Tuesday, October 3, 2017

SOMA - The Decentralized Marketplace

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 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.

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. Promotion can be done internally within the community, for example in groups which fits well for a promotion of that particular IIC. Alternatively, IIC can be shared outside the platform, for example on Facebook, Twitter or Instagram.

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. Reselling feature is specifically designed for users who want to utilize the power of the community to maximize their sales. For example, it is a very feasible feature for persons who are selling their artworks, such as handcrafts or art, as well as for companies that want to create an efficient sales network in a decentralized community.

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. 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”.


More Info 
Website : https://soma.co/
Whitepaper 1.1 : https://soma.co/wp-content/uploads/2017/07/Whitepaper-1.pdf
Whitepaper 1.2 : https://soma.co/wp-content/uploads/2017/07/Soma-tech-Whitepaper.pdf
Facebook : https://www.facebook.com/socialmarketapp/
Twitter : https://twitter.com/SomaToken
Telegram : https://t.me/Somacommunity
Slack : https://communityinviter.com/apps/somacommunity/somacommunity
Github : https://github.com/Soma-co

Author : mriansa
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