ICO is coming: Soma — are they serious?
08/03/2017

Overview from the team kript.io


What is Soma: a decentralized social platform, which facilitates goods and services trade and exchange inside the Soma Community. The platform gives you an opportunity to consolidate the ownership of physical items through its own digital representation called IIC (Interactive Item Card), which includes the main characteristics of the item, the information about the ownership data, and the price history. You can purchase goods and services using Soma Community (SCT), Bitcoins or Altcoins.
Website: soma.co

Analog: eBay

How they differ from the competitors: due to the lack of intermediaries, they plan to reduce the price of goods.

Market size: By 2021, the total turnover of electronic commerce will reach $ 4.48 trillion. Source: statista.com.

How much they want to raise: min 8,000 ETH/ max 120,000 ETH. During an ICO for every sold 1,500 ETH Soma plans to launch an application in a new city or country. They aim to improve their service in those regions first where they find the investors.

Token price: 1 ETH = 450 SCT
Where the money will go:
35% — advertising and launch in new cities/ countries
20% — product development
20% — legal issues and patents
15% — employees' salary
10% — rewards for brand advertisement

Free tokens: Soma promises to give them away for the brand advertisement. The terms are not unveiled yet.

Crew: one of the founders used to manage the service called dubizzle.com (an analog of eBay in the Middle East and Africa) and a business -and employment-oriented social networking service called Fuzu (the analog of LinkedIn in the Middle East and Africa).
Project status:
— development has started in the Q3 of 2016
— alpha version is already available for iOS via Testflight service
— the launch of MVP is planned for the Q2 of 2018

Communication: Slack, Twitter, Facebook, GitHub

Information on the landing page: ★★★☆☆
Disadvantages: a monetisation model is not clear in the white paper.
How clear is the project: ★★☆☆☆

Date of ICO: unknown. The tokens pre-sale is open until August 10th.

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