What Is Torum? It’s a first of its kind revolutionary SocialFi Metaverse ecosystem. Covered: What Is Torum? What Makes Torum Unique? The Torum Platform Metaverse & NFTs Partners, Backers & Team Tokenomics Welcome To Torum Launched on the 1st of July 2020, Torum is a SocialFi ecosystem (Social + NFT + DeFi + Metaverse) specially […] The post What Is Torum? appeared first on CryptosRus.

What Is Torum?

What Is Torum? It’s a first of its kind revolutionary SocialFi Metaverse ecosystem.

Covered:

  • What Is Torum?
  • What Makes Torum Unique?
  • The Torum Platform
  • Metaverse & NFTs
  • Partners, Backers & Team
  • Tokenomics

Welcome To Torum

Launched on the 1st of July 2020, Torum is a SocialFi ecosystem (Social + NFT + DeFi + Metaverse) specially designed to connect worldwide cryptocurrency users. Their Web3.0 ecosystem is built with a social media platform as its core, integrated with an NFT marketplace for crypto artists, yield farming platform for DeFi players and Avatar NFT for Metaverse enthusiasts.

Torum aims to form a one-stop ecosystem by bridging the gap between cryptocurrency communities across the world.

Torum connects crypto projects and users worldwide through its integration of DeFi, NFTs and decentralized social media. Torum is pioneering and realizing the world’s leading SocialFi metaverse.

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What Makes Torum Unique?

We have already seen several social media platforms built on blockchain technology, such as Synereo, Hive, and Steemit. They all advocate for free speech and privacy, but their lack of features and uniqueness hasn’t been enough to draw in the broader crypto community. All these platforms and others that have popped up are all relatively similar to each other and lack any stand out features. None of them have been able to reach critical mass and there has been no clear winner in the decentralized social media space.

Torum Facebook: Torum Whitepaper

With all this in mind, Torum is making itself the first crypto-focused social media platform. They are focusing more on blockchain technology and cryptocurrency itself, and as such, they are forming a community primarily made up of crypto users. They are implementing many crypto-focused features on their platform.

Torum Twitter: Torum Whitepaper

Features Of The Torum Platform

The four main features of Torum are the Social Platform itself, DeFi, NFT, and metaverse.

Users create “posts” (equivalent to tweets) and can “follow” other users. Users familiar with Twitter will have an easy time adapting to Torum. Some interesting features of the social media platform itself include:

  • You can use cashtags ($) and then a coin name when making a post, and then when you post you can see a lot of information on that coin.
  • Send and receive crypto gifts (with the built in Torum wallet) to accumulate Shard and Dusts respectively. Shard and Dusts are significant power-up multipliers on Torum (Coming soon).
  • Catch up with the latest announcements of your favorite crypto projects on the upcoming Torumgram, specially designed to fend off pesky Telegram fraudsters.
  • Join real-time AMAs, forums, and podcasts with your favorite influencers on Torum Lounge — a Clubhouse-like functionality tailored for the crypto industry. (Coming Soon but it’s basically Twitter spaces).

Torum Finance

Torum finance is the DeFi feature of Torum, it is a “Social-Infused Decentralized Staking Platform”. Much of the DeFi components to this ecosystem are currently in development. Notable features include:

  • Cross-chain Bridging: Switch your XTM between Ethereum chain and Binance Smart Chain in just a few clicks. More Ethereum Virtual Machine (EVM) based blockchains will be added from time to time according to community.
  • Shard-Dust Powerups: (Coming Soon). Multiply your earnings with Shards and Dust accumulated from Torum social.
  • NFT Staking: (Coming Soon). Stake Torum’s limited-edition NFTs to amplify your $sXTM Exclusively for Torum ISNO holders. The ISNO is Torums Initial Staking NFT Offering, featuring 363 limited edition NFTs for public sale.
  • Time Factor Multiplier: (Coming Soon). The longer you stake the higher the yield.
  • NFT Launchpad: (Coming Soon). Take part in INO Launchpads (Initial NFT Offering) issued by transformative projects in the Torum ecosystem.

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Metaverse & NFTs

Torum NFT marketplace, powered by XTM, is integrated into Torum social media to
accommodate the rising NFT-centric needs of the crypto communities. In addition to the
standard NFT features, Torum NFT Marketplace is unique for the following reasons:

  • Every social profile can be used as a personal NFT showroom to display the
    premium NFT collections of the community.
  • Connecting a decentralized wallet to the NFT marketplace unlocks a series of social
    elements, including the option to share NFTs to Torum social media for increased
    promotion and exposure effect.
  • Each account will be provided with a customizable social NFT that acts as an
    avatar-like biography on Torum. The NFT can be customized with a wide range of
    cosmetics (from other projects) and account activeness of Torum, e.g., number of
    followers, Shard counts, rate of mission completion (social incentive mechanism of
    Torum), etc. In short, each programmable NFT represents the crypto identity of
    everyone in the Torum ecosystem.

 

Avatar NFT (Metaverse)

Finally, we have the metaverse aspect of Torum. “Pioneering the world’s first ever tokenized SocialFi metaverse with PFP Avatar NFTs and allowing everyone to own a proof of their unique virtual identity.” Notable Features Include:

  • Own Your Unique Avatar NFT:  Discover numerous themes with thousands of rare items and customize your unparalleled avatar. With more series to be released in the
  • Social x NFT: Complement your social media profile with your avatar NFT to symbolize your exclusive metaverse identity.

Coming Soon:

  • Avatar NFT Showroom: List your rarest avatar on a dedicated section to showcase your NFTs.
  • NFT Forging: Collect the right NFT components and forge them into higher rarity. Elevate the value of your avatar with Legendary NFT.
  • NFT Marketplace Integration: Trade your Avatar NFTs with other collectors seamlessly.
  • Cross-chain Support: Exclusively available on Binance Smart Chain EVM-based blockchains will be added from time to time according to community needs.

Tokenomics

Token Distribution & Lock up

Seed Round : 4.103%
Private Round : 8.473%
Pre-Sale : 1.250%
Public Round – ISNO : 0.219%
Public Round – IDO : 0.625%
Liquidity Provider Incentive : 10.000%
Marketing : 12.500%
Reserve : 10.330%
Ecosystem : 22.500%
Strat, Dev & Advisors : 10.000%
Team : 20.000% – alarmingly high

The entire platform is driven through the utility of the native XTM token. 22.5% being in the ecosystem with 10% in both liquidity & strategy (devs & advisors) and lastly 12.5% in marketing. So a little more than half of the token supply is geared towards the road map and product. The concern for us is the allocation to the team. However, only 8.33% of the allocated amount will be released over a span of 48 months.

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Closing

Torum has an ambitious plan to become this all-in-one metaverse where you have your social media and all the virtual experiences in one location without using different websites or apps. They have many features that are yet to be released so it will be interesting to see how that plays out. Additionally one more drawback we see is the perception of the tokenomics – 20% of the entire supply to the team is quite steep. While it could be argued that they have more funds to develop and build, 20% is significant.

They seem to have a growing userbase, and once the mobile app comes out it should draw in a lot more users. Their goal isn’t necessarily to draw in users of traditional social medias, but rather to bring users of crypto together. However, many users do not like changing to new social media platforms. Furthermore, a glaring concern is their direct competition with other social media giants. But overall, Torum is a potentially promising project if they can deliver.

Where To Buy Torum

You can purchase Torum through the KuCoin exchange similar to how you would buy another cryptocurrency. You can either place a market buy or a limit buy. With a limit buy, you determine the price you are willing to pay, and your order gets filled once the token price reaches your limit price. If you want to get your hands on the token quickly, you can place a market order, where you agree to pay the current price and have your order filled almost immediately. If you are interested in purchasing Torum you can do so by visiting KuCoin.

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