Ethereum-Based C2C Market Soma Announces Patent Pending Technology and Community Tokens
Ethereum blockchain-based social C2C marketplace Soma promotes user interaction with trading community members and has announced the launch of its crowdsale. The company’s Community Token crowdsale, scheduled for late August 2017, will begin after the completion of the Soma pre-ICO, which ended on August 10, 2017.
[Note: This is a press release.]
The Soma marketplace leverages Ethereum smart contracts to enable users to create Interactive Item Cards (IIC), a unique company feature. The IICs allow creators to leverage the social contribution of engaging digital content, which results in an increased social value of the associated physical item. The Interactive Item Cards act as a digital representation of physical items, enabling storage of data, related to the item on the blockchain.
The stored information is usually related to the history of the items, their quality, or price fluctuation over time. The IIC card is currently patent pending and represents just one of the recent feature developed for the Soma Community.
Soma’s decentralized platform promotes user engagement with its own incentive structure. The system categorizes active participants as ‘value-adding actors’, as they promote item cards to the correct audience and perform the role of escrow agents that secure transactions.
The Interactive Item Card lets all users create and manage an item card, which collects units of social value through different social actions from users of the community. Upon creation, the card can be transferred with a transaction involving the physical item. As the social value of the card increases, the value of the associated physical item also rises in the process. The Soma Community Token guarantees that the owner is rewarded for their interactions within the social media community.
Community members can promote IIC’s created by other users and earn SCT as a reward. Users can also 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 IIC data is recorded on the Ethereum blockchain, and the smart contracts govern the platform trades. This offers a very high level of transparency and eliminates the requirement for a trusted third party or central power.
The Soma Community Token crowdsale will follow the Pre-token sale which began on August 1st, 2017. The platform will distribute 54 million of the total 60 million SCTs among participants during in the ICO. 10% of the total tokens will be reserved for the founding team, advisors and active community members. Crowdsale participants will be able to use Bitcoin and Ethereum to purchase the native SCT tokens.
Soma is offering an early bird bonus of 25% for all investors who participate in the first two days of the ICO. The bonus reduces to 20% for the remainder of the first week and then reduces by a further 5% each week 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.
Images courtesy of Soma