e-commerce NFT infrastructure: Interview with Cyrus Taghehchian, CEO of Splyt
e-commerce NFT infrastructure: Interview with Cyrus Taghehchian, CEO of Splyt
  • Monica Younsoo Chung
  • 승인 2021.03.25 14:41
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Core Team Splyt 

 

Splyt is an e-commerce NFT infrastructure that connects e-commerce stores, brands, and affiliates. A unique eNFT is assigned to each item providing users with a globally updating inventory. Users can also mint their products as eNFTs. There is a certificate of authenticity to prevent counterfeits, a built in smart contract that holds money in escrow to avoid scams, and a commission to incentivize affiliates and stores. The protocol is equipped with automated dispute and arbitration mechanisms and is governed by consensus to maintain decentralization, flexibility, and user engagement.

KOREA IT TIMES interviewed Cyrus Taghehchian, CEO and Founder of Splyt, about how Splyt addresses common problems in e-commerce and where NFT frenzy is heading. 


Q: How does Splyt Core Protocol address common problems in e-commerce?

Splyt’s primary tool is the eNFT: the e-commerce non-fungible token. Each product listed on the Splyt platform will be assigned a unique eNFT, which will follow the product throughout its lifecycle in the Splyt system. eNFT’s can be listed on multiple markets, but when it is sold on one market, it is removed from the others. 

This live-updating inventory prevents the double sale problem in retail. The eNFT is also a certificate of authenticity that carries the product’s history with it, helping to prevent knockoffs. A resale fee can be added to it to help prevent scalping. A bounty can be added to incentivize affiliate marketers to help sell the product, removing the need for negotiations and the trouble with affiliate links. Finally, all market activity can be tracked, providing brands with valuable sales data.

All funds are held in escrow in a smart contract that automatically distributes funds to the proper parties after transactions are successfully completed. No one has to wait for their money or hope the other party will be fair and timely. 

Q: Why is there so much excitement around NFT’s?

A shallow evaluation might find that NFT’s are a trendy new way for artists to build revenue for their work. But as humanity moves from analog to digital, the idea of digital scarcity and digital ownership becomes a real concern. Scarcity and ownership are important functions of real world interaction, so if we live in a digital world, we must find a way to transfer those same concepts with us.

Q: There’s a rumor that Splyt invented the concept of NFT’s. Is that true?

It is true, yes. Back in 2017 when we pioneered the concept, it wasn’t even called an NFT, it was a “tokenized digital asset”. The erc-721 wasn’t introduced until 2018. 

Q: What does “decentralization” mean and what are the implications?

Splyt is a decentralized system, which means no single entity stores the data or holds the power. This makes hacking, stealing, and forging very difficult because if your information doesn’t reflect everyone else’s, your information will be denied. It also prevents one person from making all of the decisions, which will become a very powerful tool for crowdsourcing innovation and ideas in the future. 

Q: What is the utility of Splyt’s SHOPX token?

The SHOPX token isn’t just Splyt’s internal currency. Buyers will get discounts for buying and using the token. Sellers must put down a refundable deposit of tokens in order to mint a new eNFT and list their item. Tokens are also used to reward Arbitrators for settling disputes, and are used to vote on system upgrades and reward developers for their implementation. 

Q: You mentioned plug and play several times. Why is that so important?

Most new blockchain companies build something great and hope that everyone will drop what they are doing to join them. But it can be hard to abandon a functioning system and learn something new, all while keeping your business afloat. Simplicity is key in attaining widespread adoption.

Q: Is decentralized governance as effective as centralized?

In fact, decentralized governing systems will be more effective as we move into the future. There are over 7 billion people on the planet. We are much better off crowdsourcing that massive source of brain power than relying on a select few. 

Q: What are your plans after the launch?

We will continue to build out apps for other e-commerce platforms such as WooCommerce and Magento and continue to work on educating and implementing Splyt’s protocol so that it becomes the infrastructure all e-commerce is universally built on.

Q: Will Splyt be available in Korea?

It will be available worldwide, and we’re more than excited for Korea to join in. Korea is great at adapting and integrating new technologies and is becoming a trend-setter in modern society. It’s an amazing atmosphere for our platform to be tested and developed. 

 

 


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