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Decentralised ledger technology and cryptocurrencies have equipped us to challenge almost every other industry dominated by big players and their consolidation tactics. There is a clear lack of progress and innovation and the reason is the monopolization of many industries, which makes it difficult for new players to enter the market. Classified advertisement is one of these industries. Big names like Amazon and eBay have consolidated and dominated, forcing fiat currencies to be the only mode of payment.
This could all change, as we are now entering the golden era of blockchain technology and borderless instant transaction. Blockchain-based services remove geographical barriers and help bring back competition and a level playing field by removing the role of third-parties. We now have two extremely innovative start-ups joining hands to challenge the current order.
SOMA, a blockchain based social marketing company is now joining hands with UTRUST, a cryptocurrency payment solution company. This will bring the benefits of blockchain and introduce decentralization-based improvements in an industry that has resisted advancements for a long time. But how do they intend to do that?
In order to understand that, we need to know more about what these start-ups are working on the first place.
SOMA is a decentralized social marketplace that has an innovative edge over its bigger rivals. They are working on the classified industry model and are coming up with amazing revelations of their own. UTRUST, on the other hand, is a cryptocurrency payment solution company with a revolutionary buyer protection mechanism for e-commerce and other applications.
Together, these two start-ups aim to develop a comprehensive portal that is safer, easier to use and is backed with a cryptocurrency payment solution as robust as UTRUST’s. But, how do we make one that actually works?
It is like a space program, which seems simple enough at a normal user level, but as soon as you get to know about the technical difficulties involved, you see the considerable challenges involved in implementing it in real life.
The good news is that both of these companies are proving their worth, even if in an individual capacity right now. SOMA has a blockchain social marketplace that allows the removal of third-parties from your classified ads requirements and brings you directly in contact with your client, which will reduce costs, increase trust, and streamline operations.
UTRUST provides a cryptocurrency payment solution in which cryptocurrencies are used as payment option, but the seller receives the money in fiat currency. This approach can reduce the risk associated with the cryptocurrency payments due to their sheer volatility. UTRUST’s buyer protection is also the first universally-scalable model that is in working condition right now. If successful, crypto users can now pay with bitcoin without the fear of any bitcoin-centered buyer protection wipe out their profit margins.
You are also free to pay with the cryptocurrency of your choice. With a buyer protection mechanism in place, it looks like these guys are on right track when it comes to using cryptocurrencies in marketplaces.
Right now, people are less comfortable receiving or sending cryptocurrency in e-commerce related transactions because of volatility. SOMA and UTRUST are about to change that.
So, both SOMA and UTRUST are going to be partners if a viable alternative can be found for the centralized marketplaces that have created a lot of problems in the current trading atmosphere. Buckle up Amazon and eBay! You are next!
Soma is an Ethereum blockchain-based social marketplace that leverages social capital through its rewarding system and utilizes blockchain technology to create a decentralized ecosystem that incentivizes its community members to perform value-adding services for the benefit of the community as a whole.
UTRUST is the world’s first cryptocurrency payments platform to implement consumer protections on a mass scale. The company is building a global PayPal–like payments platform with extensive cryptocurrency support.
UTRUST’s end goal is to provide all the benefits of fast, secure, convenient, and inexpensive cryptocurrency transactions, in tandem with the world’s first cryptocurrency payment protections, which consumers need to fully embrace blockchain technology en masse.
SOMA and UTRUST are the sources of this content. Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections. This press release is for informational purposes only. The information does not constitute investment advice or an offer to invest.