## What is Soma?<h2> 
From back in the ancient past, trading activities have been a social phenomenon. People have assembled historically into the bazaars and marketplaces in order to trade items imported from around the world. Trading has changed remarkably today. The majority of the customer to customer trade takes place today in internet platforms. Large online marketplaces such as eBay offer users a ”one stop-shop” platform for bartering and trading. As people are hidden usually behind anonymous usernames, the new trading platforms have deviated from the historical standpoint of trading. For this reason, the current platforms do not offer any features to facilitate social interaction.
An important element that used to be s natural part of exchange and trading since the early stages of human economic activity is now missing. Within the current market trends there is a huge demand for a platform able to unite social interaction and trading. Soma comes to answer this need as its fundamental purpose is to return to the social aspect in trading.
As a trading platform that is decentralized, Soma uses a rewarding system enabling beneficial collaboration and facilitating trade inside the community. By rewarding users that engage in beneficial actions to other community members as a whole with a cryptocurrency called Soma Community Token (SCT), the platform incentivize value-adding services and to leverage social capital. The SCT is an ERC20 token that facilitates organic growth. This is a cost-effective, secure and fast way of compensation.
The name Soma stands, in fact, for the Social market. The blockchainbased social marketplace enables its users to interact socially. There are various features implemented on the platform, including concepts such as sharing and liking. In this decentralized environment users can reliably and securely trade with each their desired items. Soma also comes with a patent-pending feature that is called the Interactive Item Card (IIC). This is a unique feature is designed to transfer and preserve important information that is used in transactions within the platform. A unique item card is created by every physical item listed in the platform. This is a physical item’s digital representation. It can be utilized to verify item price, development, history, and authenticity.
This is what makes Soma different. This revolutionary platform returns into the digital marketplace the trading’s social aspect. All the social media concepts present on traditional networks are implemented by Soma platform, including sharing, following, and liking. Soma provides an equitable distribution of wealth for its community members and takes to the next level the sharing economy by facilitating recycling. A clean environment is among the marketplace platform’s core values. The developers of the Soma platform consider necessary to allocate unutilized resources more efficiently and to change the habits of consumption in the western world.
The SCT, the Soma cryptocurrency, provides a user-friendly and functional mean to increase wealth by bringing a positive contribution to the community’s social capital. Various payment methods are provided inside the platform, including major altcoins, Bitcoin, and fiat currency. It is expected that the popularity of this cryptocurrency will increase when this trading community will grow. In the long-term, the SCT brings many advantages to the community, including promoting economic efficiency and decreasing transaction costs.
By not charging for those transactions that use SCT, Soma provides a strong support for the use of this cryptocurrency on its platform, even if it also enables the use of multiple cryptographic currencies. The SCT is used to facilitate the global expansion of Soma. An important part of the organic expansion is the behavior of cooperation between the community users.
Soma also offers its Secure Payment as an escrow service with an important role in facilitating the payment process. Until the occurrence of a certain event is confirmed by the buyer, the payment is hold in a escrow account that is secured. Soma is designed to offer a way to perform high value transactions in a safe way and to reduce the costs of the transaction.
Soma uses a system based on arbitration. In a sale that takes place in this decentralized marketplace arbiters act as third-parties between sellers and buyers. The compensation for an arbiter is included in the offer. A rating mechanism is also implemented in Soma, allowing rating all of the parties involved into the transaction.
The arbiters only rarely perform their functions since usually no dispute arises. However, arbiters play an important role in ensuring that all the parties involved in a certain transaction respect their obligations. For instance, the arbiter will return the money to the buyer if a seller does not fulfill its obligations to ship the purchased goods. On the other side, the arbiter releases the money to the seller if the buyer does not complete the required payment. The community members are prevented to engage in irrational behavior, providing a strong incentive to act in a positive manner. Escrow works with external payments made with Altcoins / BTC / SCT, as well as Soma native payments.
## The main features of the revolutionary Soma trading and social platform are: <h2>
• P2P marketing
• Social contributions
• Secured payments
• Interactive Itemcard (IIC)
Every transaction happening inside the Soma platform will change the corresponding ownership of the IIC as well as the physical item’s ownership. As physical item’s digital representation, IIC includes information about the condition of the physical data, ownership data, the price history, and the genuineness of the item. Through different social interactions from the users, the IIC will accumulate social value inside the trading community. This social value may be reflected in the physical item’s value.
The Soma platform is preparing an ICO offer. As much as 6,000,000 SCT units are going to be used for growth, such as rewarding community active members and marketing. From this 6,000,000 SCT fund are paid pre sale bonuses.
## The funds out of the ICO round will be used in the following ways: <h2>
• 10% Community
• 15% Operational team
• 20% Patents and Legal issues
• 20% Technology and Product development
• 35% Area launches and Marketing
Coming with a wide range of useful features and bringing back social interaction to trading activities, the revolutionary Soma platform has all the qualities required to succeed. For this reason, experts expect Soma’s future expansion and growth.
Website: https://soma.co/
Whitepaper: https://soma.co/wp-content/uploads/2017/07/Whitepaper-1.pdf
Author: https://bitcointalk.org/index.php?action=profile;u=1078950