Soma (Marketplace) — Decentralized social marketplace (ICO Crowdsale)
What is Soma?
Soma is a blockchain-based social market that supports the Soma community by applying a reward system that uses Soma Community Token (SCT), which is crypto designed to incentivize community members to action that creates social wealth in society. Soma allows its users to interact socially with the various features that are implemented on the platform and users get rewarded for doing so. Soma encompasses the common concept of traditional social media platforms (ie likes and sharing) and leverages blockchain technology to provide incentives to users to capitalize on social capital.
Soma itself is a market where users can safely trade with each other in a decentralized environment. This platform encourages users to engage in lucrative cooperation to give Soma Community members the convenience of a secure and fast platform to trade with the goods they want. The Soma Awarding System ensures that every user who contributes to the creation of social value is rewarded by the Soma Community Token (SCT). SCT is an ERC20 token used within the community to reward and thereby facilitate the organic growth of the Soma community worldwide.
How Do Soma Work?
Users sign up for products to sell on what Soma calls “Item Interactive Items” (IIC). This patent pending product list allows users to sell products through this post. IIC information such as owner history, product conditions, or recovery history will all be stored in blockchain.
Users who like and share other IIC posts are rewarded with SCT tokens because they add value to the communities and users they interact with. Furthermore, the number of “social capital” owned by a single user will also determine the amount of proportional rewards received. As users continue to interact with communities and other users, they develop a reputation through an inherent rating system in the Soma platform. The stronger the reputation / rating, the more leverage users have in promoting other IIC posts.
What are the advantages of the Soma Platform?
Soma implements a secure trading system. Once the order is placed and the payment is made, the money first goes to Soma’s secure escrow. Merchants get their money once the customer receives the product and ensures that the trade goes as expected.
Soma plans to apply the arbitrator. This arbitrator serves as a third party present in the transaction. This third party has a duty to mediate between the seller and the buyer. An example is if the buyer wants to buy a product from the seller then the funds will be sent to the third party. Then the seller sends the goods to the buyer. After the ordered goods are received properly then the funds can be disbursed by the arbitrator.
Soma comes in a digital currency dubbed SCT. SCT is a token of the ERC20 platform used in the community to take advantage of every service offered by the Soma platform and facilitate organic growth of Soma communities worldwide. SCT will go on sale from 26 September 2017 to 26 October 2017 (just one month only). There will be a total of 60,000,000 SCT tokens to be created by the team and developers, which will be priced at 400 SCT equivalent to 1 ETH. The token purchase itself can be done with foreign digital currencies such as Ethereum, Bitcoin, and other major foreign currencies.
- Token Sales Information
- Start time: September 26, 2017
- End time: October 26, 2017
- Token available: 54,000,000 SCT
- Token price: 1 ETH = 450 SCT
- Hard cap: 120.000 ETH
- Q3 2016: Development of the project began.
- Q4 2016: First funding secured.
- Q1 2017: Raised $1.5 million from angel investors.
- Q3 2017: ICO and closed alpha release.
- Q4 2017: Closed beta release and technical Whitepaper released.
- Q1 2018: Open beta released.
- Q2 2018: MVP release.