AMA Recap : Altcoin Alerts x TribeOne
Altcoin Alerts Community had an Ask Me Anything session with Jayson Tan (Co-Founder, CMO) Torum Team on 29th May 2021
Segment 1: Torum Introduction & Q/A with Altcoin Alerts Team
Altcoin Alerts: Welcome Jayson to our community.
Jayson: Hi Ali, thanks for having me here in the Altcoin Alerts Community.
Excited to be sharing my project, Torum to everyone here.
Altcoin Alerts: Let us start the AMA with introduction. Can you please introduce yourself & your journey in the cryptocurrency field? Also please introduce TORUM.
Jayson: Hi everyone, I am Jayson Tan, the co-founder & CMO of Torum. I started my crypto journey back in 2017 together with my childhood buddy, who is also the founder & CEO of Torum, Yi Feng Go.
Our motivation of founding Torum first started when we noticed that there are lots of issues with the space that last even until today, like communities are too segregated, projects need too much investment to create marketing exposure, etc.
Together with other childhood buddies of ours, we founded Torum in November 2018 and launched the product in July 2020.
Torum is the world’s first DeFi + NFT social media platform with over 50,000 cryptocurrency users. We are one of the fastest growing crypto social media projects with a consistent 20–30% monthly growth rate.
The project had just closed a $1.5M private round, participated by AU21, Consensus Lab, DFG, M6, Waterdrip Capital and 15 other VCs back in April. Earlier in May, we completed a $243,000 Initial Staking NFT Offering event in under 20 mins.
Now, we have 3 main products form the ecosystem of Torum, including
- Torum Social Media
- Torum NFT Marketplace (Social + NFT)
- Torum Finance v1.0 (Social + DeFi Staking + Launchpad)
Altcoin Alerts: Great
There are a lot of new crypto/blockchain social apps projects & platforms launched recently. How is Torum different from them & what exclusive product & features Torum social media platform offers users?
Jayson: First, we are a social media platform specially BUIDL for the crypto space. Unlike other projects, they are looking to replace Facebook or Twitter, which will attract the general mass to their platforms.
Every user of Torum is a crypto enthusiast like everyone of us here. So, you get access to over 50,000 crypto lovers from different parts of the world without the need to worry if they know crypto or another in a single click.
Second, we constantly BUIDL new crypto innovations to the platform. Most social projects only limit themselves to the social space and are not looking to adapt to the latest trend.
Torum NFT Marketplace and Torum Finance are two excellent proofs that Torum is not limiting ourselves to a social media platform, but also to the DeFi and NFT spaces. As such, Torum is a crypto ecosystem that enables everyone to get social media, NFT and DeFi services in one place.
Third, Torum is BUIDL in a hybrid decentralized model, something that is rarely done in the crypto space.
The hybrid decentralized model enables the project to cut down on unnecessary blockchain spending and also integrate Web 3.0 elements like Metamask Wallet into the ecosystem. In short, the community is able to enjoy the best of both on-chain and off-chain elements in the same ecosystem, while avoiding the lousy gas fee, etc.
Lastly, the culture and design of Torum is BUIDL with crypto and blockchain elements.
Crypto gifts, like DOGE CEO and Satoshi Blessing are the two examples of how we are shaping Torum to only crypto users. You can choose to display your favorite crypto from over 400+ choices and publish it on your Torum profile. Or maybe you can try out our crypto emotes, from the Attensun (Justin Sun) to Elondoubt (Elon Musk).
With all four unique propositions in place, Torum offers something more than just a social media platform, but a scalable ecosystem that can provide immense value to the community, projects and space indefinitely.
Altcoin Alerts: 50,000 users 🥳
So the platform is live?
Jayson: Yes, already live hahahaha
That’s why our strategic investors were so excited about Torum.
Altcoin Alerts: Please drop link so our audience can join.
Jayson: Website — https://www.torum.com
Sign up a Torum account — https://www.torum.com/signup
Altcoin Alerts:
Ok here is the screenshot to the platform
Looks clean and user friendly.
Jayson: We placed a lot emphasis on our UI/UX. All thanks to our Chief Designer — Alwin, we managed to come this far.
Feel free to hop onto the platform and start making friends, everyone 🚀
Altcoin Alerts: Nice
Let’s talk about Torum token
Please tell us about Torum XTM token. What are its use cases and how will it be integrated in Torum platform and ecosystem?
Jayson: $XTM is the native BEP-20 token that powers the ecosystem of Torum. We have at least 10 use cases for our tokens, including:
1. Purchasing crypto-themed gifts
2. Trading in Torum NFT Marketplace
3. Accessing to DeFi-related services on Torum Finance
4. Boosting a Post
5. Bidding Advertisement Slots
6. Buying virtual mining rigs in our upcoming Mining Simulator
7. Trading Emotes in a specialized complex
8. Organizing Airdrop Events to Torum users
9. Subscribing to Premium Features (for projects)
10. Voting New Favourite Coin to Torum
Altcoin Alerts: Wow so much use cases😍
Jayson: Use cases and token utility are paramount when we first founded Torum, which is why we never stop at just a social media platform, but continuously expand to the latest crypto innovations, like NFT and DeFi.
These are just the ones we have right now. There’re more to come hahaha.
Altcoin Alerts:Thats a ton of use case💪🏻
Can you please shed more light on Torum social media platform’s Reward structure. How normal users going to be benefited from using Torum platform?
Jayson: A total of 40% of the total token supply is channeled to both ecosystem (25%) and liquidity mining incentive (15%).
The 25% ecosystem tokens are provided to the early adopters and users who are BUIDL Torum together with the team. They are distributed via 12 different social tasks that are available on the platform. See it for yourself by registering an account: https://www.torum.com/signup
The 15% liquidity mining incentive tokens are provided to the DeFi users who help to provide liquidity for Torum-managed liquidity pairs on Pancakeswap, Uniswap and other AMM platforms. The incentive distribution will begin once XTM begins its listing on DEX.
If we look at the token distribution, Team Torum shall have only 25%, which means when $XTM becomes a governance token, the community shall lead the future of Torum, not the team.
Altcoin Alerts: Please share details like Torum partners, tokenomics & more for our audience if someone is interested to be potential investors & strategic partner.
Jayson: Torum has a total of 20 strategic investors who invested $1.5M in the project, including some of the best crypto VCs in the world. AU21, DFG, Consensus Lab, Waterdrip Capital, M6, Lotus Capital and Ceras Ventures and 13 more VCs have joined in the social media revolution of Torum.
For a complete list, please refer to this article: https://medium.com/torum-official/torum-closes-1-45m-private-round-with-prominent-crypto-vcs-6ac96c8aa80d
We are also excited to be working with the some of the most amazing projects in the space, including
- Jinse Finance (https://www.jinse.com/), The Largest Chinese Crypto Media
- Mantra DAO (https://mantradao.com/), DeFi + DAO
- Kylin Network (https://kylin.network/), Polkadot Data + DeFi & Web 3.0
- Poly Network (https://www.poly.network/), Cross Chain Project Supporting BSC, ETH, SOL, ZIL, EGLD
- Darkpool Liquidity (https://liquidity.ltd/), 2x winner of Binance API competition
Here are the details of our tokenomics once again
Altcoin Alerts: so private sale is closed. The only way to invest now is Public sale. So let’s talk about that
Our audience is very excited to know about Torum token sale. When are we expecting Torum IDO?
Jayson: Our upcoming IDO launch is coming in mid June, where we will launch the token sale on 3 different launchpads.
Here are some details of the IDO event:
Token Price: $0.08
Total Funds Raised: $340,000
Total Tokens Released: 4,250,000 $XTM
Vesting Schedule: 100% Released at TGE
Period: From 10th to 20th of June (estimated)
Launchpads: Zendit of Mantra DAO & two other launchpads
For the remaining two launchpads, I can provide some hints. One is actively accepting HT Token, while another is operating on multi chains with impressive background and launch history.
Altcoin Alerts: amazing, we r waiting for IDO🥳
Lastly, not a question, if Torum has any live giveaway, bounty & Ambassador program, please share for our audience.
Jayson: Hhahahaha, though we don’t normally make this offer to the other communities, let’s make one right away.
The rules are simple:
i. Create a Torum account here: https://www.torum.com/signup
ii. Pray that your Q&A questions are chosen by me
iii. DM both your question that is answered by me and Torum username to me (https://t.me/jayson9711) after the AMA session is over
Please do not try and cheat here, as I will inform https://t.me/alihodlertv https://t.me/goyald2801 about it.
Altcoin Alerts: Great, here you go guys.
Jayson: Only 10 questions will be chosen and each shall receive 10 XTM directly into your Torum wallet, which can be used immediately on our social media platform.
What do you think, mate?
Altcoin Alerts: Looks good💪🏻
Jayson: Let’s go!!!
Segment 2: Torum Q/A with Community
Q1. When will you shift TORUM hosting to IPFS?
Jayson: Absolutely. The IPFS integration is coming in H2 of 2021. From there, Torum will not be exposed to risk of getting shut down suddenly by centralized entities, like AWS, etc.
Q2. What are you focusing on at the moment: DeFi, Staking or Farming? What are your goals for the end of the year and beyond?
Jayson:
Our coming goals here are to launch
- Torum NFT Marketplace (Social Media + NFT)
- Torum Finance v1.0 (Social Media + DeFi Staking + Launchpad)
- Torum Mining Simulator (Social + Virtual Mining)
- Integrating Programmable NFTs
For more, you can refer to our ecosystem roadmap.
The platform runs on a hybrid decentralized model, like I have mentioned earlier. It’s a blend of both on-chain and off-chain elements to provide the best UX experience to the community.
As Torum is a social media platform, discussion about Torum is happening every day on the platform. As for governance, we will be implementing it in the coming H2 as well.
Q3. Is it possible to earn a passive income from Torum? How easy is to use your platform and better than others?
Jayson: Wouldn’t called it as passive income, but you can claim XTM rewards by completing different social tasks on the platform. If there are too many leechers on Torum, we might shut down the entire token benefits and find other ways to distribute the ecosystem reward.
Q4. To be honest, I want to Endorse TORUM PROJECT on my real life activities. So, how I can get that TORUM T-SHIRT as like you’re wearing Sir? Is it available online shop?
Jayson: Lmao hahahhahaha. It is not available on any online shop as only Team Torum has it. Maybe we can do another giveaway for this when Torum reaches 100,000 users mark.
Q5. Almost 80% investors have just focused on price of token in short term instead of understanding the real value of the project. Can you tell us on motivations and benefits for investors to hold your token in long term?
Jayson: The thing about crypto communities are they demand alot, but contribute only a little. Just like you said, everyone here is only looking at the short term results, but that’s what most communities want. Pump and dumps one of the end result of this foolish thought.
Good things take time to build, but the community does not want to wait. Just look at most crypto Telegram groups, all people are asking is when listing and partnership announcement. For me, community participation is absolutely crucial for a project to succeed. This is why we have introduced at least 10 token utility to our ecosystem, so that everyone can HODL $XTM together with the team in the long run.
Q6. Has your smart contract been audited by the blockchain system token $XTM and Is Torrum open to ambassadors for communities who want to join, then what are the requirements and how to join Torrum ambassadors?
Jayson: Yes, our token is audited. You may find them here: https://fairyproof.oss-ap-southeast-1.aliyuncs.com/doc/Torum-Audit-Report-051721.pdf
Torum ambassador program is not open for now as we are re-working on the model now. To become an ambassador, you will need to be an active user of Torum, and contribute to the platform and ecosystem development of Torum on a long-term basis.
Q7. Many investors hit and run in the sell and sell session after listing on the first exchange, How did Your project prevent early investors from selling their tokens and what benefits you would give them?
Jayson: The token allocation for Team Torum is locked for 12 months after the TGE event. For strategic investors and other community allocation, they are subjected to a vesting period of at least 8 to 12 months. So, there is no way for anyone to do mass selling in token listing.
Q8. Since you are going to create a new and exciting social network, how will you penalize those who create spam or try to scam fellow Torum users?
Jayson: Hey John, spamming is certainly a big headache for any social media platforms that provide incentive reward. Our current model will penalize accounts who received a certain number of report threshold, freezing their social tasks participation.
In the coming July or August, we will develop a new correction model to not only freeze the social tasks, but also the ability to comment and post & even taking all the token reward of a users and provide it back to the community for repeated offenders.
There is no perfect solution to this as the more ways that Torum develops, some will start accusing us as a centralized project. So, I guess the best way that we have been doing now is to discuss our major decision making with our community.
Q9. Other social media platform gives reward to the user for using platform based of features like views on user post etc. Does torum also have similar features?
Jayson: Yes, Torum also offers token incentive to the community who have completed social tasks on the platform.
Q10. Tell us about your plans for 2021, what are you currently working on, and are you going to expand the list of big exchanges?
Jayson: Exchange listing will come after Torum’s tri-launch IDO event is completed. We will also start DEX listing on Pancakeswap and Uniswap. Though Torum is based on BSC, our token can be transferred on other chains such as ETH and NEO, all thanks to the cross-chain bridge technology of our partner, Poly Network.
As for listing, Torum is backed by 3 exchange partners, so you can have a hint over there. For the 3 top exchanges, we are currently discussing the details with them. This is a sensitive issue, so it’s best to wait for the official announcements.
Torum Useful Links:
Website: https://torum.com
Telegram Group: https://t.me/torum_official_group_en
Telegram Channel: https://t.me/torum_official
Facebook: https://facebook.com/torum.official
Instagram: https://instagram.com/torum.official
Twitter: https://twitter.com/torum_official
Medium: https://medium.com/torum-official
LinkedIn: https://linkedin.com/company/torum
Discord: https://discord.gg/zNws6Cn
Reddit: https://reddit.com/r/torumtech
Altcoin Alerts Useful Links:
Telegram Group: https://t.me/AltcoinAlertsChat
Telegram Channel: https://t.me/Altcoin_Alerts
Twitter: https://twitter.com/Altcoin_Alerts
Instagram: https://instagram.com/altcoin_alerts
