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Isaac Henry in ICO Report
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Soma - Part 1: Sharing Economy and Second-Hand Commerce

Welcome to Part 1 of the Soma Blog Post series, where we will take you through a journey teaching you all about Soma and what makes it special.

Soma has the potential to revolutionize many different industries and solve many dilemmas we as human’s face.

This blog will be about how the platform can revise the effect we have on the environment and how a sharing economy and second-hand commerce can enable this.

How can Soma effect the Environment?

Goods and services today are consumed at an unprecedented rate such that if the current trend follows analysts estimate that in mere decades our natural resources would be depleted.

A solution needs to be conceived and to be advocated promptly.  Climate change is a real issue and our waste is contributing to the predicament.

This dilemma is one that Soma can resolve.

By Soma having a Shared Economy alongside second-hand commerce, waste is reduced as more items are being recycled and the social portion of Soma is paramount to it.

Soma - Second-Hand commerce

Soma, as you might know, utilizes second-hand commerce.

Akin to many other online shopping sites such as eBay that allow users to trade used items. It’s true that yes eBay does allow the selling and buying of used items, but with that being said, eBay doesn’t have any sort of social aspect towards trading nor does it have any sort of shared economy towards these sort of trades, this is all without mentioning the centralisation of eBay and their fee collections on eBay sellers.

Soma is aiming to solve the problems eBay’s current system has, and so, you might ask, how will this affect climate change and waste management.

How Second-Hand Commerce affects Waste

In the United States alone 9.4 million tons of e-waste is disposed of, this is usually because the devices become obsolete and the user obtains a new device.

Soma would encourage these consumers to sell these devices on the market. A lot of incentives are present here for all parties involved;

  • The seller will capitalize off selling his device or item, earning money.
  • The buyer will acquire a phone at a much cheaper price than if he/she had bought in a new state.
  • The environment will have gained as an item has been disposed and reused. It is not ina landfill where it would not contribute to climate change,
  • The seller will save more on fees
  • The social economy of Soma will be rewarded for promoting the trade
  • The shared economy of Soma strengthens as a whole.

Sharing Economies - Soma’s Speciality

Sharing Economies are systems in which individuals can share assets such as houses, vehicles and even WIFI.

Current Sharing Economies exist, these include Airbnb and the dozens of other sites that allow users to ration items. But none do in the way Soma does, Soma focuses more on private individuals rather than large corporations.

The system also incorporates a Social Platform further encouraging people to adopt a sharing economy. Individuals can communicate on the platform more frequently and effortlessly.

This would present a more natural platform for members to use. Soma, unlike other Sharing Economies, also allows the user (you) to share any assets, whether it be houses, items or vehicles.

This blog is a part of the Soma Blog Series, by Bitsify. After reading this blog consider checking out the other ones we have written here.

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Written By
Isaac Henry

Introduced into the crypto space through a work colleague - Loves coding & working on UI projects -

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