Spl.yt Core Foundation

Spl.yt Core Foundation is developing a decentralized e-commerce protocol that leverages blockchain technology to reshape the online retail landscape. The company was co-founded by CEO Cyrus Taghehchian, a serial entrepreneur and former Deloitte consultant with a background in e-commerce and digital marketing technology implementations. His journey into the blockchain space began in 2015, and after experimenting with Ethereum's potential, he co-founded Spl.yt to create a more equitable and transparent e-commerce ecosystem.

The business operates as a non-profit, open-source technology provider, aiming to reduce transaction friction for all participants in the e-commerce value chain. Spl.yt's core offering is a protocol that tokenizes physical products into unique digital assets called eNFTs (E-commerce Non-Fungible Tokens). This system is designed to serve a wide range of clients, including brands, consumers, affiliate marketers, and existing online marketplaces. By creating a universal inventory on the blockchain, the protocol tackles issues like counterfeit goods and the double-selling of items. The company’s revenue model avoids platform fees, instead relying on a pay-as-you-go model where users pay gas fees for transactions on the blockchain.

Spl.yt's technology creates a globally accessible inventory system where each product is represented by an eNFT. This digital token serves as a certificate of authenticity, tracks the item's history through the supply chain and resale market, and contains metadata such as sales terms and commissions. Smart contracts are embedded within each eNFT, which escrow funds to protect both buyers and sellers and automate instant payouts to affiliate marketers upon a successful sale. This structure removes intermediaries, prevents fraud, and creates a transparent reputation system. To facilitate adoption, Spl.yt has developed plug-ins for major e-commerce platforms like Shopify, Woocommerce, and Magento, allowing existing stores to integrate with the protocol. In March 2021, the company announced it had raised $2.75 million in a funding round with participation from firms including Master Ventures, Bigcoin Capital, and Kyros Ventures.

Keywords: decentralized e-commerce, blockchain protocol, eNFT, non-fungible token, affiliate marketing, global inventory, supply chain management, smart contracts, Shopify integration, Cyrus Taghehchian, peer-to-peer commerce, online marketplaces, counterfeit prevention, digital authenticity, resale market, automated payouts, transparent transactions, open-source protocol, Polkadot integration, Web3 commerce