Spl.yt is a blockchain-powered “public social utility,” meaning anyone with an internet connection can use it at no cost besides the gas needed to secure the blockchain. The power of decentralized cryptocurrencies and smart contracts makes this possible because users themselves can define the growth of the system while directly reaping the benefit of their contributions. What’s more, Spl.yt is run by the Spl.yt Core Foundation, a non-profit designed to work itself out of existence, leaving a system that runs itself (similar to the internet) without any controller-middleman susceptible to bias or corruption.
Spl.yt’s smart contract protocol enables the formation of a global inventory and universalized reputation scores as well as the automation of such costly processes as dispute resolution and affiliate marketing management.
Global Inventory
Once connected to Spl.yt, buyers can view the global inventory of individual listings automatically populated from all e-commerce websites integrated with the protocol. Shoppers only need to visit one e-commerce site to search for and purchase their desired item securely, and at the lowest price. Since all information from these various online retailers is integrated, once a buyer purchases an item, it will automatically de-list from every other marketplace, avoiding double-purchasing the same item. Multiple websites and platforms can contribute to and use Spl.yt’s shared inventory listing base, competing instead on other significant business differentiators, such as shipping prices, support services, specialized competence, etc. For example, if Amazon, eBay, and textbooks.com were all built on Spl.yt Core, sellers of textbooks would list their textbooks once on one platform and the Spl.yt protocol would automatically populate their inventory on any other connected website. Conversely, a buyer of textbooks would only need to browse one website to compare products and prices. Once a buyer purchases an item listed with the decentralized global inventory, it will automatically de-list from every marketplace, avoiding any risk of double-purchasing the same item.
Sellers must deposit a small number of SATs to post an item with the decentralized global inventory to deter spam and fraudulent listings. These deposited SATs will be returned to the seller, distributed to other marketplaces, or sent to other users depending on the success and behaviors exhibited throughout the transaction.
To learn more about Spl.yt and the decentralized future of e-commerce, visit Spl.yt Website: https://www.spl.yt/
Spl.yt Lite Paper: https://www.spl.yt/litepaper.pdf Spl.yt for Devs: https://www.spl.yt/devs.html Live dApp: http://demo.spl.yt/
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