Soma, an Ethereum blockchain based platform aiming for creating a C2C-market that facilitates the social interaction between the users of the trading community, has began its pre-sale for the Soma Community Token.
The blockchain-based platform utilizes smart contracts to enable its users to create Interactive Item Cards to leverage the social contribution of the attractive digital content, thus increasing the social value of the physical item. Interactive Item Cards can be seen as a digital representations of the physical items where important data can be preserved in the blockchain, such as information about the history, quality and price fluctuation.
Interactive Item Card is a patent-pending feature that is adopted among the other features of the Soma Community. As a decentralized platform, Soma incentivizes its community members to engage in cooperation to facilitate its organic expansion through Soma Rewarding System. Soma Rewarding System provides an ability and incentive for the members of the decentralized community to act as a value-adding actors in the chain of transactions, such as promoting item cards for the correct audience and perform the role of a escrow agent to secure a transaction.
How the Soma ecosystem works
The Interactive Item Card allows anyone to create a item card that starts to accumulate social value through various different social interactions from the members of the decentralized community. Once the item card is created, it can be transferred among the transaction of the physical item from the seller to a buyer inside the Soma platform. Thus, the social value accumulated in the item card can reflected 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 may be invaluable feature for the growing vintage, art and handcraft industry. Interactive Item Card is a patent-pending feature.
Soma Rewarding System acts as a central mechanism for the decentralized marketplace. It incentivizes the members of the community to perform services that upholds the smooth and efficient functioning of the Soma Community, thus bolstering the platforms 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 earn SCT by acting as a trusted third party in a transaction between a seller and a buyer, securing the interests of the both parties.
All information in the Interactive Item Cards are recorded on the Ethereum blockchain and smart contracts govern the trading process, thus promoting transparency and eliminating the need for a trusted third parties or a centralized governance.
Soma has announced the launch of its Soma Community Token (SCT) crowdsale starting in August, 2017. The pre-sale has already begun. During the token sale, Soma will distribute 54 million of the total of 60 million Soma Community Tokens among the participants.
The remaining 10%is 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 participiate 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% for 5 days.
Those who participate in the pre-sale during the second, third and fourth weeks will receive a bonus of 15%, 10% and 5%, respectively.
The Soma Community Token crowdsale participants will receive their SCT immediately after the contribution to their ERC20 supported Ethereum Wallet. These tokens can then be used as a currency for services performed by Soma as well as other service providers in 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.