SOMA – The Social Marketplace

Social media is one of the technological developments that have a big hand in providing convenience for humans to communicate and socialize. Social media is an online medium where users can easily participate, share and create content including blogs, social networks or social networks, wikis, forums and virtual worlds. Blogs, social networks and wikis may be the most common form of social media used by people around the world.

While social networking is a site where everyone can create a personal web page, then connect with friends to share information and communicate. The biggest social networks include Facebook, Myspace, and Twitter. If traditional media use print media and broadcast media, then social media use the internet. Social media invites anyone interested in participating by contributing and feedback openly, commenting, and sharing information in quick and unlimited time.

With the advent of blockchain technology that has been widely adapted by some people and companies, with the technology social media will be enhanced again its function as a means of exchange for its users. Soma combines blockchain technology with the role of social media.

Soma is a marketplace where users can securely and reliably trade with each other in a decentralized environment. The platform encourages users to engage in  beneficial cooperation to provide members of the Soma Community a comfort of secure and fast platform to trade with their desired items. The Soma Rewarding System guarantees that every user who contributes to the creation of the social value is rewarded by Soma Community Token (SCT). SCT is an ERC20 token which is utilized inside the community for rewarding and hence it facilitates the organic growth of the Soma community throughout the world. Soma has a patent-pending feature, the Interactive Item Card (IIC). IIC is a unique feature which preserves and transfers important information in transactions within the platform. Every physical item which is listed in the platform creates a unique item card, which is a digital representation of the physical item. The Interactive Item Card can be utilized to verify item history, price development and authenticity of the physical items.

Soma utilizes the Ethereum blockchain and smart contract system in the item card verification to safeguard that the item card cannot be duplicated and the information is transferred securely.

Payment Facilitation

  • Soma offers its users various payment methods inside the platform, such as fiat currency, Bitcoin, and few major altcoins.
  • Soma Community Tokens are used to lubricate the trade inside the platform and facilitate Soma’s expansion around the globe. SCT functions as a digital currency in a rewarding mechanism to compensate users who add value to the community by performing crucial functions, such as sharing or promoting an item for other users and acting as an escrow agent.
  • Users may deposit money to Soma’s platform by any normal means, such as credit/debit card, Paypal, wire transfer etc. After the deposit, users may choose to be credited to their own Soma account. Every payment inside the platform happens with crypto currencies. To ensure growth for the demand of Soma Community Token, Soma will incentivize users to use SCT as their chosen currency for transactions.
  • Withdrawal is recommended to be made in crypto currencies, as then it can be made free of charge.
  • Soma Secure Payment is an integrated escrow service which facilitates the payment process by holding the payment in a secured escrow account until the buyer has confirmed that a certain priory agreed event has occurred (i.e receipt of item). As a decentralized platform, Soma will be able to minimize the transaction costs and provide a feasible way to engage even in high-value transactions in a safe manner.

 Rewarding System

The rewarding system in Soma is by nature two-fold. First, it must be recognized that every time user adds value to the community it should be rewarded for its actions. Second, the compensation must be attributed in the proportion of the value created. In Soma, this becomes reality by providing an environment that enables the exchange of social capital to SCT in the course of a bargaining at the free markets. Thus, Soma provides the ability and incentive for its users to engage in such conduct and the market mechanism ensures perfect pricing in the community.

SCT will be designed to satisfy both of these underlying ”Community Principles”.

ICO Specs

Soma Community Tokens will have a maximum of 60,000,000 units. Total supply of 60,000,000 SCT is created for the ICO, out of which 54,000,000 are distributed for the contributors in the ICO. The last 6,000,000 SCT units will be used for growth, such as marketing, rewarding active community members, and incentivize the founding team. Funds are managed by Soma.

As for the ICO round – the funds will be utilized as will be explained by the following graph :

For more information please visit

  1. https://soma.co
  2. ANN Thread SOMA
  3. Whitepaper

written by Aba

 

 

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