Soma, an Ethereum blockchain based C2C marketplace that promotes social interaction between the members of trading communities has announced the launch of its crowdsale. The Soma Community Token crowdsale, scheduled later in August 2017 will follow the ongoing pre-ICO which is set to end on August 10, 2017.
Soma utilizes smart contracts to enable its users to create Interactive Item Cards (IIC), a patent pending feature. The IICs allow creators to leverage the social contribution of engaging digital content, which will, in turn, result in an increase in the social value of the associated physical item. The Interactive Item Cards can be seen as a digital representation of physical items, enabling storage of information related to the item on the blockchain. The stored data could include information about the history of the goods, quality, price fluctuation over time and more.
The patent-pending Interactive Item Card is one among the many features made available to the Soma Community. As a decentralized platform, Soma has an attractive incentive structure in place to promote user engagement. By encouraging cooperation, it facilitates the platform’s organic expansion. The Soma Rewarding System categorizes the active participants as “value-adding actors” for their role in promoting item cards for the correct audience and performing the role of an escrow agent to secure transactions.
How Does the Soma Ecosystem Work?
The Interactive Item Card allows anyone to create an item card that starts to accumulate social value through various social interactions from the members of the decentralized community. Once the item card is created, it can be transferred along with a transaction involving the actual physical item. With time, the social value accumulated on the item card continue to rise, thus indicating a proportional increase in the value of the physical item. Soma Community Token ensures that such value is rewarded to the owner of the item card as it monetizes the social wealth within the community. The Interactive Item Card could be a valuable feature for the growing vintage, art and handicrafts industry.
The Soma Rewarding System acts as a central mechanism for the decentralized marketplace. It incentivizes the members of the community to perform services that uphold the smooth and efficient functioning of the Soma Community, thus bolstering the platform’s growth. The members of the community can promote IIC’s that are created by other users and earn SCT as a reward for such promotion. Additionally, users can receive SCT by acting as a trusted third party in a transaction between a seller and a buyer, securing the interests of both the parties.
All information in the Interactive Item Cards is recorded on the Ethereum blockchain while the trades are governed by smart contracts, thus promoting transparency by eliminating the need for trusted third parties or centralized governance.
The Soma Community Token crowdsale is set to begin in August 2017, following the conclusion of its ongoing pre-ICO. During the token sale, the platform will distribute 54 million of the total 60 million SCTs among participants.
The remaining 10% of total tokens are set aside for the founding team, advisors and active community members. Investors participating in the crowdsale can buy Soma Community Token with either Bitcoin or Ethereum. Early investors who participate in the pre-sale phase will benefit from the bonus. Soma offered a 25% bonus on the first two days, which was reduced to 20% during rest of the week. The second, third and fourth week of pre-ICO carry a bonus of 15%, 10%, and 5% respectively.
The Soma Community Token crowdsale participants will receive SCT in their ERC20 supported wallets soon after contributing. The purchased tokens can be used for services offered by Soma as well as other service providers within the Soma ecosystem. Interested investors and cryptocurrency community members can participate in the ongoing Soma crowdsale by visiting the Soma website.
Soma is an Ethereum blockchain-based social marketplace that leverages social capital through its rewarding system and utilizes blockchain technology to create a decentralized ecosystem that incentivizes its community members to perform value-adding services for the benefit of the community as a whole.
Learn more about Soma at – http://soma.co/
Participate in Soma crowdsale at – http://soma.co/presale/
Download Soma whitepaper at – http://soma.co/documents/
Soma on Twitter – https://twitter.com/SomaToken
Soma on Facebook – https://www.facebook.com/socialmarketapp/