of Splyt Core on AscendEX, AscendEX’s Mary Zheng sat down for an AMA with Cyrus Taghehchian, CEO , and Lindsey Mallon, CMO of Splyt Core to gain more insight into the project’s success and strategy for the future.

Project Details

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Mary Zheng, [06.05.21 12:08]

For those that are not familiar, can you guys briefly describe Splyt Core, and what problems you are aiming to solve?

Cyrus | Splyt Core

Splyt is a symbol for a better e-commerce system and experience for society, “splitting “away from the current one riddled with middlemen, fraud, and inefficiencies. Splyt is a decentralized e-commerce supply chain system that enables p2p marketplaces to exist without fraud, centralized manipulation or censorship. Everyone will have a fair opportunity to build a business online without getting bullied by big corporations. We are very excited to become the standard protocol for e-commerce as we transition from web2 to web3.

Mary Zheng | AscendEX

Great, let’s transition a bit towards the native token — SHOPX, curious how the SHOPX token functions within the platform and why is it needed?

Cyrus | Splyt Core

$SHOPX stands for trust, transparency, and fun.

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 brands’ 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!

Mary Zheng | AscendEX

Can you expand a bit more on the staking model? What kind of rewards should users expect to earn?

Lindsey Mallon | Splyt Core

Sure! For the Splyt Reserve staking, we collaborate with brands to stake SHOPX for VIP membership within that brand. That membership will give shopping discounts, promotions, first access to exclusive products and events… whatever the brand feels is exciting! The rewards are up to the brand — they may do a monthly system, or quarterly system, or a general rewards system (ie- 20% off this month, $600 for $1000 shoes, signed yankees cap, etc etc). This staking system is based on a bonding curve Cyrus created, so that the first person to enter per brand will have the lowest staking rate, slightly increasing as it goes and then bending with the bond curve. Staking will also earn people APR in addition. So it’s kind of like buying stock at your favorite brand, and then they give you VIP member rewards to shop with them on top of that!

Mary Zheng | AscendEX

Let’s talk about the current landscape of other projects doing something similar. What separates you from some of the competitors?

Lindsey Mallon | Splyt Core

Yes! A few things…

Cyrus started the NFT concept back in 2017 before erc-721 or NFTs were widely accepted. We were a bit early at that time, but it’s given us a great deal of time to really dive deep into the potential of the NFT as programmable data. We’ve had a couple extra years to fine tune whereas most competitors are just jumping in and scratching the surface.

The other main thing that sets us apart is that our team has a strong background in retail, supply chain, and ecommerce. So we really understand how this tech will be used, how it needs to be delivered to the users, and how to make it a seamless integration into existing business models. We’ve built out our tech to integrate into the back of e-comm stores, instead of saying “hey we built this really cool tech. Please leave your current systems behind and spend hundreds of thousands to millions to rebuild on our tech.” That is huge. Even for brands trying to build out blockchain technology internally…. they are spending money doing something we can provide for them for basically free (shout out to Gucci and LVMH!).

Our tech and eNFT is also adaptable to all other metadata and SKU information a brand has to track products and provide proof of authenticity. Many brands have their own systems and apps to scan codes and prove the validity of a product, but it doesn’t entirely catch on because it requires that consumers have an app for each brand. All of that can go into our eNFT creating a universalized system for the consumer. Eventually we will be open source, so that combination really sets us up to be THE future of e-commerece and retail! ✨

Mary Zheng | AscendEX

That is really cool! One last question from my end before we switch over to community q&a session: can you please elaborate on the goals you are aiming to achieve in 2021?

Lindsey Mallon | Splyt Core

Yes! We have our Shopify app coming out soon. We have an exciting collaboration to launch that with, so stay tuned for those details! 😊

In the meantime, we have the reserve program launching with our first brand MagPark (one of the top 5 hype brands in the US!), in a couple of weeks to start using pieces of the technology in the meantime.

We also have our SHOPXperience Metaverse, where you will be able to shop for real-life products from brands in a digital world! We’re excited about this because many people see NFT’s as a digital concept… so we are creating that digital experience, but you will receive the real life product from your purchase! Brands will stake SHOPX to rent space there. Fashion brands can do virtual runway shows… the sky’s the limit!

After the Shopify app, we also have a WooCommerce and Magento app coming (either end of year or start of next). We’ll also be working on bespoke programs for larger brands to onboard.

We’re moving over to Polkadot right now. A lot of exciting things in the pipeline!

We’re really excited to push conversations forward around this technology and innovate the shopping experience for consumers and the supply chain/sales experience for brands!

Community Questions:

Rasel Islam

Do you agree with everyone that community is everything? How important is the community to you? How can we cooperate and help you to develop a project?

Lindsey Mallon | Splyt Core

Absolutely! The community is the most rewarding aspect of what we’re doing! Creating a global community of like-minded persons… The stronger the community, the stronger the movement!

We spend a lot of time in our community. Cyrus is actually leading a meditation this weekend, off the mindset that mindful leadership begins within, as a thank you to our community.

We have our community channel where you can stay in touch with us (we pop in there often). Spreading the word. Encouraging brands to reach out and onboard. Staying active with us. Eventually we will be open-source, so that will be when everyone can really get involved with the actual tech! Another major thing is consumer demand. Consumers are beginning to demand transparency and are more mindful of whom they consume from. Translating that into the need for our eNFT. Every dollar spent is a vote to support brands. So when all of you begin to demand eNFTs for your products, from supply chain through to resale….it will push that movement forward that much faster! We are only as strong as our community!

fatih ozdemir

How will Splyt Core revolutionize financial services? What are Splyt Core’s long-term vision and plans as a project?

Cyrus | Splyt Core

Splyt is first creating a NFT liquidity through our p2p e-commerce protocol, helping brands reduce their CAC and increase their customer LTV. Through this, we can now take our DeFi loans using our eNFTs as collateral, since we can liquidate them through our protocol if needed. This is the first time a company has taken DeFi to off-chain assets in such a massive way!

Emerging brands can take out DeFi loans against their inventory or accounts receivable bringing greater capital access to all!

Ahmet Karademir

As we know, every crypto project needs to be used for growth. So what are the plans of Splyt Core for mass use in the future?

Lindsey Mallon | Splyt Core

I kind of harped on that earlier- our tech integrates into existing systems so that it is easy for brands to adopt our protocol. We really understand the needs of all sides. The pain points of supply chain and sales, though, are so universally understood. Our tech is almost a no-brainer for many. The timing of launching the product right now is really critical in that success. We were a bit ahead of our time back in 2017, but people are ready now. Covid enabled people to slow down and challenge out-dated systems and look for new solutions. It pushed everyone online, which highlighted those pain points. NFT’s became a hype trend, easing people into the conversations of NFT’s to solve real world problems. Crypto is more widely accepted. All of those things dismantled many things that could have been hurdles and created perfect timing to really start creating those solutions to help people thrive and scale in the digital era!

Ahmet Karademir

We all know that the Ethereum Network has many problems: scalability issues, high fees, slow speeds, and many more, why did Splyt Core choose to build your token on the ERC20 network over the other networks that are faster and more scalable?

Cyrus | Splyt Core

We have been building Splyt since 2017, and Ethereum was the leader back then and they are still today in terms of Tx and volume. However, we do recognize other solutions have evolved and can offer better support for Splyt in terms of transactions per second and gas. That’s why we have partnered to build on Polkadot and their substrates.

We will first have interoperability with Polkadot via their Ethereum bridge using EVM. From there, we will migrate to DOT natively, hopefully acquiring our own Parachain, and will create bridges to other chains such as SOL and BSC as the decentralized governance of the community requests.

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AscendEX is a leading global digital asset financial platform founded by a group of Wall Street quantitative trading veterans in 2018, servicing retail and institutional clients in over 200 countries and regions of the world.

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