Recapitulation of TORUM PROJECT AMA event held at AMA LOVERS CLUB.
Date: Thursday, 13th May, 2021
Time: 14:00 UTC
The TORUM PROJECT team was represented by @Jayson9711 who judiciously shared with us detailed knowledge and information about TORUM PROJECT.
1st Segment: INTRODUCTION
Q1: Can you please introduce yourself and your background, also introduce the team working on Torum?
ANS: I am Jayson, the co-founder and CMO of Torum. I handle the marketing stuff of Torum every day.
I was first introduced to the crypto space in 2017 by my childhood friend, who is also the CEO of Torum, Yi Feng Go. We had quick a great run back in the 2017 bull run.
But after the 2018, we noticed that the industry is full of scams and lots of other other problems like projects facing difficulty in marketing and communities are very separated across different social platforms.
So, it is at this moment, we have decided to form Torum, to bring everyone back together as one
Torum was founded by 5 cryptocurrency enthusiasts back in November 2018. Back then, we had nothing but only the concept of social media. It so happened that our founder and CEO, Yi Feng Go is the first crypto influencer in Malaysia. Through his connections, we managed to raise $300,000 pre-seed funds from his followers, which is also the first 1,000 seed users of Torum.
Fast forward to this day, Torum operates on a distributed team, like Binance. We have a team of 21 personnels from Malaysia, India and Turkey, where half of the team are developers.
So you have been working on Torum since 2018?
2018 was a idea and funding phase for Torum
Q2: Can you introduce Torum, what critical problems does it solve that existing solutions are not solving and what's the competitive advantage?
ANS: Torum is the first DeFi and NFT-infused social media platform designed specially for cryptocurrency users.
We can think of Torum as a one-stop ecosystem where we can socialize with crypto enthusiasts from different parts of the world, while having the option to swap tokens in a DeFi platform or list and trade NFTs in a dedicated NFT marketplace.
In total, there are three different problems that we seek to solve.
First one is information asymmetry of the industry. It is obvious that not the understanding level of cryptocurrency is not shared equally. So, we need a platform that is friendly to both crypto veterans and beginners and has a high adoption potential. By designing a modern user interface and having a community of crypto veterans on the platform, we believe that Torum has completed the first barrier of adoption.
For projects, we learned that they tend to face difficulty in reaching out to the crypto space. As a project owner myself, I understand this burden to use paid media and conferences which is an expensive and ineffective marketing way. Now, everyone can use Torum as a new marketing channel to reach out to the community because almost every user on Torum has a vested interest in cryptocurrency.
For community, the problem we noticed is the segregation of community in different social applications. For projects, it increases the financial cost to operate on multiple social platforms. For ordinary users, you need to start using multiple platforms to get the latest crypto infos, regardless of public or insider. With Torum, you now have an active community where you can find the latest news from Cointelegraph, CoinDesk, etc just by staying on the platform.
Is the platform fully functional already?
Yes it is. In fact, the platform has already been live for 11 months and joined by over 42,000 cryptocurrency enthusiasts from different parts of the world
Q3: Can you briefly describe the top milestones you have achieved and your target milestones with timelines, also share your roadmap?
ANS: Our most recent achievement is when we managed to sell off all 363 units of NFTs two days ago, in our public sale, Initial Staking NFT Offering event. In just under 20 minutes, all of them have been fully sold off.
We have also partnered with prominent projects like Kylin Network and MantraDAO to build our ecosystem together
In March 2021, we have completed a $1.5M private round participated by over 18 world class VCs, including AU21, Consensus Lab, DFG, Waterdrip Capital, Redline Capital, etc.
By today, our crypto social media platform has over 42,000 worldwide cryptocurrency users, which is a stark comparison to any newly launched projects with a super small community base.
Here's our ecosystem roadmap for everyone's reference
We will be releasing Torum NFT marketplace and Torum Finance v1.0 (DeFi platform) in the coming mid June and end of June respectively. So, be sure to stay tuned to our latest update.
Check us out here:
Torum Finance: https://defi.torum.com/
Q4: Can you give an overview of your Tokenomics, and the UTILITY of the $XTM Token?
Sure, here is the tokenomics distribution of Torum.
As for token utility, Torum has 10 ways on how the community can use our native token, XTM.
For example, you can purchase crypto-themed gifts on Torum and send it to any person you like on the platform.
In the coming June, we are going to launch Torum NFT marketplace and Torum Finance, where XTM will be the primary medium of exchange powering the two decentralized applications. We can trade and list NFTs on the NFT marketplace and use XTM for staking on Torum Finance.
There are more utilities coming up like bidding for ads slots with XTM or boosting your content on Torum social media with XTM.
All and all, we are barely scratching the surface of our token utility. I am pretty excited about how we can introduce more token utility cases to the community.
2nd Segment: LIVE Questions
Q1: I am a fan of the TORUM project for their similarities with other well-known digital platforms such as Facebook, Instagram or Twitter and that concept taken to the crypto space seems really fantastic to me but what is the motivation to create a social network for enthusiasts of the crypto world and what characteristics will be the most relevant within its ecosystem inspired by traditional digital networks?
ANS: First of all, everyone can connect to cryptocurrency enthusiasts from different parts of the world on Torum. Compared to mainstream social media, you will need to find crypto users out from the sea of people on the platform. With Torum, you can save yourself that hassle and enjoy making friends with crypto users all in one place.
Traditional digital networks is only suitable for general purpose (connecting with your friends and families), but it is never designed for cryptocurrency users. Features like NFT marketplace and DeFi platform, or purposes like token swapping and market cap data, these key crypto data are not available on any traditional platforms. But with Torum, everything is going to change. Torum is going to be a one-stop crypto ecosystem that provides every crypto service that you need without using any other external apps.
Q2: TORUM aims to create a crypto-focused atmosphere. However, many social media platforms violate basic human rights by marketing users' data, and users are becoming more aware of this. Could TORUM create a platform that provides data privacy for non-crypto users in the future?
ANS: First and foremost, Torum has no purpose to use or sell any personal data of our users. In the future, when Torum is going to launch our Ad Slots and content promotion features, they will be done without using the data of our users.
In time, as Torum slowly moves into decentralization phase, we will be transforming Torum into a privacy-focused DAO model where the community can express themselves at ease, trade in cryptocurrencies without revealing their true identity.
Torum is created by cryptocurrency users, so we understand the that privacy and censorship resistance are the way to go.
Q3: I read the release of ISNO (Initial Staking NFT Offering) by Torum. I am just hearing this term for the first time. Can you constructively explain what is? Has it been done by any project before? In what ways will it be of benefit to the users and the Torum ecosystem as a whole?
ANS: Initial Staking NFT Offering is a crypto funding innovation introduced and invented by team Torum. Basically, under the ISNO event, we issued 363 units of NFTs that come with a permanent staking multiplier and a fixed amount of native token locked inside it.
The permanent staking multiplier allows the NFT holders to multiply their liquidity provider stake while doing liquidity farming on Torum Finance. It gives the holders a competitive edge in LP profit compared to the ordinary farmers. If you wish to release the token locked inside the NFTs, you will need to burn it.
The mechanism works in the sense that the value of the NFTs are always backed by the staking multiplier and the value of XTM, yet the as more people burn the NFTs, the remaining NFTs will become more and more valuable in the market.
Q4: Torum as a revolutionised social media platform will allow the connection amoug crypto lovers and posting of different crypto update. Will a user be able to promote their post and pay the promotion fee in $XTM just like offchain social media do accept MasterCard payment ? Will there be option to filter the category of people who they want to see their promoted updates? Such like people who have interest in bsc or Eth of solana.
ANS: Yes, the users will be able to promote using $XTM. Our token is the backbone of the entire ecosystem.
At this moment, there is no functionality to filter people as we hope to promote fair unity among the community. But, it might be coming to Torum by the second half of 2021.
Follow Us On Our Various Social Media Communities For More Update;
Torum's social media links:
Torum Finance: https://defi.torum.com/
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