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.
Spl.yt is a smart contract infrastructure that supports the foundation of a more efficient, transparent, and secure e-commerce ecosystem.
Spl.yt’s blockchain-backed smart contract protocol automatically performs and records e-commerce middleman functions, reducing the overall cost of transactions and ensuring the immutability of data broadcasted to the blockchain.
The Spl.yt Access Token, or SAT, is a crypto-asset that can be used to meet many unique user needs. For example, SATs promote accurate, trustworthy transactions by requiring deposits and incentivizing credibility validators. SATs are also used for in-protocol dispute resolution, and to decrease volatility outside of their control.