Soma is a new social marketplace built on the blockchain. Soma community users are rewarded when they perform actions that foster social wealth within the marketplace.
Traditional social actions including sharing and liking are incentivised through Soma Community Tokens (SCT).
In this guide we are going to look at the SCT in more detail. We’ll explain how these SCT Tokens function and how you can purchase your own SCT Tokens.
How SCT Tokens Function Within Soma
The SCT token sits at the heart of the Soma (https://soma.co/) marketplace and community. Soma sees the SCT token as being the core driver to expand the community.
The SCT token will also serve as a way of tracking the price history of items sold within Soma. Each item will be assigned an Interactive Item Card (IIC). The IIC will allow the product condition and owner history to be saved to the blockchain.
Soma also forces a future when the community will be able to analyse the price movements of specific items within the marketplace. This will enable participants to determine which goods are currently being either over or under produced. This should help entrepreneurially minded users to identify business opportunities. With greater access to accurate data these entrepreneurs can satisfy actual, rather than perceived demand.
SCT ICO
In order to distribute the tokens Soma is using an Initial Coin Offering (ICO).
Soma has set the maximum number of tokens that will be created at 60 million units. Out of that total supply of 60 million SCT, 54 million will be allocated towards contributors to the ICO.
6 million SCT units are going to be used in order to grow the platform. This will marketing and reward members who contribute to the social value of the community.
Funds raised during the ICO will be used for a range of purposes. The largest of these will be Marketing and Area launches with 35% of the funds raised for this purpose.
Launching The Soma Platform
Soma have developed a marketing strategy whose roll-out will depend on the amount of funds raised during the ICO. For every 1500 ETH that is raised during in the ICO, a new marketing campaign will be launched in order to target a specific area.
Funds raised by Soma will be used to reward early adopters and those who help to grow the community in the geographic area. Soma’s strategy therefore is to start locally and grow globally.
Goals For The Soma Platform
Soma has a two year goal to attract tens of millions of new users to it’s marketplace. Early adopters who participate in the SCT ICO should be able to enjoy growth in the value of the token as the community expands.
Token owners will also be naturally incentivised to contribute in the growth of the Soma ecosystem, as such growth should help to increase the value of their own SCT tokens.
Contributing To SCT Tokens
To contribute to the SCT token sale visit their website at: https://soma.co/
Soma whitepaper: https://soma.co/wp-content/uploads/2017/09/Whitepaper-2-compressed.pdf