Recapitulation of TORUM PROJECT AMA event held at AMA LOVERS CLUB.
Date: Saturday, 30th October, 2021
Time: 12:00 PM 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 introduce yourself to the ALC community and how you started Torum?
ANS: Sure. A quick intro about: my name is Jayson. My journey started back in 2017 when I was still a university student. A close friend persuaded me to buy Bitcoin and since then, my degen life began.
After the 2018 bear run, the same friend came back to me and pitched the idea of a social media platform specially designed for the crypto industry. It really caught my eyes as there is no clear winner in the social project track. Even with Steemit, Somee or even Voice, something is clearly missing and wrong about their model, which results in their failure to attract the market.
We believe that the only way for a social project to emerge is to build an ecosystem around it. An ecosystem with social media as its core, integrated with the latest blockchain innovations like DeFi and NFT.
From here, the idea of Torum was conceived.
I then co-founded Torum in Nov 2018, along with the friend who introduced crypto to me, Go (CEO of Torum) and 3 other childhood friends!
Q2: So the idea of Torum was born in 2018.
Now let's get to meet TORUM 😎
Can you explain what Torum is?
ANS: Even though there was no DeFi and NFT, we know that Torum is a highly diverse project that can adapt and blend with any new trends
Torum is a SocialFi Metaverse ecosystem that is specially designed to connect cryptocurrency users and projects.
The SocialFi ecosystem of Torum is made of 4 main components:
Social Media - the powerhouse of ecosystem that contains over 120,000 users
DeFi Platform - a social-integrated yield farming platform
NFT Marketplace - the first marketplace for crypto artists to mint, collect, trade and showcase NFT
Avatar NFT - Your PFP Avatar in a Social Metaverse.
To have a better idea of how the SocialFi ecosystem works, please have a look at our ecosystem overview
We launched the beta version of our social media platform back in July 2020 and the idea was a big hit. Started from less than 1,000 users, Torum is now home to over 120,000 cryptocurrency enthusiasts and investors from all around the world.
If you have yet joined our ecosystem, be sure to get your account today: https://intro.torum.com/
Q3: What is SocialFi and why should everyone take note of it?
ANS: Good one
To be honest, there is no clear definition of what constitutes SocialFi
Different people might have different ideas and understanding, but it all comes down to this:
"SocialFi empowers the community with the ability to leverage on social aspects to reshape your status in other blockchain verticals, like DeFi, NFT or even Metaverse, found in a Web3.0 environment."
In short, SocialFi is the combination of Social, DeFi, NFT and other blockchain verticals. I believe that SocialFi is going to bring the biggest blockchain revolution that we’ve ever seen, due its natural ability to integrate NFT, DeFi, Metaverse and other to-be-explored blockchain verticals.
If you want a reason to follow the SocialFi trend, just look at what the big guys are doing.
Twitter is creating NFT verification
Reddit is building NFT marketplace
Yesterday, Facebook has announced a full rebrand into a Metaverse company called META and renamed its stock ticker into MVRS: https://www.theverge.com/22749919/mark-zuckerberg-facebook-meta-company-rebrand
If you following the trend, then it’s no rocket science that SocialFi is going to emerge as the next big trend, after DeFi, NFT and GameFi
Q4: Is the project well-funded or backed by any prominent industry leader?
ANS: Yes, the project has raised over $2.9M in total. In fact, we have some of the best strategic investors in the crypto space.
Torum is backed by Huobi Ventures, the venture arm of Huobi Global. So, you know where we are moving soon.
Other Tier 1 investors include, AU21, Consensus Lab, Basics Capital, M6, etc.
In fact, we are also supported by the some of the most brilliant minds in the space, including Huobi Ventures and Kenzi Wang, former vice president of Huobi Global who is now the founder of Cere Network.
So, the project is in good hands, with the right resources and connections to excel!
Q5: What competitive advantage does Torum have over its competitors?
ANS: First thing, Torum is backed by Huobi, one of the world’s largest exchanges. So, we got a direct Huobi listing channel that is open to us 24/7. Not only that, we can work with anyone / project who is within the reach of Huobi Global.
Second, we are the first SocialFi project to integrate NFT, DeFi, Social, Metaverse all in one place. In fact, Torum is the only SocialFi project that is working towards Metaverse.
Now that Facebook has fully rebranded to Metaverse, I am sure that Torum is staying way ahead of other SocialFi projects on the right path. I personally foresee that other social projects will be following the SocialFi Metaverse track of Torum soon.
So, we are the first mover in this track
Third, Torum has a pretty solid track record, including a fully launched social media platform which amasses over 120,000 users.
The number is going to get bigger when our mobile app is launched by the end of Q4
Clearly, there is a strong demand for SocialFi. The answer is when it will explode like NFT and GameFi.
For a quick summary of how huge Torum is going to be, please refer to the side-by-side comparison of Torum and other SocialFi projects.
Q6: Can you briefly tell us about the team behind the "SocialFi Metaverse project" TORUM?
ANS: The team consists of 29 members, where 20 of us are full-time committed developers who are working on product launch behind the scene.
But, we are still hiring though. If anyone has a developer or marketing talent to intro, feel free to reach out to us! 🤓
In fact, we got some of the best developers working on Torum, including:
Vishal Gupta, an earliest team member and core dev of Polygon (formerly MATIC)
Nagendra Kumar, an experienced blockchain engineer who worked in Consensys.
Chaal Pritam, a dev who once got into a top 8 runner spot of a Binance-held hackathon called BuildforBharat
So, our product development speed is super fast as a crypto project. Expect a mass wave of new product launches coming from Torum in the next few months.
To see the full list of operational and technical team, please head over to “Meet Our Team” section on our website: https://intro.torum.com/
Each member is fully doxxed and tagged with a social profile. This enables us to maintain the best practice of public transparency to the community.
Q7: Can you share the achievements of Torum so far with us?
ANS: One of our biggest achievements is perhaps our ability to raise a $1.5M private round when the market is fully hyping on DeFi and NFT back in April 2021.
As a project with over solid user base and working product, Torum is not exactly given the right credit as SocialFi is not among the top notable trends.
A sub-par project (with no working product) on the trending vertical, like NFT & DeFi can easily overshadow any SocialFi project with a launched product
But, we manage to turn against the odds and complete the private round.
In the next few weeks, things are going to shift though. People will be speaking about SocialFi and Metaverse throughout all social channels. The Facebook rebrand just sealed the deal.
We also managed to secure a strategic investment from Huobi Ventures back in August 2021. It only took us a couple of calls to strike the deal with Huobi. They understood the importance of having a social media platform that is exclusively designed for the crypto industry. It's difficult, but necessary. And they believe that this vision will be forged by Torum.
And it’s not easy for a project to accumulate over 120,000 users too. With this amount of user base, a few core features are all we need to boost the token utility.
Something extra for the community to ponder on.
Q8: Is there any highlight in the Torum tokenomics we should know?
ANS: Yes, for a quick reference, please have a look at our tokenomics image
If you look carefully, the allocation for the team has a cliff period of 13 months. Which means, the team can’t sell any tokens prior to it. And after the cliff period is over, the allocations is then vested for 36 months.
This is our commitment to stay and grow together with our community in the long run.
The private vesting for strategic investors is also fixed at 20 months, which drastically reduces any potential selling pressure and a solid proof that VCs is is supporting the project, just like the community.
So, with all the major announcements around the corner, any entry is a good entry.
Q9: Are there any upcoming major events that you can share with the ALC community? Maybe a teaser?
ANS: It’s a little tricky here as certain events are kept confidential out of respect to the other party and honoring the non-disclosure agreement.
But there are certain things that I can share
In November, we are going to launch Torum Avatar NFT, the world’s first PFP Metaverse Avatar. We are releasing 2,994 Genesis cosmetics NFT for everyone to build their Avatars. With over 120,000 on-site users, we are confident that it will be sold out in a matter of seconds.
You may have a look at the Avatar NFT concept here: https://avatar.torum.com/
To understand the true value behind these NFTs, be sure to check out the official doc: https://medium.com/torum-official/introducing-torum-avatar-nft-your-social-metaverse-identity-dc85c0ede4d8
There are also two exclusive news that are dropping in November. I however, can't make any mention or comment on it due to the NDA. If I tease about it now, It will affect the events that are taking place. It's going to be linking a lot of people and very, very huge.
I can't reveal the name as of now. All I can say is November is going to be the biggest month for Torum.
Be sure to follow our official TG channel for the latest announcement: https://t.me/torum_official
Q10: Finally before we conclude the AMA, How do we join the Torum community or take part in the Torum ecosystem?
ANS: You can start with creating an account and be one of the first people to hop on the SocialFi Metaverse trend with Torum: https://www.torum.com/signup
Alternatively, I would like to invite the ALC community to join our Discord server: https://discord.gg/torum
We organizing an event to provide everyone a chance to claim a limited-edition Genesis Avatar POAP. Check out how to get your hands on the POAP now: https://medium.com/torum-official/announcing-torum-avatar-poap-da471f151fab
Or maybe a simple follow on our Twitter account will do. Who knows we might be organizing weekly giveaway events for a chance to win an exclusive Genesis Avatar Blindbox worth $100: https://twitter.com/torum_official
This giveaway event got 2,000 retweets though: https://twitter.com/crypto_bearr/status/1454345690339950597?s=21
Follow Us On Our Various Social Media Communities For More Update;
As there are too many scammers impersonating Team Torum, be sure to check out Torum on our official channels:
Torum Finance: https://www.finance.torum.com/
Torum Avatar NFT: https://avatar.torum.com/
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