“Imagine a technology that could preserve our freedom to choose for ourselves and our families, to express these choices in the world, and to control our own destiny, no matter where we lived or were born.” – Don Topscott
A couple of years ago, a casual conversation on blockchain concepts could prove to be a haze – but not anymore. The increasing popularity of blockchain technology proves that this digital generation is looking for a fast, efficient, secure, and tamper-proof means of managing financial transactions.
This is obviously not a stereotypical flash in the pan type of tech. It is transforming the way businesses are run. More so, this has raised the bar for traditional business systems as it is versatile enough to be used in many industries including the Internet of Things.
Soma’s Ethereum-based Blockchain Tech in a Nutshell
Using blockchain technology, Soma has developed a decentralized marketplace. In other words, this is a network or group of people who bid and trade without the help of a third party or centralized location, such as EBay and Amazon, allowing for free trade.
To simplify, this is similar to using a shared database or ledger populated with multiple encrypted entries. These blocks or tidbits of data managed by Soma’s code and framework provides a seamless alternative to traditional banking processes notorious for its being tedious, pricey, and paper-heavy.
This is so far what we coin as an ideal business set up – pun intended. Soma consolidates the power of social media behavior and token rewards system that encourages a robust sales network within the community. Digital content is rewarded based on user engagement or the likes and shares generated from your posts. Blockchain technology’s impact has been explosive and many businesses are now joining the fray. A lot of young serial entrepreneurs lead the pack and are gaining momentum as we speak.
Soma is a decentralized social marketplace where active users can freely, anonymously, and securely trade with one another. Having shared control, the community has interoperability features like a public utility. This creates a permeable network and an audit trail that ensures a high level of security and product flow. Users are encouraged to engage in the network by being rewarded by SCT – Soma Community Tokens given to users who engage and bring social value to the community.
Multiple blockchain tokens will power this decentralized C2C marketplace, however SCTs users will receive higher rewards. For example, if a Soma member uses a Soma Community Token, they will have zero transactions costs.
Now that’s powerful.
The Interactive Item Card (IIC) – Promoting User Engagement
Especially when combined with their patent-pending feature, the Interactive Item Card (IIC). This will record and transfer key information of every transaction completed within the platform. Users will be able to check item history, price development and authenticity of the listed sale item.
Think of it this way – The Interactive Item Card (IIC) is the digital representation of the products or physical items on sale. This increments in value depending on the engagement factor or social wealth derived from and within the community.
IIC also has this reselling feature that enables users to offer discounts and commissions that boosts user engagement within the network.
The Token-Based Rewards System
The main parties in the Soma Community include seller’s, buyers, promoters, and escrow agents. Each user earns reputation scores based on their engagement and community reviews, incentivizing best consumer-to-consumer market practices. This reward or incentive-based system promotes user engagement.
Soma’s token system empowers the community and facilitates organic growth. This also creates an environment which values transparency and fidelity in transactions which means that data entered are immutable. This eliminates the integration of third-party corporations which can be very expensive and thus, benefits the entire community.
Soma Blockchain Technology – On Going Automated
Blockchain technology is essentially automating the process and is making fundamental shifts in the way businesses and customers transact. Soma’s blockchain tech has the power to redesign the business framework that enable lightning-speed transactions. Unlike traditional management of a database, Soma’s blockchain tech is said to be incorruptible. No third-party entities can tamper or control the information from within, as it runs on the Ethereum network.
Soma also provides a distributed type of database with a secured code that is way cheaper than hiring humans or designing processes to prevent hacking and other database attacks. This provides integrity in each step of the process.
Soma officially launched its ICO on September 26, 2017. The sale will end on October 26th. The potential that decentralization will bring to current marketplaces is massive, notably when blockchain tokens power them.