Torum is not just another social media platform; it's a dedicated hub for cryptocurrency enthusiasts. Imagine a place where you can discuss the latest trends in crypto, engage with like-minded individuals, and stay updated on blockchain projects—all in one spot.
That’s what Torum offers. Launched in July 2020, Torum has quickly become a go-to platform for crypto investors and users to connect, share insights, and stay informed.
Platform Overview
Launched initially through a private beta, Torum is now open to everyone. It was created by a team of five co-founders, with around 20 members spread across countries like Malaysia, Turkey, and India. The CEO, Ah Go, brings his experience as the former Head of Chinese Communications at Malaysia’s ACCESS blockchain association. Signing up is straightforward—just an email address is required, and you can start exploring right away.
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User Base and Reach
Despite being relatively new, Torum has already attracted over 30,000 users. Its Alexa ranking is around 49,000, showcasing its growing popularity. One unique aspect of Torum is the direct contact users can have with team members for support, making the platform more engaging and user-friendly.
Pros and Cons
Pros
- Tailored for crypto users: Torum is designed specifically for the cryptocurrency community, making it a niche platform for focused discussions.
- Rewards participants with XTM tokens: Users are incentivized with XTM tokens for their activities and engagement.
- Easy-to-navigate interface: The platform's design is intuitive, similar to other popular social media sites.
- Free to use: There are no costs associated with creating an account or using the platform.
Cons
- Limited language support: Currently, Torum supports only English and Chinese.
- No mobile app: Torum doesn't offer a mobile application, limiting accessibility on the go.
Platform and Interface
Creating an account on Torum is simple—just provide an email address, and you're good to go. The platform guides new users by suggesting popular accounts and groups to follow. You can personalize your profile with images, cover pictures, and bios, and even showcase your favorite cryptocurrencies.
The homepage is reminiscent of Twitter or Facebook, featuring an activity feed with posts from followed accounts and groups. A standout feature is the "clans," or discussion groups, which can be accessed from the top navigation bar. The user-friendly interface ensures that new users can quickly get accustomed to the platform.
XTM Token Integration
Torum's native token, XTM, is a BEP-20 token on the Binance Smart Chain. There are plans to extend support to Ethereum as well. Within the platform, XTM tokens can be stored in an integrated wallet and used for various purposes such as promoting posts, buying ads, and purchasing gifts. XTM is also crucial for participating in the Torum NFT Marketplace and DeFi services on the Torum Finance platform.
Missions and Community Building
To foster an active community, Torum offers "missions" that users can complete to earn XTM tokens. These tasks are designed to encourage exploration and engagement on the platform, contributing to a vibrant and healthy ecosystem.
Upcoming Features
Torum Finance
Torum is not stopping at social media. It’s venturing into decentralized finance (DeFi) with Torum Finance, a portal built on the Binance Smart Chain. This includes an automated market maker governed by XTF token holders. Users can farm XTF by providing liquidity to the XTM/BNB pool on PancakeSwap. Additionally, staking NFTs purchased at Torum’s public sale will offer rewards multipliers based on the NFT tier.
Torum NFT Marketplace
The Torum NFT Marketplace will allow artists to mint, display, and sell NFTs directly on their profiles. Using XTM as the transaction currency, this marketplace aims to provide low transaction fees and a user-friendly experience. It's another step towards making Torum a comprehensive platform for all things crypto.
Venture Capital Investment
Recently, Torum raised $1.45 million from venture capital firms such as Worshipper Capital, Lotus Ventures, and AU21 Capital. These investors received 60 million XTM tokens, which represent 6% of the total supply. The tokens have a 12-month vesting period post-token generation, ensuring long-term commitment and support.
Conclusion
Torum is an ambitious project that blends social media with blockchain features like DeFi and NFTs. With its growing user base and unique features, it stands out as a promising platform for the crypto community. The success of Torum will largely depend on the execution of its ambitious plans and the utility of the XTM token. If it can deliver on its promises, Torum could become a major player in the crypto space.
Disclaimer: The information provided in this article is for informational purposes only and does not constitute financial, investment, or professional advice. While we strive to keep the information up-to-date and accurate, we make no representations or warranties of any kind, express or implied, about the content's completeness, accuracy, reliability, suitability, or availability. Any reliance on such information is therefore strictly at your own risk. Always seek the advice of a qualified professional before making any financial decisions related to cryptocurrency or other investments.
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