Soma - A Decentralized Social Marketplace

The Social Market App (Soma) is a revolutionary decentralized platform which facilitates trade inside the Soma Community through a rewarding system that enables beneficial collaboration between the community members. Users are encouraged to engage in actions that will benefit the other members and the community as a whole by rewarding such actions with Soma Community Token (SCT).

STO/ICO Status

Status
Successful
Symbol
SCT
Start Date
2017-09-27
End Date
2017-11-14
Amount Raised
258.414408 ETH
Hard Cap
120,000 ETH
Token Supply
54,000,000
STO/ICO Website Owner of Soma?
Claim this listing and publish updates.

Basics

PlatformEthereum
TypeERC20
AcceptingETH
Circulating SupplyN/A
KYCN/A
Restricted AreasN/A
HomepageWebsite URL
White PaperView/Download

Bonus

  • 1-2 day pre-sale - 20%
  • 3-7 day pre-sale - 20%
  • Week 2 pre-sale - 15%
  • Week 3 pre-sale - 10%
  • Week 4 pre-sale - 5%

About

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.

SOMA tackles two problems which are closely related. From one side, enterprise suffers from inefficiencies in the tracking, verification, and authentication of goods across a product’s manufacture and post-manufacture lifecycle. On the other side, consumers lack a venue for experiencing the buying and selling of authenticated goods in a socially-integrated context. SOMA provides a social marketplace for consumers to buy authenticated goods whose provenance is tracked and stored on the blockchain. Members can monetize social capital, build a personal brand, and trade in a fashion with other trusted users. They can interact with brands, artisans, and influencers, as well as with other consumers, in a free-market economy that operates with minimal overhead.

Simultaneously, SOMA offers enterprise a robust technology for timestamping, validating, and retrieving key authenticating information. Our Heimdall Protocol connects physical (or even non-physical—more on this below) goods to a digital representation of those goods stored on the blockchain; this digital representation contains a detailed record of an item’s provenance, history, and—in the case of secondary markets—chain-of-ownership.

By addressing the need of people for a more authentic ecommerce experience while also providing a validation protocol, SOMA spans the enterprise and consumer realms. We provide a top-to-bottom solution for the tracking, verification, and marketing of—and public interaction with—the products and goods that power a modern economy.

SOMA’S VALUE PROPOSITION

SOMA offers an integrated solution for trade. Our peer-to-peer social marketplace provides a more authentic, efficient, and personalized transaction experience. Our enterprise solutions allow businesses to track and authenticate goods—and to sell those goods on our platform.

SOMA’s peer-to-peer model enables a more direct exchange than do incumbent marketplaces, shortening the value chain between the original producer of an item and its final owner. The only middlemen are the middlemen that the buyer and seller choose.

SOMA’S HYBRID BLOCKCHAIN SOLUTION

As detailed in ’SOMA’s ‘Values & Principles,’ we are committed to decentralization as a general good. However, we recognize that many enterprise use cases will require some information to be kept securely private. Furthermore, certain national laws often require specific privacy safeguards. Because SOMA’s varied use cases require publicly-available info in some cases and restricted info in others, our Heimdall Protocol will employ both public and private (permissioned) blockchain technology. A combination Hyperledger Fabric/Stellar architecture will achieve a full range of capabilities.

Hyperledger Fabric is a permissioned/private blockchain on which SOMA will build its privacy-oriented architecture. Stellar is a public blockchain which will support our digital wallet, tokens, and crypto-processing. A new, Stellar-based token, SOM, will supplant our original ERC-20 (Ethereum-based) SCT token. Token-based transactions will occur using approved finance partners and exchanges.

SOMA will implement an integrated payment system for crypto-crypto, crypto-fiat and fiat-fiat transactions. Payments involving cryptocurrencies will occur on the Stellar blockchain.

SOMA Architecture:

The SOMA architecture will consist of three layers: the presentation layer, services layer, and data storage layer.

Presentation layer

The presentation layer has the graphical user interface (GUI). Actions such as searching for items, paying for items, and listing of items occur via the GUI, which will take the form of the various web and mobile applications developed by the SOMA team. The GUI/ presentation layer is what users see, click, scroll, and otherwise interact with. It is the communication bridge between the user and the other layers of the SOMA architecture.

Services layer

The services layer has the core SOMA ecommerce business logic components. It processes all transactions generated by users of the platform. This layer also has the security API gateway; it establishes user identity and provides capabilities for authentication, authorization, and integration. The security API gateway ensures that participating users have permission and entitlements granted based on their roles in the blockchain trading network. It interfaces to SOMA’s hybrid blockchain for payment transactions and an off-chain database to retrieve additional business content like images, descriptions, customer reviews, etc.

Data storage layer

SOMA’s data storage layer has the permissioned/private Hyperledger Fabric blockchain technology for transaction, consensus, ledger, and policies. The transactions permissioning service validates the identities of all users using public key infrastructure certificates. It addresses scenarios where privacy and confidentiality are of utmost importance.

Roadmap

2019 Apr~Dec

  • iterate on the marketplace product with community feedback
  • continue to grow the SOMA userbase (both individual and corporate participants)

2019 Sep

  • begin Series A round of venture capital raise

2019 Oct

  • expand beyond the horology industry into adjacent industries

2019 Nov

  • conclude Series A VC round

2019 Dec

  • begin hypergrowth phase

2020

  • Blitzscaling across sectors and geographies, exploring sector-specific applications of the Heimdall Protocol (some relating to the SOMA marketplace, others perhaps not)

Team View All

Jukka Hilmola
Jukka Hilmola
Co-Founder
Joseph al Sharif
Joseph al Sharif
Co-Founder
Sami Suosalo
Sami Suosalo
CFO
Vladimir Serbin
Vladimir Serbin
Senior developer About
Sylwia Rogowicz
Sylwia Rogowicz
Project manager
Ville Valkonen
Ville Valkonen
Legal advisor