Review on Soma by Fabrizio Zampieri
SOMA allows authentication of items and products in global trade. SOMA’s patent…
SOMA allows authentication of items and products in global trade. SOMA’s patent-pending Heimdall Protocol is the integral key to the digital tracking of an item and all of its important information, throughout the SOMA marketplace.
Whenever a new item listing is created in the SOMA marketplace, the Heimdall Protocol stores and encodes the critical and key information, which follows the item its whole life, through the SOMA ecosystem:
- Origin
- Ownership history
- Item condition
- Certification of authenticity.
From such key information, a digital representation of the item is created. This representation is termed the interactive item card (IIC) and shows a complete history of the item and its journey. Once information is written to the blockchain via these transactions, it can never be changed and everyone can see the data. The IIC can contain any number of proofs, including but not limited to
photographic/audio/video evidence, supporting official documents, signed affidavits/agreements, receipts of purchases, expert certifications, timestamps of NFC, RFID, and other tracking technologies.
The Heimdall Protocol also works as a digital tracking and logistics manager for the items that are sold through the SOMA Marketplace.
Soma (SCT) is a cryptocurrency token and operates on the Ethereum platform. Soma has a current supply of 14 418 075 SCT with 8 900 534 SCT in circulation.
SCT is tradable on LATOKEN and IDEX exchanges.
Pros
- - SOMA was created to facilitate the buys/sells of certified goods while maintaining the same aspect of social connectivity and trade that we get from places like Facebook, Pinterest, Instagram, and Twitter. - Platform beautifully balanced between the social (sharing and showing off) and the transactional (buying and selling). - On watches transactions merchants pay nothing to participate; neither do individual buyers & sellers of watches. - Innovative interactive item card (IIC) (the passport cointaining all main information of every item placed on Soma marketplace). - The pilot program launching in Q1 2019 (it was created to start the on-boarding of watch companies to showcase the marketplace and its components). - Chain Of Ownership (it is a very special tool to show past owners and acts as an item’s timeline).
Cons
- - Many projects competitors in the same sector. - It is necessary to expand the community. - Soma ROI -74,34% (the approximate return on investment if purchased at the time of launch). Nowadays it wasn't a good investment.
