Torum is a cryptocurrency-focused social media platform designed to connect cryptocurrency across the globe. The project is backed by some big-name investors such as Digital Finance Group, AU21 Capital,Redline Capital, BKEX, and HotBit and can already boast about their 36,275 users so far.
The first crypto-focused social media platform
Torum was created to become a one-stop ecosystem for all things related to cryptocurrency. It is a social media platform in which investors can come and discuss all the latest trends within the industry and where projects could come and keep their community up-to-date.
The idea is to have one location where crypto addicts from around the world can come together and feed their own addictions through high-quality content and discussion. Along with being able to socialize with like-minded people, users would also have the option to swap tokens on the DeFi platform and trade virtual artworks in a dedicated NFT marketplace.
It was born from the need to have an organized space where users could receive reliable information. Currently, the entire market is segregated across many different social media outlets including Twitter, Reddit, Medium, Telegram, and Discord – none of which are even crypto-focused. The fact that so many different outlets are being used means it’s very difficult for investors to keep track of everything.
Additionally, Torum provides a cost-efficient marketing channel for cryptocurrency projects to build their own communities. If the users are segregated across different social media outlets, it is very difficult for them to round them all together and keep everybody updated equally.
The Torum platform itself was launched on July 1st, 2020, and users have been impressed with the accessibility of their user interface. They made sure that the signup process was extremely simple and it takes you step-by-step to follow some new users to get started quickly;
On top of that, the layout is very easy to navigate;
The homepage is filled with an activity feed to easily see the latest posts from your favorite selected topics and clans (groups dedicated to a specific type of discussion). Similar to a Facebook or Twitter feed, it keeps you up-to-date on the latest discussions that are happening within the community.
Although you can perfectly use the platform without any tokens, the transactions and interactions on the platform all are centered around their own native XTM Token.
XTM Token – The Native Torum Token
The XTM token is a BEP-20 standard token, hosted on the Binance Smart Chain. The Torum platform has an integrated wallet in which the community can store their XTM.
There are a plethora of use cases for XTM including buying advertising, promoting posts, organizing airdrop events, staking in the Token Depository, and purchasing various cryptocurrency gifts for other users. Additionally, XTM can be used to participate in the upcoming DeFi services on the Torum Finance section and can also be used for purchases in the Torum NFT Marketplace.
In fact, with the features planned for Torum there are even further use cases in the pipeline;
In total, there is a 1 billion supply of XTM tokens, distributed according to the following table;
According to their whitepaper, the 25% allocated for the team tokens will be unlocked every quarter for a period of 3 years. Each time the XTM allocation is unlocked, the team will notify the community to remain transparent.
25% is allocated to the ecosystem and this will be distributed to the community on Torum within 48 months.
8% is allocated for strategy and development which will be used to invest in valuable connections and innovations that aim to speed up the adoption of Torum.
15% is allocated to incentivize liquidity mining and this will be assigned to Pancakeswap, Uniswap and other AMM platforms on a pro rata ratio.
With that in mind, here is their token emission schedule heading all the way to Q2 2025;
As you can see, Torum has its eyes set on the future and is not intending to become a quick project that is here today and gone tomorrow. This provides a great deal of confidence to any prospective investors.
One of the most exciting things about XTM is their buy-back and burn mechanism that they have in place. 5% of the ecosystem quarterly XTM profit will be sent to a blockchain address with no private key to reduce the total supply of XTM by 20%. Eventually, there will be just 800 million XTM tokens in existence after the completion of this buy-back and burn mechanism.
Very recently, Torum partnered with Poly Network to create a Cross-chain bridge for interoperability. As a result, Torum has a seamless cross-chain operation with secured on-chain transactions to most mainstream blockchains.
The Gamification of Torum Keeps People Coming Back
We all know how addictive it can be to play games that reward you to keep coming back and it seems that Torum is taking advantage of this through the gamification via Missions on their platform.
Users can earn rewards in XTM token for simple missions such as logging in daily. Other missions for newcomers include liking 5 posts of threads to claim 3 XTM, commenting on three posts or threads to earn another 1 XTM, or spreading posts on your Feed for 3 more XTM.
Additional rewards are available for users who create posts with value and creating meaningful threads that have solid interactions.
The Team Behind Torum
The team behind Torum is very strong. It was founded by Ah Go, a well-known Chinese influencer with over 10,00 followers and subscribers based in Malaysia. In addition to this, he is a competent front-end web developer.
Other founders of the project include Alwin Chang, the UX/UI designer behind Torum, Jayson Tan, the marketing manager, Teddy Tan, Chief Financial Officer, and Nelthan Ng, Ops Manager.
A Note on Torum Finance and Torum NFT Marketplace
Although not yet launched, Torum Finance and Torum NFT Marketplace will take the Torum platform beyond the scope of just a social media platform.
Torum Finance will be a decentralized finance (DeFi) portal that will behave as an automated market maker (AMM – like Uniswap) and governed by XTF token holders. For example, one of the first features would be the ability to farm XTF by providing liquidity to the XTM/BNB pool on PancakeSwap.
Additionally, the Torum NFT Marketplace will function as a venue for artists to mint NFTs to feature on their Torum profiles. The most popular users on Torum are likely to see the value of their NFTs growing.
The scope of what Torum is trying to achieve is pretty immense. Uniting the entire industry under one roof would take a lot of time and effort to do. However, it is much needed in such a segregated industry where news has to be reposted on several different media outlets and it seems that Torum has already come a very long way in its short lifetime.
Andrew is a writer that does most of his work on cryptocurrency-related topics. While he’s primarily interested in Bitcoin, he also follows major altcoins and the innovative ideas that new cryptocurrency and blockchain projects are bringing to the table.