Thank you to everyone who joined AMA Blockelite x Torum on 26th May at 1:00 PM UTC I 08:00 PM (UTC+7). Here is the recap for those who missed this AMA.
Our special guest today is Jayson Tan – Co-founder & CMO of Torum
Segment 1: Introduction about Torum and Jayson Tan – Co-founder & CMO of Torum
Q1: Can you briefly introduce yourself as well as about the Torum?
Jayson Tan – Co-founder & CMO of Torum: I am Jayson Tan, Co-founder & CMO of Torum. Personally, I am a big crypto fan who joined the space back in the 2017 crypto rush. Now, I oversee the community building, partnership networking, user acquisition strategy of Torum.
Torum is the world’s first DeFi + NFT social media platform with over 50,000 cryptocurrency users.
Now, we have 3 main products that form the ecosystem of Torum, including
- Torum Social Media
- Torum NFT Marketplace (Social + NFT)
- Torum Finance v1.0 (Social + DeFi Staking + Launchpad)
Q2: How does Torum make a difference compared to current social platforms? Why should people sign up and experience your platform?
Jayson Tan – Co-founder & CMO of Torum: First, we are a social media platform specially BUIDL for the crypto space. 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 in a single click.
Second, we constantly BUIDL new crypto innovations to the platform. Torum NFT Marketplace and Torum Finance are two excellent proofs that Torum is not limiting ourselves to a social media platform. Torum is a crypto ecosystem that enables everyone to get social media, NFT and DeFi services in one place.
Third, Torum is BUIDL with amazing features that suit the needs of the users. For example, you can choose your favourite crypto and display it on your Torum profile. Or you can purchase a crypto gift, like DOGE CEO and send it to another person.
If these do not convince you to join Torum, I don’t know what will 😍
Q3: Who are the current notable partners for Torum and what about the capital strength of your project?
Jayson Tan – Co-founder & CMO of Torum: Speaking of partners, we are excited to be working with the some of the most amazing projects in the space, including
- Jinse Finance, Largest Chinese Crypto Media
- Mantra DAO , DeFi + DAO
- Kylin Network, Polkadot Data + DeFi & Web 3.0
- Poly Network, Cross Chain Project Supporting BSC, ETH, SOL, ZIL, EGLD
- Darkpool Liquidity, Two times winner of Binance API competition
In terms of capital strength, Torum has recently completed 3 fundraising goals for 3 months in a row:
March 2021: Completed a $500,000 Pre-Sale
April 2021: Completed a $1,500,000 strategic investments joined by 20 VCs, including AU21, DFG, Consensus Lab, M6, Waterdrip Capital
May 2021: Completed a $243,000 INO sale in under 20 mins
Blockelite Host: Can you tell us some details about security mechanisms?
Jayson Tan – Co-founder & CMO of Torum: Yes, security is Torum’s utmost priority, especially when there are so many hacks and cyber attack happening across the industry.
We practise the best industry standard and will implement things like 2FA (email, phone number, Google auth) and captcha to fight off the scams. These security measures will be released before our platform withdrawal feature is up to ensure that all funds are SAFU.
Q4: Congratulations on your project has completed its first public sale event – Initial Staking NFT Offering (ISNO). With ISNO, what difference will it bring? What are the benefits when users own these NFTs?
Jayson Tan – Co-founder & CMO of Torum: Thank you, mate. $243,000 worth of NFTs sold off in under 20 mins. I couldn’t believe my eyes when it happened in front me.
So, The ISNO is a new crypto funding innovation that introduces stake-able NFTs in the crypto space. In the Torum ecosystem, users can stake the NFTs on Torum Finance v1.0 and gain a multiplier liquidity stake when doing liquidity farming.
This means having these NFTs will provide the holders a competitive edge over those who have no NFTs.
Blockelite Host: If user stake the NTFs on Torum Finance, they will earn $XTM , right ?
Jayson Tan – Co-founder & CMO of Torum: In simple terms, they will earn more $XTM than the farmers with no ISNO NFTs.
Q5: Torum will implement IDO in the near future, can you share a little information about it? What is the next roadmap for 2021?
Jayson Tan – Co-founder & CMO of Torum: We are going to do a tri-launch IDO public sale on 3 different launchpads. We already announced our first launchpad partner, Zendit of Mantra DAO. The two remaining platforms will be announced in around early June.
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 7th to 15th of June (estimated)
Our next coming development milestone is to launch:
- Torum NFT Marketplace (Social + NFT)
- Torum Finance v1.0 (Social + DeFi Staking + Launchpad)
Segment 2: Twitter questions
Q1: In the TORUM application there will be a feature “Crypto Projects Listing “, In order for crypto projects to show their latest updates, for projects that want to showcase their project in TORUM what they need to do, can crypto projects register for their project?
Jayson Tan – Co-founder & CMO of Torum: Well, they need to create a company profile on the platform. In the profile, they are able to provide infos like their token ticker, whitepaper, social media links, etc. After that, they will be able to interact with the community directly with the identity of the company.
The process is 100% smooth and requires no technical knowledge.
Here are some of the product screenshot of Company Profile.
Q2: Team members is an Internal part of a project. So,tell us how many team members do you have and how many developers are working for this project? How many wallets that can support your platform until now?also do you have any plan to build own wallet?
Jayson Tan – Co-founder & CMO of Torum: We have 25 members working in the team right now, distributed among Malaysia, India and Turkey. More than half of our team are programmers who are working on web, mobile app and smart contract developments.
The Torum wallet is an exchange-graded wallet that can support tokens from multiple chains, including BTC, ETH, BSC, EOS, ETC, etc. Additionally, we are also working with our partner, Poly Network to enable a smoother cross chain interopability experience for our community.
Q3: Tell us all about the XTM token, what is its utility within the social network, how users can generate more of these tokens, what are the elements that support its value and how sustainability and profitability are managed in the future ?
Jayson Tan – Co-founder & CMO of Torum: $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:
- Purchasing crypto-themed gifts
- Trading in Torum NFT Marketplace
- Accessing to DeFi-related services on Torum Finance
- Boosting a Post or Thread
- Bidding Advertisement Slots
- Performing in-game purchase in Mining Simulator
- Buying & Selling in Animated Emote Complex
- Organizing Airdrop Events
- Subscribing to Premium Features
- Voting New Favourite Coin Initiative
From the utility alone, $XTM is a super solid token in the long run. 🚀
Q4: What is difficulties and chances that Torum face right now while the crypto/blockchain market is still young and need time to grow?
Jayson Tan – Co-founder & CMO of Torum: I would say talents. The space is super niche, which makes finding the right talents to be difficult, like smart contract developers and Substrate devs. The industry definitely needs more programmers onboard. Without sufficient devs, it’s hard for us to go mainstream.
But, every problem is an opportunity. We remain optimistic that as long as we continue down the road, the right people will present themselves.
Q5: According to the TORUM RoadMaps I see that “Coming soon the TORUM mobile app”. is your platform mobile friendly? Are there any Apps in the apple store / playstore? Is this some kind of paid subscription or is it really free for the community?
Jayson Tan – Co-founder & CMO of Torum: Yes, our platform is mobile friendly. You can use desktop view and mobile view, but we highly recommend desktop view for the best experience.
We have released an iOS beta app earlier this month and are looking to release an Android beta app later next month. So, it’s going to be on both the Apple store and Playstore.
Torum is completely free to use, including our upcoming iOS and Android app.
Segment 3: Live questions
Q1. So many good blockchain projects have failed because of low sale of their token, which can be blamed on the present bear market. How will you raise funds for your project and survive this bear market?
Jayson Tan – Co-founder & CMO of Torum: If you look at price as the sole measure of project success, then every project will fail in the bear market, including Bitcoin. Btw, the recent market shakedown is to push out the weak hands. We are still in a bull run, mate.
Torum has prepared enough provision that will last us 18 months in the upcoming crypto winter.
Q2. Can you briefly explain the method of Tokenomics Distribution? How many tokens Will be distributed? And How many tokens Will be locked by the team?
Jayson Tan – Co-founder & CMO of Torum:
The total token supply of $XTM is 1,000,000,000 units.
Only 25% of the total token supply will be provided to the team. The rest are divided into other 11 components.
Q3. What is PROJECT’s revenue model? In which ways do you generate revenue/profit?
Jayson Tan – Co-founder & CMO of Torum: Similar to Facebook, Torum will be having ads and post boosting services. But, we are not stopping here.
We shall expand Torum into a B2B platform to better serve crypto projects, helping them generate the exposure they want. Imagine that projects can organize airdrop to Torum social media users or they can unlock certain customizable profile sections to maximize their community outreach.
The revenue models of Torum is endless with deep token integration.
Q4. There are many people in the crypto market who have cloning another project making utopian promises but whose main intention is to get rich just by selling tokens. Do you have realistic creative and original aspects that distinguish you from these negative examples??
Jayson Tan – Co-founder & CMO of Torum: We have an 11 months old social media product with over 50,000 users onboard. Try and copy that
Q5. 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?
Jayson Tan – Co-founder & CMO of Torum: Neither NFT projects are our competitors as the core idea of Torum is still social media.
In terms of advantages, Torum has over 50,000 readily onboard users to our upcoming NFT marketplace without any marketing investment. This is something most NFT projects lack.
Q6. Why you build your token, on Ethereum blockchain? As we all know Ethereum has scalability issues? Any plan to move on other blockchain or mainnet???
Jayson Tan – Co-founder & CMO of Torum:
Not sure where you got your source, but we are based on Binance Smart Chain. We migrated to BSC for quite some time.
But we are open to cross chain interopability and are working with Poly Network on this.
Q7. SEA has a humongous opportunity in terms of users and product development. so what do you think about Southeast Asia and do you have any plan to develop here?
Jayson Tan – Co-founder & CMO of Torum: SEA is a super huge expansion opportunity. In fact, the 5 founders of Torum are Malaysians and I believe Vietnam is a strong powerhouse as well.
We shall remain focused on the West and East developments for now. As soon as we managed to capture them, we will turn our next goals to the entire Asia, including SEA.
Q8. How can we reach you? Where can we follow you? How can we buy your tokens? Do you have any facilities for investors?
Jayson Tan – Co-founder & CMO of Torum: Joining our community is a good start.
Website – https://www.torum.com/
Sign up a Torum account – https://www.torum.com/signup
Torum Finance – https://www.finance.torum.com/
Telegram Group – https://t.me/torum_official_group_en
Telegram Channel – https://t.me/torum_official
Twitter – https://twitter.com/torum_official
Linkedin – https://www.linkedin.com/company/torum
Medium – https://medium.com/torum-official
Q9. Tell us the top 3 facts why investors should choose your platform?
Jayson Tan – Co-founder & CMO of Torum:
- 50,000 registered users with a consistent 20 – 30% monthly user growth rate.
- Completed a $1.5M private round backed by AU21, Consensus Lab, DFG, M6, Waterdrip Capital and Lotus Capital
- Sold off $243,000 worth of NFTs in under 20 minutes
Q10. Token burning is beneficial to any project because it can control the number of tokens in circulation and provide investors with greater incentives. Does your great project have a plan for token burning?
Jayson Tan – Co-founder & CMO of Torum:
We have token burning system.
5% of the ecosystem quarterly profit shall be used burn $XTM in the market until the total supply of the token is reduced to 80%.
Q11. Do you have AUDIT certificates, or are you working to AUDIT your project, to make it more secure and reliable?
Jayson Tan – Co-founder & CMO of Torum: Yes, we do have audit.
Our smart contract is SAFU.
Q12. Is your project listed on coingecko and coinmarketcap or not???
Jayson Tan – Co-founder & CMO of Torum: Not yet, but soon.
