On June 1th 2021, our community had a chance to welcome Mr.Jayson – Co-Founder and CMO of Torum to join in an AMA to give fruitful information about the key features and roadmap of Torum - is the First Decentralized Bridge between Polkadot platform and other chains. Powered by #Polkadot.
This AMA was held by CryptoFamily Group – the top crypto community in Vietnam, where investors and traders can obtain the lastest news and signals from bot/ admins, as well as discuss and share investment experiences in the crypto space.
At this AMA, Mr.Jayson directly greeted the community and provided detailed information about Torum as well as some key products and future plans.
Time: 08:00 PM (UTC + 7) on Tuesday, June 1th, 2021
Airdrop 100 USDT for the best questions in the AMA.
Below are some main points of this AMA:
Question for Part 1- Project overview
Question 1: Firstly, can you give me a brief introduction about your management team and Torum?
Mr.Jayson: The founding members of Torum are Malaysians, including:
Among other founders, we have
1. Yi Feng Go, our CEO and also a crypto influencer
2. Alwin Chang, our Chief Designer
3. Jayson Tan (me), CMO
4. Teddy Tan, CFO
5. Nelthan Ng, Ops Manager
We are a team of 25 members working from Malaysia, India and Turkey. More than half of our team are programmers who are working on web, mobile app and smart contract developments.
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.
Now, we have 3 main products that form the ecosystem of Torum, including
- Torum Social Media
- Torum NFT Marketplace (Social + NFT)
- Torum Finance (Social + DeFi Staking + Launchpad)
Question 2: What're some of the special elements that Torum possess, compared to other projects in the market?
Mr.Jayson: I believe there are 3 different highlights that we should know about Torum:
1. We are the first project that introduces the concept of NFT + DeFi + Social Media in the space
2. One of the first few projects with over 50,000 registered users with a consistent 20 - 30% monthly user growth rate.
3. Backed by a total of 20 prominent crypto VCs, including AU21, Consensus Lab, DFG, M6, Waterdrip Capital and Lotus Capital
Question 3: As there is a lot of social media projects in the space, how does Torum cope up with the competition?
Mr.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 (https://www.finance.torum.com/) 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).
Question 4: Could you share a little insight about Torum's partners and strategic investors?
We are excited to be partnering with some of the best projects in the space, including
- Jinse Finance (https://www.jinse.com/), 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/), Two times winner of Binance API competition
We have also completed a $1.5M private round, participated by AU21, Consensus Lab, DFG, M6, Waterdrip Capital, Lotus Capital, Ceras Ventures and 13 other VCs back in April 2021. For the full list of investors, please refer here (https://medium.com/torum-official/torum-closes-1-45m-private-round-with-prominent-crypto-vcs-6ac96c8aa80d).
Question 5: Please share a few major milestones of Torum during its development process.
Looking back at our journey, here are the 5 most recent achievements of Torum:
1. Over 50,000 registered users with a consistent 20 - 30% monthly user growth rate.
2. Completed a $1.5M private round backed by AU21, Consensus Lab, DFG, M6, Waterdrip Capital and Lotus Capital
(https://medium.com/torum-official/torum-closes-1-45m-private-round-with-prominent-crypto-vcs-6ac96c8aa80d)3. Sold off $243,000 worth of NFTs in under 20 minutes
(https://www.globenewswire.com/news-release/2021/05/12/2228322/0/en/Torum-Completed-the-World-s-First-Initial-Staking-NFT-Offering-in-Less-than-20-Minutes.html)4. Strategic partnership with Kylin Network, Poly Network, Darkpool Liquidity and Mantra DAO
5. Ecosystem expansion of an NFT marketplace and DeFi staking platform
Questions for Part 2 - Pre-collected questions from Twitter:
Question 1: Recently, we've seen crypto based social media like Uptrennd packing up and rug pulling investors. What are the long terms goals of Torum and how are they focusing on their roadmap
Mr.Jayson: The long term vision of Torum is to establish the largest crypto ecosystem that will connect the general public to the crypto space. So, what we are focusing on here is to grow the ecosystem.
Like mentioned earlier, Torum is an ecosystem with social media, NFT marketplace and DeFi staking platform. Launching the NFT marketplace and DeFi staking platform are the two main goals of Torum. This is part of the team effort to create an ecosystem that can serve multiple purposes in the crypto space.
As the crypto space evolves, so will Torum. Whenever there is a new crypto innovation in the space, Torum will act hastily and adopt it to our ecosystem. Think about the potential of over 50,000 users who are ready to get onboard any new product before it is launched.
In the H2 of 2021, Torum is going to experience even bigger growth as we bring onboard projects from every corner of the world in our ecosystem expansion.
We have also conserved provision for the 18 months, so there is no need of fear for rug pulling. We are also communicating with the community from time to time. If there is a major decision, we will discuss with the community.
Question 2: NFT ecosystem is huge and there is fierce competition in the DeFi+NFT space Which NFT project do you see as your competitors? And how do you plan to compete with them? @girls_winner
Mr.Jayson: We don’t see any NFT projects as competitors. The main concept of Torum is social media, not DeFi or NFT.
Speaking of competition, we have over 50,000 users ready to get involved with our NFT marketplace and a matured social media platform to connect with. I believe Torum is in the good spot to capture the market.
Question 3: Somewhere on your road map is a mining simulator video game.. can you explain how this video game will work, how can users play the game…. will this just be a regular video game or will users be able to get real life rewards playing this game. @quachthingoc96
Mr.Jayson: The Mining Simulator game is not a video game, but a virtual crypto mining game where anyone can build their own mining farm on Torum and get a percentage of profit based on the total hashrate generated.
Everyone will be given a free mining rig to start and provided the option to buy customizable mining rigs and decoration elements to be placed in the mining farm. It’s a little bit similar to Rollercoin but the user interface, profit and gamification will be different.
Question 4: Could you please list some of the key features of TORUM’s Mobile App? Also is it possible for crypto projects create their Torum accounts and build communities on Torum or is it only for individual people like influencers? So, what is Torum as a social media platform? @Lidiamga
Mr.Jayson: Every feature on Torum Web will also be available on our mobile app. Yes, everyone can create their own accounts and communities.
Torum is the world’s first DeFi + NFT social media platform specially designed for the crypto space. Thought I covered it, mate.
Question 5: Does Torum have your own digital wallet? How will the user receive the reward? And is this the main way that you use to attract users? What specific strategies do you have to build your community, as well as to reach markets in non-English speaking countries? @bigcity69298471
Mr.Jayson: Yes, Torum has its own digital wallet. It is in fact similar to exchange wallets, so the interface and experience is going to be similar. Wallets are not the main way for us to attract users. In fact, I don’t think any project uses wallets to attract users.
Well, first we have the ambassador program, where we have ambassadors from different countries to help guide the newcomers. We are interested in targeting English and Chinese speaking countries at the moment. So, language barrier is minimal on the platform. But, we intend to build a global translation feature to help communities of different backgrounds and cultures understand one another.
PART 3: BEST LIVE QUESTIONS CRYPTOFAMILY GROUP
Question 1: Will you have any mechanisms like the greatest social business networking platform LinkedIn have on Torum? Any business matchmaking gamifications on the table?
Mr.Jayson: When professionals are looking to connect, they will instinct-ly go to LinkedIn. What about when crypto users wish to connect?
My answer is Torum.
Question 2: What is the $TORUM utility in the ecosystem? Where it will be used and why would the demand for $TORUM increase? Please tell us about your 2021 roadmap and beyond.
Mr.Jayson: $XTM is the native BEP-20 token that powers the ecosystem of Torum. We have at least 10 use cases for our token, such as:
1. Purchasing crypto-themed gifts
2. Trading in Torum NFT Marketplace
3. Accessing to DeFi-related services on Torum Finance
4. Boosting a Post or Thread
5. Bidding Advertisement Slots
6. Performing in-game purchase in Mining Simulator
7. Buying & Selling in Animated Emote Complex
8. Organizing Airdrop Events
9. Subscribing to Premium Features
10. Voting New Favourite Coin Initiative
The demand for $XTM will increase as the size of our community gets bigger. Don't forget that Torum is a social media platform, so people will keep coming to the platform.
Question 3: What is the main direction for TORUM to focus on developing and promoting the entire ecosystem to go up?
Mr.Jayson: BUIDL more innovations and providing more value to the entire space is the two strategies of how we grow the ecosystem. We don't focus on hype and speculation, only BUIDL
Question 4: Many DeFi protocols are just clones of existing ones, how do you seek convince us of your genuineness and how do you ensure Adequate security, are your smart contracts been audited?
Mr.Jayson: Yes, our smart contract is audited. Please check it here: https://fairyproof.oss-ap-southeast-1.aliyuncs.com/doc/Torum-Audit-Report-051721.pdf
Question 5: Currently from where i can buy $TORUM? Is it possible that I can get $TORUM only by holding it?
Mr.Jayson: You can get $XTM from our upcoming IDO public sale launch. Our first destination is on Zendit of Mantra DAO (https://medium.com/mantra-dao/torum-zendit-announcement-participation-pool-details-56fe24020fcf). We will also be having another two separate launches.
Here are some details about our IDO launch
Token Price: $0.08
Total Funds Raised: $340,000
Total Tokens Released: 4,250,000 $XTM
Vesting Schedule: 100% Released at TGE
Period: From 20th to 25th of June (estimated)
You won't get more $XTM by holding it. Not sure which project does that, but they got to be stupid to do that.
For all of the questions that have not been answered yet, guys feel free to search for more information or ask directly to them on the links provided below:
Torum account registration: https://www.torum.com/signup
Torum Finance: https://defi.torum.com/