Blockchain Startup Soma Challenges Retail Giants eBay

We are in the middle of a golden technological era. There are very few problems that technology can’t solve. New technological innovations are developed daily, each of them offering a new solution to various problems faced by humankind, and this trend is showing no sign of slowing down.

Blockchain is a great example of an outstanding new technology that is transforming our daily lives. Blockchain challenges retail giants, creates new opportunities, and is even used to respond to some of the most pressing social issues such as poverty and water scarcity.

The time is quickly approaching for blockchain operations and cryptocurrency to be accepted as the new, universal business norm.

What is blockchain technology and why is it so powerful?

Blockchain allows its users to maintain transparent, decentralized ledgers and enables them to retain a high degree of risk mitigation and efficiency throughout internet transactions.

This technology is currently being used by a number of industries including e-commerce, travel, employment, charities, and social organizations.

Essentially, blockchain provides a rapid and secure method of completing online transactions.

Blockchain challenges retail giants through crypto based startups

As soon as blockchain was introduced, almost every industry saw its potential and used the new technology to its advantage. Not only has this trend not slowed down, it continues to grow. In fact, even today, various industries continue to capitalize on everything blockchain has to offer.

New startups using blockchain are launching crowdfunding campaigns at record breaking speeds. They use cryptocurrencies to attract investors and to increase the selling appeal of their products. By enabling transactions via cryptocurrency, Soma is revitalizing the online market place and is encouraging social activity by bridging the gap between people and retail.

Soma is more than just an online market. It is a platform that provides endless opportunity.
Soma aims to offer its users a platform through which they can trade products quickly and securely. Though similar to eBay and Amazon, Soma also allows its users to trade among themselves.

Soma, whose name derives from the phrase “Social Marketplace”, has introduced the concept of an online community. Participants, who can remain anonymous, can trade with each other while also gaining incentives from the brand for their activity on the platform. Soma utilizes the power of blockchain through the use of its exclusive cryptocurrency, Soma Community Tokens (SCT). Blockchain challenges retail giants because, for example, SCTs can be traded for any digital currency or fiat cash, and this can also help bring you one step closer to the thriving crypto-investment market.

Don’t just trade online. Gain compensation while selling and buying.

Soma’s most unique feature as compared to other social markets is the potential to gain compensation when using the platform. Not only is selling and buying cheaper on a blockchain-based platform, Soma also offers its users the ability to earn SCTs through regular actions. It relies on the Ethereum blockchain to create this User Rewarding System (USR).

Users can earn tokens by posting their goods and services online as well as through other common social interactions such as commenting and reviewing. Further, they have the ability to earn tokens by acting as a third party arbiter in the event of transactional disputes.

A platform that pays you to be socially active? There is no doubt that people will embrace it.

Eliminating the limitations of online trade

Online trading can be restricting due to elevated external costs. Merchants are not only required to pay premiums to gain access to social marketplaces, but they also must accept online payments. Similarly, buyers pay higher prices for their goods because each contributor to the supply chain has to be compensated.

Soma eliminates these complications by creating a marketplace with only the required actors: the buyer and the seller. This platform increases the freedom of trade by maintaining low costs throughout transactions. Based on the liberal nature of cryptocurrency, no one individual has ownership of the crypto-market, and thus, no limitations can be imposed on crypto-owners.

Revolutionizing the C2C market with cool new features

In addition to the USR, Soma also announced a number of cool features such as the Interactive Item Card (IIC). When a user purchases an item on Soma, they gain ownership of the physical item as well as the item’s IIC. The IIC is a digital record of all important information about the product. It also maintains the history of the product in terms of ownership, market value, and quality. The IIC will enhance the reliability of Soma’s trading service through increased transparency concerning the product’s condition.

Multiple payment methods for greater convenience

While payments on Soma can be made via Ether or Bitcoin, it is not limited to cryptocurrency. Instead, the company also plans to allow payments through PayPal, fiat cash, and bank cards. Payments are also completely secure due to the nature of cryptocurrency.
Rather than racking your brain when trying to figure out the safest payment gateway or the lowest bank fees, you can make your life easier by switching to crypto when using Soma.
Be a part of the Soma Community Today and earn big returns on your investments
If you are looking for a great place to invest your money, Soma is a promising choice. This blockchain technology that is challenging retail giants is proving to be a big hit online. Soma’s business model and culture promotes constant innovation, and the startup’s multiple use cases also adds a level of security for those who are worried about the fluctuations in the Bitcoin market.
The Initial Coin Offering of Soma is scheduled to start on 26th September where Soma Community Tokens will be made available to buyers for the first time. Becoming an early investor in this revolutionary platform may be the start of a highly profitable investment experience.

Visit soma.co and join the Soma Community today!