Soma Teams with UTRUST to Upgrade Classifieds Business Model

Blockchain, Innovation | October 9, 2017 By:

Blockchain startup Soma has teamed with payment platform UTRUST to upgrade the classifieds business model.

Soma is an ethereum blockchain social marketplace that leverages social capital through its rewards system and has a decentralized ecosystem that incentivizes its community members to perform value-adding services for the benefit of the community as a whole.

Soma utilizes smart contracts to enable its users to create Interactive Item Cards (IIC), a patent-pending feature. The IICs allow creators to leverage the social contribution of engaging digital content, which will, in turn, result in an increase in the social value of the associated physical item. The Interactive Item Cards can be seen as a digital representation of physical items, enabling storage of information related to the item on the blockchain. The stored data could include information about the history of the goods, quality, price fluctuation over time and more.

UTRUST is a payments platform that empowers buyers to pay with cryptocurrencies while providing a purchase protection mechanism. The company is building a global PayPal–like payments platform with extensive cryptocurrency support.

The companies plan to create an entirely new breed of C2C (Customer to Customer) business model. Consumers will trade their goods on Soma, not through middlemen, brokers and corporations, but through mass engagement.

Under the partnership, both companies will abolish unfair and incorrect trading fees, thus providing a just proportion of profits among its community. The companies said they will usher the era of decentralized social wealth and create a digital marketplace that will rival the likes of eBay and Amazon.