• Soma

    2.69
  • Decentralized social marketplace

About Soma

Soma is a decentralized, blockchain-based social marketplace wherein users can securely and reliably trade with one another and are rewarded for interactions and engagement using Soma Community Tokens (SCT). Soma utilizes well-known social media behavior (such as liking, following, and sharing) along with token-based incentives for community members to cooperate and help each other and the platform as a whole. For example, users can gain SCT by promoting items listed on the platform (either within Soma or on other social platforms), or by acting as arbiters or trusted escrow agents in others’ transactions. There is also a system for rating and providing feedback to sellers and arbiters.

Within the Soma platform, every physical item is represented by an Interactive Item Card (IIC), which includes information about the item’s ownership, condition, genuineness, and price history. The patent-pending IIC, which is Soma’s principle innovation, makes it possible to preserve an item’s ownership and condition history in the blockchain; this is especially useful for vintage, art, and valuable goods markets. The IIC is designed to accumulate ‘social value’ via user interactions (likes, follows, etc.), thus incentivizing users to create high-quality content on the platform. Changing the ownership of the physical item also changes the corresponding ownership of the item’s IIC. The IIC also provides a reselling feature which allows sellers to offer commissions or discounts to resellers, enabling them to create an efficient sales network in a decentralized community.

With its decentralized marketplace and IICs, Soma establishes a free market and makes it possible to track real price chains in everyday trade. In the future, Soma plans to enable the community to monitor the price development of items for market analysis purposes.

Soma says that it offers users various payment methods, including fiat currency, Bitcoin, and few major altcoins, and that the use of SCT for payment is incentivized by freeing it of transaction costs. Apparently, users can deposit money into their Soma accounts via any of the usual channels, such as credit/debit card, Paypal, wire transfer etc. The whitepaper states also, however, that only cryptocurrencies are used for payment inside the platform, and that withdrawal in cryptocurrencies is recommended as it can be made free of charge.

Soma is launching 60,000,000 SCT, of which 54,000,000 will be sold in the ICO. The remaining 6,000,000 SCT units will be used for growth (marketing and rewards, including presale bonuses). Funds raised in the ICO will be used for marketing and area launches (35%), product and technology development (20%), patents and legal issues (20%), operations (15%), and community rewards (10%). The current presale is limited to 8,000 ETH and 4 weeks, while the ICO will be limited to a minimum of 8,000 ETH and a maximum of 120,000 ETH. Every 1,500 ETH raised in the ICO will be used to expand the Soma marketplace to a new region or state.

Crowdsale Details

Start Time Presale on now (as of 31-July-2017)
End Time Presale on until 11-August-2017
Total Supply 60,000,000 SCT in total; 4,500,000 SCT available for presale.
Maximum Raise 8,000 ETH in presale, 120,000 ETH in ICO.
Pricing Structure 1 ETH = 450 SCT. Current bonus is 10%, next week it is 5%.
Holding of Funds All funds managed by Soma. Details N/A.

Project Highlights

Technical White Paper The Soma whitepaper is a lengthy but somewhat incoherent presentation of the project’s business model and includes what looks like the IIC patent application. It does not go into any functional or technological specifics. According to the website, a technical whitepaper is to be released soon.
Team The website lists the project team members with pictures and first names only, along with generalized ‘about’ paragraphs. No LinkedIn or other profile links (or even last names) are provided. Reference to Espeo is made in a couple of team members ‘about’ paragraphs.
Location N/A
Blockchain Ethereum
Project Code N/A  (part is patent-pending)
Prototype IOS app in alpha available upon request, Android app coming soon.
Token Rights Rewards and trading on the Soma platform.

*Disclosure – At the time of writing, cryptorated staff owned no Soma tokens.

Interested in deeper analysis – Soma?

Team

Crowdsale Details

Project Highlights

Ratings

Product

View Breakdown
Readiness

Is the product ready for use? Is there a working prototype or MVP? How long until it is operational?

2
N/A
2 - Proof of concept or test platform.
Appeal

Does this solution have a distinct edge?

3
N/A
3 - Interesting.
Target User Base

Is it mass market or niche?

3
N/A
3 - Has growth potential.
Competition

Are there many other similar solutions or is this one of just a few, or even one of a kind?

3
N/A
3 - Some normal competition.
Innovation and IP

Is there (patentable) innovation and intellectual property?

4
N/A
4 - Original, specialized.
Use of Blockchain

View Breakdown
Blockchain Development

Is blockchain technology essential? Does it make the solution significantly different and better?

4
N/A
4 - Innovative use of blockchain technology.
Disruptive Blockchain Advantage

Is it safeguarded against misuse and corruption?

2
N/A
2 - Some, but not much.
Need for Custom Token (vs. BTC or ETH)

Is the token essential or could it be done just as well or better with fiat or Bitcoin?

2
N/A
2 - Some, mainly network effect.
System Decentralization (besides token)

Does the token provide holders with value other than as an investment?

4
N/A
4 - Mostly decentralized.
Contribution to Blockchain Ecosystem

Does the solution contribute to the evolution of blockchain infrastructure and economy?

3
N/A
3 - Interesting.
Whitepaper

View Breakdown
Comprehensiveness

Does it cover the full scope of the problem and solution?

2
N/A
2 - Insufficient coverage.
Readability

Is it easy enough to understand?

3
N/A
3 - Readable, takes some time.
Transparency

Does it candidly describe and disclose where the project now stands, how much exists and how much still needs to be done, etc.?

3
N/A
3 - Basic honesty with some hype.
Business Plan Presentation

Does it contain a viable, comprehensive business plan?

3
N/A
3 - More information required.
Technology Presentation

Does it present a well thought out technological architectecure? Does it address implementational challenges?

2
N/A
2 - Missing critical information.
Roadmap

View Breakdown
Concreteness

Is there a concrete and practical development plan (vs. just a conceptual vision)?

3
N/A
3 - An overall plan, major milestones stated.
Feasiblity

Is the development plan realistic? Is it based on reasonable goals and timelines?

4
N/A
4 - Realistic.
Vision

Is there a larger, long-term vision?

3
N/A
3 - A trend with potential.
Dependencies (other services or capabilities required)

Does it seem as though a lot of know-how and experience went into the development plan?

3
N/A
3 - Imperfect but available, or using substitutes.
Current Position

Is the project currently sufficiently far along in its development plan (relative to its vision and plans)?

3
N/A
3 - Getting there.
Compliance

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Token Utility (intrinsic value through usage)

Is there a concrete business plan (vs. market descriptions, general sentiments, and fluff)?

3
N/A
3 - Limited or uncertain use cases.
Token as Security (tradable financial instrument)

Is the business model realistic? Is it based on reasonable goals and timelines?

3
N/A
3 - Partly; compliance not fully assured.
Token / Smart-Contract Infrastructure Readiness

Are the solution's revenue streams, profit mechanisms, key KPIs, etc. clear and easy enough to understand?

1
N/A
1 - Nothing yet, just an idea.
Attention to Compliance Issues

Is the project raising an amount of money that makes sense given what it needs to reach profitability?

2
N/A
2 - Minimal, superficial or hackneyed.
Legal Review or Agreement

Is it safe from legal, moral or investor abuse?

1
N/A
1 - None available.
Company and Team

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Company Stage and Foundation

Is the company already established? Has it raised funds before? Is it mature?

4
N/A
4 - Established with some fundraising history.
Background of Lead Team Members

Do we know who they are? Do they have LinkedIn profiles? Do they have solid, relevant backgrounds?

2
N/A
2 - Fragmented or inconclusive.
Team Assembly and Commitment

Is a solid, fully committed core team in place? Do they have online (e.g. LinkedIn) profiles showing sufficient relevant experience? Is their participation transparent?

3
N/A
3 - Mostly assembled and committed.
Team Skill Set Relevance

What is the level of presence, added value, and commitment of the advisory board?

3
N/A
3 - Correlated to project requirements.
Team Skill Set Balance (biz / tech / blockchain)

Are there enough sufficiently experienced blockchain architects and developers on the team?

3
N/A
3 - Somewhat uncertain, probably okay.
Token Sale

View Breakdown
Raise Amount Max

Is there a clear cap? Is the maximum raise amount modestly sufficient (as opposed to either greedy or insufficient)?

1
N/A
1 - Very greedy (e.g. uncapped).
Raise Amount Min

Is the minimum raise reasonably enough to carry out the majority of the development plan? Are there raise amount dependent milestones?

1
N/A
1 - None or nonsensical.
Fund Allocation

Is fund distribution and allocation reasonable and justified?

3
N/A
3 - Rough estimates, but sensible.
Token Allocation

Is the ratio of tokens sold to those kept reasonable? Does it prevent the company from having too much control?

2
N/A
2 - Unclear or suspicious.
Media Presence and Following

Is the ICO well planned in terms of time, phases and scenarios?

3
N/A
3 - Some presence, lukewarm reception.

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