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 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. This is a desirable goal for the Soma platform since in the long-term it benefits the community in various different ways, namely by decreasing transaction costs and promoting economic efficiency. While Soma enables the use of multiple cryptographic currencies on its platform – There is a strong support for the use of SCT as a payment since it is incentivized by removing transaction costs from the transactions made in SCT. The rationale for the SCT is explained in more detail in the chapter below.
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. IIC contains information inserted by the users in a chronological chain about the particular physical item, such as ownership data and the condition rating. IIC transforms information of the item on a transaction-by-transaction basis. IIC will facilitate the information flow between the users, promote transparency and increase the overall trust of the 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.
Why Soma need ICO?
For the ICO to be reasonable for early adopters, Soma platform needs to be mainstreamed to attract the majorities. We know that well-planned marketing is one of the key drivers to the success. Every active SOMA community member is in favor of supporting SOMA Marketplace in their local communities. Our marketplace works globally and funds which are raised for marketing in the ICO is primarily used to benefit the area where the active members of the community are situated. During the ICO, each 1500 ETH collected will launch a marketing campaign into a new geographic location. Active members of the community can, by their own actions, facilitate the expansion of the community in their geographic location and import SOMA’s solution to improve social trading. Launching strategy and its fair allocation of marketing funds will enable our solution to set it roots where it is recognized by the early adopters as a viable solution for social trading. It is fair and reasonable to allocate marketing budget in locations which are determined by the market forces than to plan it in advance. Soma needs community engagement and early adopters are rewarded, as marketing funds are allocated fairly for the subsequent organic expansion of the Soma community. The early adopters are the beneficiaries, as Soma will begin its global expansion from their local communities.