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SolSplits: Ushering in the Future of On-chain Income Splitting on Solana

By: illustrious
July 14, 2023 1:16 PM EDT
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In a significant breakthrough, SolSplits has emerged as a pioneering standard for dividing on-chain income on Solana. Launched by a team that spent two years as "Telecom Cowboys," as characterized by Messari Crypto, SolSplits is the consequence of deploying hundreds of Helium hotspots globally.

Overcoming On-chain Challenges

The journey was marked by several hurdles, including struggles with payment management and calculation of fees & taxes for the people building with them. An extensive portion of individuals building DePIN networks pay commissions in fiat or percentages on the native token. However, the means to calculate owed amounts, determine their due time, and facilitate non-crypto native users to participate and convert their earnings to fiat remained limited.

The Birth of SolSplits

Against this backdrop, SolSplits was born, underpinned by the principle that people should be paid what they're owed, when they're owed. Additionally, it values the freedom for participants to negotiate contract payment terms on an individualized basis, ensuring that all contracts are on-chain and transparent.

This principle isn't confined to Helium, Hivemapper, or other DePIN projects like DIMO Network, Homebase DAO, Teleport, and Weather XM. The demand is clear: individuals desire uncomplicated and reliable tools that live up to their promises and eliminate doubts.

Introducing Splits and Vaults

Splits and Vaults, SolSplits' smart contract-based tools, are the answer to these challenges. Splits allow users to select revenue-generating NFT’s/smart contracts, define payment terms, share revenues, diversify income streams, manage expenses, calculate taxes, and much more.

Vaults, on the other hand, serve as a hub for asset management and tracking. They facilitate the transfer or liquidation of assets at the user's discretion. Vaults come with integrated features to swap tokens and directly off-ramp these tokens into a USD-denominated bank account.

Expanding the Feature Set

In addition to these functions, SolSplits plans to add features like royalties and commission management, payroll tools, and token vesting & automated disbursement. With a long-term view, the team is eyeing integrations with on-chain credit scores, lending, swaps, structured products, among others.

SolSplits is a testament to versatile engineering, with its capabilities being refined continuously with feedback from 200 closed-beta users. As part of its next growth phase, SolSplits is opening its beta to the wider Solana community.

Join the SolSplits Community

Embrace the future of on-chain income splitting and become part of the SolSplits community. Simply navigate to the SolSplits Beta Website to enter your email, connect your wallet, and begin your journey with this groundbreaking solution. SolSplits stands as a symbol of financial freedom and transparency in the crypto space, propelling the sector forward in its endless pursuit of innovation.

illustrious
Always experimenting.

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