SOMA - A Decentralized Social Marketplace

Hello friends, meet again with me "moetimas"

There is new news from cryptocurrency, this time coming from SOMA-A Decentralized Social Marketplace.

I will try to explain some features, vision and mission of SOMA

What is SOMA?

Soma stands for the Social market. Soma is a blockchainbased

social marketplace that supports the Soma community

by implementing a rewarding system that utilizes Soma

Community Token (SCT), which is a cryptocurrency designed

to incentivize community members to perform actions that

create social wealth within the community.

Soma enables its

users to interact socially with various features implemented

on the platform and users get rewarded for doing so. Soma

includes generally known concepts from traditional social

media platforms (i.e. liking and sharing) and utilizes the

blockchain technology to incentivize its users to leverage

social capital.

SOMA COMMUNITY TOKEN

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.

SCT ensures that the expansion of the Soma Community is designed to be rapid and constant. The SCT facilitates cooperative behavior between the users in the community, which is important part of the organic expansion.

Soma iOS app gallery

INTERACTIVE ITEM CARD

THE CONCEPT OF INTERACTIVE ITEM CARD (PATENT-PENDING)

One of the principal innovations in Soma is the Interactive Item Card (IIC), which allows users to increase the value of their published IIC’s by gaining social acceptance for them inside the platform.

Through the social interactions known from the traditional social media platforms such as likes and followings, the “social value” of the IIC is increased. Thus, users are incentivized to create high-quality content on the platform as they get rewarded for doing so.

PROMOTION OF THE INTERACTIVE ITEM CARDS

Users may earn SCT by promoting Interactive Item Cards. For example, if a user believes their following audience would likely to be interested in a particular item, it may choose to promote the item card published by some other user. In exchange for promotion, the original publisher of the IIC may reward the promoter with SCT in return for such service.

RESELLING THE ITEMS

Sellers may leverage IIC feature to offer resellers the chance to sell their items for a commission. This allows drop-shipping of goods and services while offering provable sales through the decentralized marketplace.

The seller who created the IIC controls it and can add a discount level on a per entry basis for each reseller.

PAYMENT FACILITATION

PAYMENT OPTIONS
Soma offers its users various payment methods inside
the platform, such as fiat currency, Bitcoin, and few

major altcoins.
As the community grows, the popularity of the SCT will increase. Thus, it is likely to lead to a global phenomenon of utilizing it as a method of payment within the community in transactions and contributions towards the social capital.

DEPOSITS, PAYMENTS & WITHDRAW
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, although at the beginning prices are shown in fiat currencies to promote clarity for the mainstream consumers who may not be familiar with the crypto currencies.

SOMA SECURE PAYMENT

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 priorly 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

Soma utilizes the Ethereum blockchain to create a comprehensive trading platform that leverages social capital and creates a community that aids social interaction between users. In the Soma, the contribution to the social capital in terms of value
creation is materialized through User Rewarding System (URS).

URS is based on Soma Community Token (SCT), which is an ERC20 Token that is allocated inside the platform in relation to a user’s contribution individually, thus making Soma a ”perfect meritocracy” – a model which excludes the need for third
parties and provides the most efficient distribution of wealth.

ROADMAP

SOMA (SCT ICO)

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.

Crowdsale Details

Start Time Presale on now (as of 31-July-2017)

End Time Presale on until 11-August-2017

As for the ICO round - the funds will be utilized as follows:

35% Marketing and area launches
20% Product development and technology
20% Legal issues and patents
15% Operational team
10% Community reward (We’ll reward the ambassadors and marketers of the community)

The maximum ICO cap is 120,000 ETH

In the ICO campaign of every 1,500 ETH

TEAM