SOMA ICO Review
We live in times where social media have a very strong position when it comes to influencing our everyday life. These sites and platforms no longer are only about finding your childhood friends or messaging your relatives that live abroad. They have evolved to be part of our life to even a point of conducting our businesses there.
In today's TokenTops full review we will take a look at a project that aims to combine a social platform with an integrated decentralized marketplace.
SOMA aims to create a platform where it's community could easily interact with each other like on ordinary social platform, for example through adding pictures and writing posts, as well as sharing and liking. But in addition to this seemingly ordinary idea, they want to create a marketplace within this community. The users will be rewarded tokens for various activities, which can be later spent on buying goods from the others. This way it will encourage users to remain active on the platform.
Another social media?
Everytime when there is a new project that aims for that "social" tag to it's name, everybody probably wonders why would anyone need anything more if we already have Facebook, Instagram and Twitter. Well, don't let the social media aspect of this site fool you. Thanks to the blockchain technology they will integrate a really neatly working marketplace on their platform. This way you can easily trade things with your friends and even strangers without any risk of being scammed. For example, even now Facebook that is generally about connecting you with your friends, is full of offers and advertisement. And it's not necessarily from professional sellers. It goes to that simple post on the wall that John doesn't need his games anymore, so he can sell it to his friend for five bucks. Apart from such little offers, they are people for example offering their unused $1000 worth drum kit, as they decided that they don't want to become professional drummers anymore so they post it on a suitable group that connect people of this interest. But why would anyone risk selling items of value to people who can only "promise" to pay, or if you'd like to buy something how can you be sure that the other person will send you this item after your send them the money?
That's what makes this project an interesting alternative to today's social platforms. Especially when we'd think about people connected in groups based on their interests. This way, let's say a group of musicians, can easily and most importantly securely trade their old gear and instruments. It can extend to all fields, and go to as far as people interested in cars trading their equipment and even sell these cars conducting transactions worth thousands of dollars with 100% of security. And it's not because SOMA says it is secure, so we have to believe it. It's the transparent blockchain technology that can assure us such transaction cannot be faked or rigged and the person who is selling as well the one who is buying are secured.
Interactive Item Card
To encourage the users to be active within the community and for the platform not to end up only as Amazon-like site (which also wouldn't be that bad, as any marketplace that is based on the blockchain technology has an advantage over mainstream sites), they have introduced a feature that is patent-worthy and has been initially accepted to become a patent by relevant authorities.
Interactive Item Cards are in a way descriptions of a particular item or good that is being listed, however they are the feature that make this platform indeed a "Social Marketplace", as users through sharing, linking and commenting can increase a value of this item. Such description assures the buyer that the listed product is 100% as the seller advertises it to be. Such technology boosts the transparency and reliability of sellers and that's are the qualities that any buyer enjoys. When they can get exactly what they have wanted, and there are no tricks or hidden facts about the quality or features of the product.
To make such platform even more interesting and most importantly efficient, they introduce their own token. As a blockchain-based cryptocurrency it has all the advantages over any FIAT currency like dollar for example, making it easy, fast and cheap to pay for goods within the platform.
The token is called Soma Community Token (SCT)
The Initial Coin Offering will start at the 26th of September and will last for a month. They want to distribute 54,000,000 SCT tokens for the initial price of 1 ETH being worth 450 SCT. Most of the funds gathered will be used for the advertising and marketing campaigns as this is the most important field in such project that requires a lot of users to become a significant community.
The team is relatively big. They have people in all the necessary fields to execute such project and deliver the platform. An advantage for sure is the fact that they focuses on the technical part and development side, as there are many projects that hire only one programmer while the allegedly big team act only as a bunch of advisors. This shows that SOMA put their focus on platform's development.
Risks and prospects
The biggest struggle SOMA will face is whether or not they will be able to gather a lot of users for their community, as in the amount of active users lies the future of the platform. For sure, we don't have to worry about execution of the project and delivery of the platform, as when it comes to the technical aspect the team is full of experienced and professional programmers. From pictures that we can see on their site, the mobile app demos are looking very interesting both when it comes to features and also with the design itself. Such product seems to be easily likeable by the users. Taking into the consideration the popularity of various social platforms as well as marketplaces and online trading, we can see potential users and place in the market for such platform.
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