Cyrus Taghehchian (the founder of the World Blockchain Summit) was our guest at this year’s event. His thoughts on how the events turned out and WBS Dubai’s successes this year were shared by him. He believes in the power of blockchain to improve the lives of all people. The interview is now available.

Q. Q.

My name is Cyrus, I’m grateful to be here. I’m glad you had me. I am the CEO of Splyt Core Foundation, a decentralized e-commerce platform that’s going to create a free market for peer-to-peer transactions that happen without any middlemen. Deloitte Consulting was my first job as an ecommerce consultant. I gained a wealth of knowledge about current issues in ecommerce and centralization. And then I’ve been in the blockchain space since 2014. So, I joined the blockchain space quite early.

Q. Q.

Yeah, so we’ve incorporated a very novel way using NFTs. So before I answer that question, I’m going to give a little primer on web2 and web3, because that’s very important to understand. Web2 is a great technology that brought social media to society. We can keep in touch with our family and friends through it. It brought the sharing of information like you could Google (NASDAQ:) anything, and you’ll learn anything from the snap of your fingertips. That wasn’t the case 50 years ago, where all the information was centralized, to a few colleges or universities or libraries. Now, everyone can access any information they need at any time. These central entities that provide data and information realized that mining user data was the best way to monetize businesses. They used that data to extract users and make them purchase things or change their behavior. And that’s very detrimental to the human psyche. Advertising became the web’s redressing mechanism. This was very dangerous because it meant that only some central entities had access to the data.

web3, blockchain-based technology, is changing that paradigm. The central entity loses control and permission to the data. Instead, all users have it. So it’s decentralizing ownership of data. Right, and they’re changing the monetization method from, hey, let’s mine user data and exploit users with that data, to if a user opts in to give him their data to the ecosystem, then they could get rewarded with tokens, right? So it changes the whole monetization method where it’s more friendly and community-based, and web3 than it is in web2.

Noon is the current time in ecommerce such as Amazon (NASDAQ) Alibaba (NYSE:), no matter where you’re in the world, there’s only one or two major players that are eating up all the market share, they could censor users with no recourse, right? That’s an issue. And they’re mining your data and using it against you to make you buy more things, right. So that’s another problem. So the way we’re combating this with web3 is tokenizing products that are for sellers’ NFTs. So if you take real-life products, that you’re trying to sell an iPhone or computer, you tokenize it as an NFT of the data, right? You could then decentralize the supply chain for e-commerce to make it more equitable and give the control to the community. So we are building the web3 data layer, for global inventory of goods for sale, that anybody could then pick up anybody’s inventory and sell it. So it’s creating this decentralized Amazon mechanism that is enabling peer-to-peer transactions that happen that are fair, transparent, and secure.

The collateralization, sale, and listing of the product are all ways we do this. You must be able to trust me if you are interested in listing something for sale. And in a peer-to-peer transaction, you don’t know who I am. You might think I’d just run off with your money. You get it? So that’s why we have always had Amazon or Alibaba to act as the middleman to ensure that the buyer and seller transact and what they say they’re going to do.

Now, in our system, when we’re building, we’re collateralizing, the listing of the NFT as with tokens, so you have to put some tokens in, and that’s a good-faith sign from the seller to a buyer saying, Hey, I’m gonna put in 10 tokens or 100 tokens. After the transaction has concluded and I have fulfilled the order, the tokens will be returned to me. As a buyer, you’re like, oh, there is collateral against this listing. So if I’m purchasing this item, I’m going to most likely get it because if I don’t get it or something goes wrong, or if the seller is a bad actor, then the seller loses those tokens. So it’s ushering us into a decentralized e-commerce trade era, where you don’t need Amazon, Alibaba, or Noon anymore where you could transact with unknown people across the globe in a fair, secure, transparent way. And that’s what we’re doing with Splyt.

Our token is out, it’s called ShopX, check it out. We have a healthy community. Our company is greatly undervalued because NFTs tend to talk about art. And we’re talking about using NFTs as building the new information highway using data sets to create secure transparent e-commerce.

Q. Q. Have you got a website? Is there a place you can show your products? Where can you be found next?

Okay, well, I’m going to be at, you know, Ape Fest in New York. If you’re going to New York, Ape Fest (which is the Bored Ape Yacht Club), little NFT tradeshow, then please let me know. I’ll also be at Art Basel in Miami, sometime in November and then I’ll be at the next Trescon event in Singapore. I’ll also be speaking there. I think that’s going to happen sometime in February or March of next year. For more information, visit www.splytcore.org.

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