Splyt

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Discover Splyt's fundamentals and latest news.

This content was generated by Whalee (BETA), an AI crypto assitant that analyses cryptocurrencies. Informations can be incomplete and/or erroneous. Please always double check and DYOR.

What is Splyt?

Splyt (SHOPX) is a cryptocurrency token that powers the Splyt protocol, a decentralized e-commerce platform. It is an ERC-20 token designed to improve the d-commerce experience by facilitating global product and service listings, incentivizing honest behavior, and providing rewards for users and validators. SHOPX tokens can be traded on various exchanges, including Gate.io, LATOKEN, and Uniswap V2.

How is Splyt used?

The Splyt (SHOPX) token is a multi-functional utility token designed to improve the decentralized e-commerce (dCommerce) experience for users. It has several key uses:

  1. Securing the Splyt Network: SHOPX tokens are used to secure the Splyt network, ensuring the integrity and reliability of the platform.

  2. Token Curated Registry (TCR): SHOPX tokens are used in conjunction with smart contracts in eNFTs to facilitate a TCR, which enables international product and service listings with decentralized arbitration capabilities.

  3. Liquidity Mining Pool: SHOPX token holders can participate in a liquidity mining pool, where the longer they stake, the higher the returns they will see.

  1. Incentivizing Adoption: SHOPX tokens are used to incentivize adoption of the platform, with higher rewards during the first year of launch. Users can receive SHOPX token rewards up to 100% of their subtotal purchase value when spending on the Splyt platform.

  2. Exclusive Discounts: If users decide to pay for services with the SHOPX token, it will unlock exclusive discounts.

  3. Incentivizing Honest Behavior: SHOPX tokens are used to incentivize honest behavior on the Splyt network. Sellers can earn SHOPX token listing rewards for facilitating valid transactions with no disputes.

  1. Validation and Passive Income: SHOPX token holders can become validators and secure the Splyt network by staking their tokens, earning more SHOPX tokens in return. Top validators can earn even more Splyt tokens to enable validation of higher stake disputes, providing a passive income opportunity.

How do I store Splyt?

To store the Splyt (SHOPX) tokens securely, it is recommended to follow best practices for storing cryptocurrency wallets and seed phrases. Here are some methods:

  1. Paper Storage: Write down the seed phrase on paper and make multiple copies. Cut each copy into two parts and hide them in different locations outside your home. This ensures that even if one piece is found, the wallet remains safe.

  2. Metal Storage: Etch the seed phrase onto a durable material like steel or titanium using an electric etching tool. Store the metal plate in a safe or safety deposit box.

  3. Password Manager: Store the seed phrase in a secure password manager. This method is convenient but requires careful management of the password manager's security.

  1. Hardware Wallets: Use a hardware wallet specifically designed for cryptocurrency storage. These wallets are highly secure and provide an additional layer of protection.

  2. Cold Storage: Store the tokens in cold storage, which is a secure offline wallet. This method is ideal for long-term storage and minimizes the risk of hacking or unauthorized access.

Remember to always keep your seed phrase and wallet information private and secure to protect your Splyt (SHOPX) tokens.

How to buy Splyt?

To buy Splyt (SHOPX) tokens, you can follow these steps:

  1. Choose an Exchange: SHOPX tokens can be traded on centralized crypto exchanges. Popular options include LATOKEN, AscendEX (BitMax), and Gate.io. You can also use decentralized exchanges (DEX) if they support SHOPX trading.

  2. Create an Account: Register an account on the chosen exchange's official website or app. Verify your identity and secure your account by enabling two-step verification.

  3. Fund Your Account: Use fiat to buy USDT, ETH, or BNB. You can use the exchange's OTC trading service or financial platforms like PayPal or Robinhood (for US residents) to fund your account.

  1. Transfer Funds: Transfer your USDT, ETH, or BNB to the exchange that supports SHOPX trading. If the exchange supports both fiat purchases and SHOPX trading, you can trade in the same platform.

  2. Buy SHOPX: Use your USDT, ETH, or BNB to buy SHOPX tokens in the spot market. Ensure you have the correct trading pair, such as SHOPX/USDT.

  3. Add SHOPX to Your Wallet: To view and manage your SHOPX tokens, you can add them to your MetaMask wallet by importing the contract address (0x7bef710a5759d197ec0bf621c3df802c2d60d848).

Remember to be cautious of fake tokens on DEX and consult the exchange's customer service or announcements for any regional restrictions.

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History of Splyt

The history of Splyt (SHOPX) is closely tied to its development as a business-to-business (B2B) transmission control protocol for e-commerce Non-Fungible Tokens (eNFTs). Founded by the Splyt Core Foundation, the protocol aims to improve global reach and customer experiences using a decentralized network designed for e-commerce. The native SHOPX token is the core component of the Splyt network, facilitating various functions such as securing the network, incentivizing adoption, and rewarding honest behavior.

The SHOPX token is an ERC-20 token, designed to be multi-functional and improve the decentralized commerce (dCommerce) experience. It is used in conjunction with smart contracts to facilitate a Token Curated Registry (TCR), enabling international product and service listings with decentralized arbitration capabilities. The token's utility is expected to expand as the platform develops, with future updates including a liquidity mining pool and rewards for token holders.

Historical data for SHOPX shows significant price fluctuations, with an all-time high of $5.04 on March 31, 2021, and an all-time low of $0.00497 on November 7, 2023. The token's market capitalization and trading volume have also varied over time, reflecting the dynamic nature of the cryptocurrency market.

Overall, Splyt (SHOPX) is a cryptocurrency project focused on revolutionizing e-commerce through blockchain technology and decentralized networks. Its history is marked by ongoing development and the growth of its native token, which plays a central role in the protocol's functionality and adoption.

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How Splyt works

Splyt (SHOPX) is a cryptocurrency that operates on a decentralized e-commerce platform. Here's an overview of how it works:

eNFTs and Tokenization

Splyt creates eNFTs (E-commerce Non-Fungible Tokens), which are digital representations of real-world products. These eNFTs are tokenized on the blockchain, allowing for secure and transparent tracking of product data throughout their lifetime. Each eNFT contains metadata describing the item's properties, profit share terms, and other relevant information.

Splyt Protocol

The Splyt protocol is built on Polkadot Substrates, which enables faster transactions and lower gas costs. It uses a Transmission Control Protocol for E-commerce Non-Fungible Tokens (TCP/eNFT) to standardize how data and funds are shared securely between parties in e-commerce transactions. This protocol ensures that inventory is synchronized across all marketplaces and affiliates.

eNFT Minting and Broadcast

When a product is tokenized, its eNFT is minted and broadcasted to the Splyt network. This ensures that inventory is updated in real-time across all online stores, eliminating the double-sell problem.

Smart Contracts and Escrows

Smart contracts are integrated into each eNFT, which escrow funds to protect users throughout the e-commerce transaction lifecycle. This ensures that buyers and sellers are protected and that transactions are secure.

Token Curated Registry (TCR)

The SHOPX token and smart contracts work together to facilitate a Token Curated Registry (TCR). This enables global product listings with decentralized arbitration capabilities, improving the overall e-commerce experience.

SHOPX Token Utilities

The SHOPX token is a multi-functional utility token that serves several purposes:

  • Rewards: Users can earn SHOPX tokens as rewards for spending on the Splyt platform, with rewards up to 100% of their subtotal purchase value.
  • Liquidity Mining: SHOPX token holders can participate in liquidity mining pools, earning higher returns for longer staking periods.
  • Exclusive Discounts: Using SHOPX tokens for payments unlocks exclusive discounts.
  • Validator Incentives: SHOPX token holders can become validators, securing the Splyt network and earning more SHOPX tokens in return.
Security and Governance

The SHOPX token is used to incentivize honest behavior on the Splyt network. Sellers can earn SHOPX tokens for facilitating valid transactions with no disputes, and top validators earn more tokens for securing the network.

Overall, Splyt (SHOPX) aims to create a decentralized e-commerce platform that streamlines digital sales, provides transparent product tracking, and rewards users for their participation.

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Splyt's strengths

The token Splyt (SHOPX) has several strengths that contribute to its potential success:

  1. Decentralized E-commerce Solution: SHOPX is part of a decentralized platform that aims to improve the e-commerce experience by providing a secure and transparent environment for transactions. This decentralized approach can help reduce barriers and promote fair competition among businesses.

  2. Multi-Functional Utility Token: SHOPX is designed to have multiple uses, including securing the Splyt network, incentivizing adoption, rewarding honest behavior, and facilitating a Token Curated Registry (TCR) for global product listings. This versatility can increase its value and utility within the ecosystem.

  3. Community Engagement: SHOPX token holders have voting rights to decide on the further development of the ecosystem, which encourages community participation and ownership. This can lead to a more engaged and loyal user base.

  1. Security and Auditing: The token's smart contract has been audited by at least one security company, ensuring a higher level of security and trust in the token's functionality.

  2. Incentivizing Honest Behavior: SHOPX is used to incentivize honest behavior on the platform, such as rewarding sellers for facilitating valid transactions with no disputes. This can help maintain the integrity of the ecosystem.

  3. Passive Income Opportunities: SHOPX token holders can earn passive income by staking their tokens and participating in the validation process, which can attract more users to the platform.

  1. Strong Fundamentals: Splyt has a clear direction and focus on the e-commerce market, which can help it stand out from more general-purpose projects. The project has also raised significant capital through various funding rounds, indicating investor confidence.

These strengths collectively contribute to the potential success and adoption of the SHOPX token within the Splyt ecosystem.

Splyt's risks

Splyt (SHOPX) is a business-to-business (B2B) transmission control protocol for e-commerce Non-Fungible Tokens (eNFTs) that facilitates mobility services. The native SHOPX token is the lynchpin of the protocol, securing the Splyt network and offering various utilities to improve the dCommerce experience for users. Despite its potential, Splyt faces several financial risks:

  1. Counterparty Risk: Splyt aims to eliminate counterparty risk through its eNFT bounty marketplace. However, the risk of default or non-performance by counterparties remains a concern, particularly in the early stages of development.

  2. Liquidity Risks: SHOPX token holders are incentivized to participate in liquidity mining pools, which can help mitigate liquidity risks. However, the token's liquidity is still dependent on market conditions and user adoption.

  3. Regulatory Risks: As a decentralized e-commerce platform, Splyt is exposed to regulatory risks. Changes in laws or regulations could impact the platform's operations and the value of the SHOPX token.

  1. Market Volatility: The SHOPX token, like other cryptocurrencies, is susceptible to market fluctuations. This volatility can lead to significant changes in the token's value, affecting investors and users.

  2. Security Risks: The use of blockchain technology and smart contracts in Splyt's protocol introduces security risks. Cyber attacks, data breaches, or vulnerabilities in the code could compromise the integrity of the platform and the value of the SHOPX token.

  3. Competition Risks: Splyt operates in a competitive space, with other technologies and companies developing similar decentralized identity solutions. This competition can impact user adoption and the overall success of the platform.

  1. Funding Risks: Splyt's development and growth are dependent on funding. A lack of sufficient funding or support from government agencies and institutes could hinder the platform's progress and the value of the SHOPX token.

These financial risks highlight the importance of careful evaluation and risk management for investors and users considering involvement with Splyt and the SHOPX token.

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Did Splyt raise funds?

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Splyt’s team

  • Cyrus Taghechian: CEO and Founder of Splyt, the company behind the SHOPX token, focusing on decentralizing e-commerce and addressing common problems in the industry.
  • Eric McHugh: Involved in the SquadX program, which pays SHOPX license token holders in ETH for supporting the growth of the SHOPX ecosystem.

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The fundamental analysis assistant for crypto value investors.

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