Soma is a revolutionary decentralized platform which facilitates trade inside the Soma Community through a rewarding system that enables beneficial collaboration of the community members. Users are encouraged to engage in actions that will benefit other members and the community as a whole by rewarding such actions with Soma Community (SCT), a cryptocurrency designed to incentivize the members of the decentralized community to perform value-adding services and act as a fast, secure and cost-effective way of compensation.
Soma stands for Social market. Soma is a blockchain based social marketplace that supports the community by offering rewards in a form of a cryptocurrency for its users by interacting
socially with various features inside the platform. Soma includes generally known features and concepts from traditional social media platforms and utilizes the blockchain technology to
incentivize its users to socially contribute to Soma’s future.
Soma is developed as a marketplace where users can securely and reliably trade with each other in a decentralized platform. The platform encourages users to engage in cooperation to provide members of the Soma Community a comfort of a 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 value is rewarded by Soma Community Token (SCT). SCT is a cryptographic token which is utilized inside the community for rewarding and thus facilitates the organic growth of the Soma community throughout the world.
From the early days of history, trading has been a social phenomenon. Historically, people have assembled into the marketplaces and bazaars in order to exchange pleasantries and trade
with items that were imported from the different parts of the world. Today, the situation has changed remarkably.
Majority of the C2C-trade happens in internet platforms, such as Ebay, which offers its users a ”one-stop-shop” platform to list items for sale around the globe and buy them in a similar
manner. However, the contemporary platforms have deviated from the traditional trading as the people are hidden behind the anonymous usernames without creating any other value than
the one which derives from the transaction itself. Thus, the social aspect has deviated from trading already a long ago. The lack of social interaction between the users removes an
important element, something which has been a natural part of trading and exchange since the beginning of the economic activity between human beings.
This is where Soma stands out from the crowd. The idea behind the Soma is to bring the social aspect of trading back into the digital marketplace. Soma implements all the widely
recognized social media concepts in its platform, such as liking, following and sharing. Users are encouraged to engage in these actions by getting a reward in Soma Community Tokens
(SCT) as a compensation for the user’s contribution to the social capital of the community. Thus, Soma provides environment that guarantees a fair distribution of wealth for the members of
Soma is the world’s first marketplace that will reward its users for aiding the process of exchanging. By incentivizing users to engage in such actions, Soma will facilitate recycling and take the sharing economy to the next level. One of our core values is a clean environment and we believe that it is absolutely necessary to change our consumption habits in the western world by allocating resources more efficiently.
The fundamental unit of account on the Soma’s platform is the SCT, a cryptocurrency designed to be used as a rewarding mechanism to users engaging in actions which benefit the users and the community as a whole. We believe that cryptocurrency, such as SCT, can be mainstreamed efficiently by providing a functional and user friendly platform with possibility to earn by contributing to the social capital of the community. Our goal is to to be the internet’s largest marketplace where the benefits of the decentralized platform is utilized efficiently, thus expanding the SCT as a method of compensation simultaneously
2.1 Payment Options
Soma offers its users various payment methods inside the platform, such as fiat currency,
Bitcoin and few major altcoins.
As the community grows, the The acceptance of the SCT will be increased, thus leading to
a global phenomenon of utilizing it as a method of payment in the contributions towards the
social capital by the users. This is also the goal of the community in the long-term as it
benefits the community in various different ways, namely by decreasing transaction costs
and promoting efficiency inside the community.
While we enable the use of many cryptographic currencies on a SOMA platform - we support the use of SCT as a payment and incentivize it by removing transaction costs from the transactions made with SCT. The rationale for the SCT is explained in more detail in the chapter below.
2.2 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
SCT ensures that the expansion of the Community is designed to be rapid and constant. This facilitates cooperative behavior between the users in the community. For example, imagine that there is a musician with a lot of followers as a user in the Soma. Then, there may be a guitarist who is in need to sell his/her guitar as he/she has bought a new one. The musician may choose to earn SCT, as it is possible to promote the guitar to the followers, which may be the ideal audience for that particular item. The guitarist compensates the promotion by setting a specific reward for a such conduct.
2.3 Deposit, payments & withdraw
User may deposit money to Soma’s platform by any normal means, such as
credit/debit card, Paypal, wire transfer etc. After the deposit, user may choose
to be credited to the ”Soma account”. Every payment inside the platform
happens with cryptocurrencies. For the sake of the Community, Soma will
encourage users to use SCT as their chosen currency for transactions.
Withdrawal is recommended to be made in cryptocurrencies, as then it can be made free of charge. The reason for using fiat money as a means of deposit is to facilitate the mainstreaming of the platform which increases the user base and thus spreads the use of the SCT from the early adopters to the majority.
2.4 Soma secure payment
Soma Secure Payment is an integrated escrow service which facilitates the payment process by holding the payment in a secured escrow account until the buyer has confirmed that a
certain priorly agreed event has occurred (i.e receipt of item). As a decentralized platform, Soma will be able to minimize the transaction costs and provide a feasible way to engage even in
high-value transactions in a safe manner.
An arbiter based system is used in Soma, whereby arbiters act as trusted third-parties between buyers and sellers for a sale in the decentralized marketplace. An arbiter receives its compensation as a dynamic fee which is set in the offer that is sold. Soma implements a rating mechanism, which allows to rate all of the three parties relating to the transaction. The arbiters are chosen after the final acceptance of the transaction, which is made by the buyer. Usually, the buyer and seller will agree on the arbiter before the acceptance in the private discussion.
In majority of the cases no dispute arises so arbiters are needed to perform their functions only in rare occasions. However, they play important role in securing that the parties in transaction fulfill their obligations in an agreed manner. If a seller does not ship goods, the arbiter returns the funds to the buyer. If the buyer does not release the payment for the seller despite it has received the goods as described, the arbiter releases funds to the seller. The feedback and rating system should preclude the community members from engaging in irrational behavior by providing a strong incentive for users act in a good manner as the good rating will increase the prospects of the future business. Escrow works with native payments in Soma as well as external payments with SCT/BTC/Altcoins by signing transactions inside of the Soma community and posting to the appropriate network once the escrow contract is complete.
Interactive item card
3.1 The concept of interactive item card (Patent-pending)
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 in the platform as they get rewarded from 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 overall trust of the community.
Soma utilizes the Ethereum blockchain and smart contract system in the item card verification to safeguard that the item card cannot be duplicated and the information is transferred securely. Interactive Item Card is a patent-pending innovation. Patent attorneys and the relevant authorities have conducted a thorough preliminary research and found nothing which could prevent the patent application to succeed. For a more detailed description of the IIC process, please see Appendix I at the end of this paper.
3.2 Promotion of the interactive item cards
Users may earn SCT’s by promoting item cards. For example, if a user believes their following audience would likely to be interested of particular item, it may choose to promote the item card published by some other user. In exchange of promotion, the original publisher of the IIC may reward the promoter with SCT in return for a 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.
3.3 Reselling the items
Sellers may leverage a 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 wants 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 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 a 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 of 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 proportion of the value created. In Soma, this becomes reality by providing 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”.
The problem of trading
Trading is not free. States and interest groups have an impact on prices of products and commodities. A classic example is the daily consumption of oil, the price of which is determined by
the OPEC. OPEC manipulates oil price by imposing import volumes, since their target is to keep the price on a specific level. There are also several beneficiary organizations for most of
the raw materials and commodities. Even on a small scale, prices are determined incorrectly.
The institutions can underprice a certain commodity for marketing purposes, and conversely, overprice it for profit purposes. An actor who acts as a broker or an intermediary may not add
any substantial value in the value chain of a particular product. For example, a carpet which is made as a handcraft in a certain country may have accumulated excess in its price which
does not necessary reflect its value because of a inefficient chain of distribution.
The biggest problem is seen on the small scale production of developing countries. Craftsmen, farmers and raw material producers will only get a minority stake on the finished product. Attribution of value to the beginning of the chain has not been possible without the intermediaries. It is also possible that trade in goods at the state level is blocked by custom duties or embargoes. This multi-tiered arrangement has been necessary before the development of technology. Now technology allows to establish a free trade community, but the implementation must be done. The winners of fixed prices are large organizations and dealerships dominating the sales interests.
Currently, there are a lot of areas in the developing countries where people do not have access to basic banking services, thus increasing their chances to be left out from a just proportion
of profits. SCT will ensure that Soma is a perfect solution also in the developing countries.
SCT will provide a rewarding mechanism that can be accessed from every part of the world with internet access.
The vision of the Soma community is to provide a platform that sets up a true freedom of trade, without any redundant actors that do not increase any value in the chain of transactions. Soma is the solution that drops out all of the unnecessary middlemen from the trading and starts a new era of free trade. Soma community will cut out the middlemen from the transaction process and provide liquidity for the community members around the globe. Currently the profits are not attributed correctly in the global trade and multinational corporations have been the largest beneficiaries from that. Profits should be aligned with the value creation in the production chain, thus eliminating any mismatching of profits between the actors.
Soma’s own cryptocurrency is the next step in soma's strategy towards more efficient trading inside the community. The SCT will function in the heart of the rewarding mechanism that is
the core expansion driver of the community.
The Interactive Item card, a patent-pending innovation, makes possible that the owner history, product condition, and restoration history of the physical item are preserved in the blockchain. This is an excellent and necessary functionality to the growing vintage, art and valuable goods market. When creating a Soma Community Token, the platform is able to track the history of the price of a item in a blockchain.
With help of an SCT, the community establishes a free market for items, and can track the real price chains in the everyday trade. Prices determined in the transactions are the most accurate market prices. This is the beginning of a new period of unrestricted trading with no intermediaries in the value chain.
In the future, community can monitor the price development of items. With price monitoring the community can also analyze over and under- production of goods, which establishes business opportunities and corrects the scarcity of goods based on a genuinely correct demand.
The Soma Community Token is part of the innovation that has been already developed. SCT supplements the already existing infrastructure and creates a value nominator for the community. SCT is created for the need and it has a market.
6.1 ICO Specs
Soma Community Tokens will have a maximum of 60,000,000 units. We are launching 60,000,000 SCT in ICO, of which 54,000,000 are sold at ICO. The last 6,000,000 SCT units will be
used for growth, such as marketing and rewarding active community members. Funds are managed by Soma. Note that the pre sale bonuses are paid out of this (6,000,000 SCT) fund.
As for the ICO round - the funds will be utilized as follows:
35% Marketing and area launches
20% Product development and technology
20% Legal issues and patents
15% Operational team
10% Community reward (We’ll reward the ambassadors and marketers of the community)
Pre sale is Limited on 8 000 ETH and 4 weeks. If the pre sale is completed before the four-week time limit, it will be closed. Bonuses are booked according to the arrival time. Bonuses will be paid from Soma's share of SCT.
Pre sale motivation bonuses goes:
1-2 day 25%
3-7 day 20%
Week 2 15%
Week 3 10%
Week 4 5%
The maximum ICO cap is 120,000 ETH. In the ICO campaign of every 1,500 ETH, we are expanding our marketplace to a new region or state. The goal is to grow in favor of the early adopter. See the next section for more information.
6.2 Launch Strategy
For the ICO to be a reasonable for early adopters, a marketing is one of the key drivers to a success.
Every active SOMA community member is in favor of supporting SOMA Marketplace in their local communities. Our marketplace works globally and the funds 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 we have collected will “launch” a marketing campaign into a new geographic location. Active members of the community can by their own actions import SOMA's solution to improve social trading and facilitate the expansion of the community in their geographic location.
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 more reasonable to allocate funds determined by the market forces than to guess or plan it in advance. The expansion in our launching strategy is the advantage of the early adopter, as it allocates the marketing funds fairly for the subsequent organic expansion of the Soma community. The early adopters are the beneficiaries, as Soma will begin its global journey from their local communities.
6.3 Early adopters in ICO
We offer ICO as an opportunity to join our future vision. The contributors of the ICO can be
regarded as the founding members of the global community. Our early backers shares the
vision of the next generation trading community, recognizing that the status quo does not
serve the actors in the markets in the most efficient way.
Please note that SCT is not an investment and cannot be considered as such. It is a revolutionary cryptographic token in a decentralized marketplace which will be owned by the users of the community. The early backers are the visionaries who will share the future of the Soma and the SCT.
6.4 The mainstreaming of Soma
We develop the SCT as a value nominator that could be accessed by all kinds of consumers. The features of the C2C trading in the Soma’s platform, and the community rewarding system, are excellent in attracting the general public for the daily SCT use. Soma's two-year goal is to reach tens of millions of consumers around the globe as its community members. Early adopters and speculators are part of the SCT community and are involved in building the pre-launch strategy for the public masses. The common goal is to prevent and minimize the exchange rate manipulation and to maintain liquidity.
Summary & one pager
Soma (http://soma.co/) began as a project since we wanted to create a unique and innovative platform for second hand commerce as a response to the market situation where the old
platforms which stem already from the 1990’s are leaking vast amount of users to localized Facebook Groups. Thus, we reasoned that this phenomenon happens for a reason, which we
concluded to be the need for a more interactive platform with social features, such as the concepts from the traditional social media.
Soma builds a social trading platform that has a strong digital asset and innovations like the Interactive Item Card (IIC). IIC is revolutionary for its ability to archive ownership history,
authenticity and social value. A physical product is more prosperous if the IIC connected to it has a lot of reputation and likers.
The Soma Community Token enables the digital item card to recover payment information and realization of the social capital. For the first time in history, this reveals the genuine data on trading trends and simultaneously monetizes the social contributions of the users. When information is stored in this way, the community benefits from the perfectly accurate prices on a free market. A price that is not determined by institutional pricing or by intermediary commissions. Just a genuine price.
SCT is not an investment product and will not be considered as such. Do not expect increase in value with this token and you should be prepared for the depreciation. Nevertheless, we do our best to develop the Soma community and SCT.
- SCT complements a good business model with the patent-pending Interactive Item Card (IIC) and it is indispensable for the future of a C2C-platforms - The value may rise when the C2C marketplace becomes mainstreamed
- With an Interactive Item Card, marketing and other promotions are rewarded by SCT
- The largest adoption of the SCT comes from its introduction to a mass market for ordinary consumers
- Compared to other cryptographic tokens, Soma has a significant and well-founded strategy to acquire a large number of customers (new customers to a cryptocurrency-based community) to raise SCT market size.
- The more ETH the community collects in the ICO - the faster it expands and spreads.
Soma community is established as the change is inevitable and the future is in our hands. Soma is already developed to an advanced stage as the application is in closed Alpha (Testflight version) so the implementation of the blockchain based features will be the revolutionary part of the Soma. It is a solution for the problem of the status quo, which is that the free trade is distorted by the inefficient distribution of the wealth and income.