This Blockchain Platform Combines Traditional Trading With Social Media

August 30, 2017 9:58 AM UTC

What aspect of humanity is being sacrificed on the altar of technological advancement and the so called efficiency of service?

Engulfed in the rate race of meeting up with set goals and targets, the social aspect of human existence seems to become increasingly detached for the intrinsic aspects of our daily lives.

A Habit under Attack

Before the advent of the cyber-based marketplaces like ebay, amazon, alibaba, e.t.c, physical interaction between buyers and sellers offered an opportunity for reasonable socialization.

The non-contractual aspect of these interactions encouraged members of the community to exchange intangible values which formed the bedrock of heterogeneous societies.

Ironically, the emergence of internet solutions and the promise of globalization while closing up the gap of functionality, has fragmented the various aspects of human existence into independent faculties.

Industries like social media and e-commerce are increasingly growing far apart as exclusive departments.

The Blockchain Solution

In the robustness of its characteristics, Blockchain technology offers the opportunity to create, establish and encourage the combination of both social and contractual interaction at the same time. This can be identified as a restoration of human ethics that is threatened with extinction.  

Blockchain platform, is creating a community where trading can thrive, but not at the expense of socialization.

It cannot be denied that the social media has become a major aspect of human lives both at individual and institutional levels. The key elements of social media are based on interactions through likes, shares, comments, follows, etc. Absorbing these key elements into the marketplace is a restoration of the basic ethics of human interactions that encourage community bonding.

This development is built upon the philosophy of the traditional marketplace of several decades ago, where trading extends beyond the contractual buying and selling of goods and services, but involves the social interaction of the parties involved.

A Unique Way of Transporting Value

The soma platform is developed using the Ethereum smart contract, and leverages social capital through its rewarding system. It utilizes blockchain technology to create a decentralized ecosystem that incentivizes members of the community to perform value-adding services for the benefit of the community as a whole. The rewards and incentives serve as tools to encourage the full establishment and continuity of the socio-trading environment which promotes the coexistence of humans in general.

The smart contracts of soma allows its users to create Interactive Item Cards (IIC), a patent pending feature. Users can then leverage on the created IIC to engage in social contributions on the created digital content. This functions like the traditional social media where items can be promoted in terms of likes, shares and comments.

The social contribution of engaging digital content 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.

These Interactive Item Cards are transferrable from one user to another even as the ownership of the physical items that they represent change hands. Such, the details of an item can be tracked via these cards as they will contain the entire history of the specific items that they represent.

A Token for the Community

In order to guarantee the full establishment and continuity of the Soma community, participants are incentivized through a continuous reward system.

The soma rewarding system is fueled by the Soma Community Token (SCT). Soma Community Tokens are used to lubricate the trade inside the platform and facilitate Soma’s expansion around the globe. SCT functions as a digital currency in a rewarding mechanism for users who add value to the community by performing important functions, such as sharing or promoting an item for other users. Other actions like acting as a trusted third party between seller and buyer can also be rewarded using the SCT.

The Soma ICO is set to begin in the last week of September 2017. This ICO will serve as opportunity for participants to 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.

However, interested investors and cryptocurrency community members can participate in the ongoing Soma pre-ICO by visiting the Soma website.

Last modified: May 21, 2020 9:17 AM UTC

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