E-commerce is the fastest growing industry in the world set to hit $4.5T by 2021 (a 246% increase from 2014)
Yet, in the US, one online retailer controls 44% of the US market.
Reputation systems are needed to build trust for online transactions however they do not follow you from platform to platform, and central entities can censor ratings and exploit users for more money or risk unfair representation.
E-commerce is riddled with inefficiencies caused by middlemen and intermediary services that take out a large percentage of profits on each transaction.
Buyers are forced to compare and contrast the same product on different websites searching for the best deal, while inventory management across multiple vendors and systems causes accounting errors.
A decentralized smart contract protocol enabling web 3.0 capability for E-commerce. The Spl.yt protocol will connect the world’s marketplaces in order to facilitate the creation of a global inventory, build the infrastructure that will jump start new sharing economies, and provide incentives for buyers and sellers to transact in a fair and efficient manner.
Legacy E-commerce models use middlemen to run their “trusted” marketplaces and provide services such as affiliate marketing. This method tends to create inefficiencies and sometimes even fraud. Spl.yt’s blockchain backed smart contract protocol automatically performs and records middleman functions, reducing the overall cost of transactions and ensuring the immutability of data broadcasted to the blockchain.
SATs are more than just a cryptocurrency because they can be adapted to meet unique user needs (such as, staking, or value-pegging) in ways most other cryptocurrencies cannot without being tied to Ether or other tokens ecosystem and remaining its own distinct instrument of value. For example, SAT deposits encourage certain behaviors, such as trustworthy dispute resolution or larger spam disincentives than Ether gas fees can provide. Token flexibility will also be necessary to implement evolving stability frameworks (such as, those used in Digix, Maker, or Gnosis) to ensure users are not exposed to market-risk while engaged with the ecosystem. Moreover, using an independent token allows for the Spl.yt community to adjust to unforeseen local threats without requiring a hardfork of the underlying blockchain protocol.