Open source blockchain inventory, Splyt, has partnered with mega social media app, Omni, to improve the latter's e-commerce supply chain. The partnership will help enhance the buying experience on Omni's social media app in a blockchain-efficient manner.
The team at Omni tweeted:
"$OMNI & @splytcore Sealed a Strategic Partnership Aiming to Improve the Buying Experience Inside the Social Media App. #DeFI #NFT #partnership”
Splyt helps a decentralized e-commerce ecosystem by providing a model regulated by the system's internal mechanisms while being governed by consensus.
Splyt Is Offering A New Standard
Splyt offers a new standard that will have the name TCP/eNFT - The Transmission Control Protocol for E-Commerce Non-Fungible Tokens. This means that Splyt is not just a marketplace, it's a marketplace of marketplaces. The protocol provides fundamental E-Commerce technology infrastructure to online businesses.
This will ensure the businesses have a global marketing reach with a blockchain-based inventory system. Splyt also provides a plug-and-play option to accommodate existing businesses and phases out outdated sales structures to bring in trust and transparency.
Features Offered By Splyt
The lack of vision and planning in the e-commerce sector has allowed only a few companies to reach the top. Splyt's new proposal comes with a set of features aimed at helping online businesses not only grow but thrive:
- TCP/eNFT: brand-new protocols that outline the guidelines and procedures. They are aimed to reinvent global E-Commerce and will be used to catalog and monitor a global inventory on a blockchain. The eNFT are unique identifiers assigned to each item.
- Automating Tasks to Integrate Trust: eNFT's and smart contracts on the blockchain coupled with Splyt Core functionality enables an automatic E-Commerce experience. It eliminates the guesswork, the middleman, and inefficiencies, thus building trust in the system's inner workings.
- Decentralizing to End Censorship: Centralized ownership allows unethical censorship of any product or seller on their platform. Take Amazon, for example; it regularly removes competing items and even copies and replaces them. If business owners want to remove an item on the decentralized market, it does little harm to a listed brand on different websites.
How Do eNFTs Work?
eNFTS are identifiers that are unique to each item included on the platform. They cannot be duplicated or tampered with as they are stored on a blockchain with two sets of data: Sales and Metadata. Sales data is used for sales purposes, and Metadata is used for search purposes.
The lifecycle of an eNFT begins when the seller uploads an item. An eNFT is assigned to it at the time. When the item is purchased, the blockchain is updated and the item removed from inventory. This is why it's impossible to buy an out-of-stock item, allowing the eNFT to be immediately restocked.
Brands can set a bounty or commission for each eNFT creating transparent and seamless sales agreements executed by the respective eNFT's smart contract. Upon purchasing an item, smart contracts will hold the payment and release it to the seller once the item is dropped to the buyer.
The smart contract provides visibility to both parties, and a record of the transaction is added to the eNFT. The buyer can retain this as proof of purchase and authenticity. If the item is to be resold, then the eNFT gets updated as the buyer lists it for sale again on the global database.
The purchase history will accompany the item and prevent used items from being sold, avoiding fraud and scams.
Splyt will use its token, SHOPX, to be the internal method of exchange. The seller will also have to deposit tokens to mint a new eNFT. This procedure will ensure the prevention of fraud and scams. The token can be staked, allowing users to vote for new regulations and network updates.
How Does Omni Power Up Splyt?
Splyt's TCP/eNFT technology will empower the stores inside the OMNI app and help the app build key components needed inside the Influencers/Brands Matching Engine. Management and tracking of inventory will be more efficient using eNFT's and Splyt's Substrate-based infrastructure.
It lays the basis for the interoperability between the two projects as both of them are Substrate native. It will also help brands save millions on operating costs as the eNFT will deliver data points across the lifetime of a product.
At the core of Omni's marketing and exposure is social media. Omni will help incorporate tools that will allow Splyt Core to build and manage their community more efficiently inside the Omni.ai App. This will provide Splyt expand their reach and give exposure to eNFT protocol to new projects and developers.
Omni incorporates functions inside its app to aid crypto projects like Splyt to build and manage thriving communities while offering privacy and not giving any room for tedious scams that plague most platforms.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.