Torum x Satoshi Club AMA Recap from 11th of May
Hello, Satoshi clubbers! Another AMA took place in Satoshi Club and we would like to introduce to you the AMA session with our friends from Raini and our guest was @Jayson9711 — co-founder and CMO of Torum. The AMA took place on 11th May.
The total reward pool was 500$ and has been split into 3 parts.
In this AMA Recap, we will try to summarise the most interesting points for you.
Part 1 — introduction and questions from the Website
Mary | Satoshi Club:
Hello Satoshi Club! We are happy to announce our AMA session with Torum! Welcome to Satoshi Club
Gold Rocket | Satoshi Club:
Hello again, dear community!
Today our guest is @Jayson9711!
Jayson | TORUM.com (will never DM you):
Hi everyone, thanks for having me here
Gold Rocket | Satoshi Club:
Hello and welcome to Satoshi Club, Jayson!
How are you doing?
Jayson | TORUM.com (will never DM you):
I am all good
Excited to be here!
Gold Rocket | Satoshi Club:
We are also very excited about the upcoming АМА
Let’s start!
Introduce yourself, please. How did you get to be involved in crypto & Torum?
Jayson | TORUM.com (will never DM you):
I am Jayson, the co-founder and CMO of Torum. I started my journey in the crypto space back in 2017, back before the 2017 bull runs started. I was a college student and studying with the CEO of Torum, Yi Feng Go.
Gold Rocket | Satoshi Club:
It’s amazing!
Jayson | TORUM.com (will never DM you):
He introduced cryptocurrency and blockchain to me and soon we got the balls rolling really deep into all these 2017 coins.
Back then, the 2017 bull run didn’t last very long. And after that, we have seen that the industry has a lot of issues like scams are everywhere, projects do not have a cost-efficient marketing channel, and community is super segregated across different spaces
Mary | Satoshi Club:
Yes, 2017 was crazy, but as I see 2021 is also crazy enough
Gold Rocket | Satoshi Club:
Yi Feng Go raised himself an excellent companion in you
Jayson | TORUM.com (will never DM you):
So, we thought that the industry needs a platform that can solve all these 3 problems at once, and then the idea of a crypto social media comes into mind. What’s better in connecting cryptocurrency users than a social media platform right?
We called it the Tokenized Forum and then abbreviated it into Torum, which is the combination of both words
Fast forward to this day, Torum is now a social media platform with over 40,000 cryptocurrency users from different parts of the world.
Gold Rocket | Satoshi Club:
It sounds pretty good
Jayson | TORUM.com (will never DM you):
Done.
Mary | Satoshi Club:
Oh, I thought about your name, now everything is clear
Jayson | TORUM.com (will never DM you):
We were glad that the name came naturally haha haha.
Mary, can you have a look at my dms? I messaged you something earlier
Gold Rocket | Satoshi Club:
@Jayson9711 Thank you very much for the great intro! ready to move on to questions from the community?
Mary | Satoshi Club:
Done.
Jayson | TORUM.com (will never DM you):
Cool.
Sure, let go!
Q1 from Telegram User @Xusuo
Torum is a social media platform that specially for cryptocurrency user. If we speak about social media, there is already so much out there for example like Facebook, Instagram, Twitter, etc. So besides Torum is special for crypto user, what new innovation do you bring to your platform? What user possible to do inside Torum’s social media?
Jayson | TORUM.com (will never DM you):
Unlike other social media peers, Torum is the first DeFi and NFT-infused social media platform that is specially designed for the cryptocurrency users. So, our target market is different and super niche.
By being a DeFi and NFT-infused social media platform, Torum will be launching an NFT marketplace and a DeFi platform within its own ecosystem. The ability to adopt these crypto innovations (DeFi and NFT) as a social media project is none seen before.
We can think of Torum as a one-stop ecosystem where we can socialize with crypto enthusiasts from different parts of the world, while having the option to swap tokens in a DeFi platform or list and trade NFTs in a dedicated NFT marketplace.
Mary | Satoshi Club:
So, just cryptocurrency
don’t you afraid that when bear market will come you won’t have a lot of users? Do you have plan?
Jayson | TORUM.com (will never DM you):
We should be. In fact, many people questioned our decision to design the platform for the cryptocurrency users as the market size might be too small to justify.
Gold Rocket | Satoshi Club:
I have no doubt that you will be on top of your success.
thanks a lot for the answers! ready for the next question?
Jayson | TORUM.com (will never DM you):
However, when the bear market comes, discussion will still continue in any way. We are all humans, and we always need a place to express our thoughts. Where are you going to find a place that is filled with cryptocurrency addicts and discuss about crypto?
This is why Torum is needed where you don’t need to find a place anymore. Every person on Torum is cryptocurrency enthusiast, so even when the bears come, the community on Torum is all the reason that you need to get onboard the platform. That’s the value that Torum provides when none of the existing crypto social media peers can offer.
Cool, let’s go
Q2 Telegram User @Highpee
You have plans to develop your own NFT marketplace and also from your roadmap, I can see that you will have programmable NFTs (pNFT) which you said will have the ability to change appearance based on some set variables. Firstly, What special features and quality will be implemented in Torum NFT marketplace, and what additional benefit will it bring to your community of social users and artists? Also, how are programmable NFTs able to change appearance based on user’s profile? What benefits can one access from holding pNFTs and what utility value will pNFTs offer over normal NFT?
Jayson | TORUM.com (will never DM you):
The programmable NFTs of Torum is perhaps the first social-infused NFTs that are yet to be seen in the market. Imagine that every social media profile has its own NFTs that changes its appearance according to the activeness of the user on the platform.
The factors that determine the pNFTs need not be just activeness. We can work around with it. Maybe by possessing an NFT from other projects can change the appearance of the NFT as well? The potential is immense here. And think about when you can sell the pNFTs on Torum NFT marketplace.
Gold Rocket | Satoshi Club:
To be honest, it’s hard to surprise me with something in crypto. but this is something new…
Do you have the opportunity to demonstrate something?
Jayson | TORUM.com (will never DM you):
As each profile only has one unique pNFT, the scarcity of the token comes into place
Mary | Satoshi Club:
So, you will have pNFT for each profile? If i will be your user i will also have it?
Jayson | TORUM.com (will never DM you):
In future, we might be implementing a unique badge system for accounts with super rare pNFTs to make the platform gamification even further.
Haha haha, unfortunately, the idea is still under development as it is going to involve smart contracts. We can working with multiple parties to include as many elements as possible in it. The more variable factors that we placed in it, the more fun every user can ticker with the pNFTs.
Yes, it is going to be available to all users on Torum.
And the best part is, you decide how the NFT shall appear
Mary | Satoshi Club:
Will I be able to sell this NFT?
Jayson | TORUM.com (will never DM you):
Yes, you can. From Torum NFT marketplace to Binance NFT.
Mary | Satoshi Club:
Torum will support only BSC?
Jayson | TORUM.com (will never DM you):
We are based in BSC, but we are totally open to extending other blockchain networks. This is why we have established a partnership with Poly Network for cross-chain interoperability. They have just deployed the first cross-chain NFT feature yesterday. So, cross-chain is the way to go.
Mary | Satoshi Club:
Gold Rocket | Satoshi Club:
Undoubtedly cross-chain solutions are very important
Jayson | TORUM.com (will never DM you):
Once the platform scales to a point, we will be going for the Polkadot para chain slots.
Mary | Satoshi Club:
Wow, that’s cool! Wish you success with this!
Gold Rocket | Satoshi Club:
Great answers!
Mary | Satoshi Club:
Thank you for your answers! Ready to proceed?
Jayson | TORUM.com (will never DM you):
All good to go.
Q3 from Telegram user @cryptofollower
Right now almost all the crypto communities on the telegram. As torum is a social media platform designed to connect worldwide crypto users what are the features you are implementing that’s better than telegram? 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?
Jayson | TORUM.com (will never DM you):
Let’s start with the 1st question. As a social media platform designed for cryptocurrency users, Torum is one of the first few social media projects that is infused with crypto elements.
https://esatoshi.club/wp-content/uploads/photo_2021-05-14_13-09-52.jpg
From the most simple things like emoji, Torum come up with a free pack of crypto-themed emotes that provides everyone a smooth and friendly way of interacting with cryptocurrency enthusiasts.
From DOGE to Craig Wright, the crypto-focused nature of Torum is what makes it unique.
https://esatoshi.club/wp-content/uploads/photo_2021-05-14_13-13-01.jpg
Having crypto-themed gifts that incorporate the history and culture of cryptocurrency is something Telegram couldn’t offer.
Mary | Satoshi Club:
They look awesome
Jayson | TORUM.com (will never DM you):
Aside from that, Torum will also be launching our NFT marketplace and DeFi platform, meaning the platform will soon be accommodating the needs of DeFi degens and crypto artists all in a single ecosystem.
Mary | Satoshi Club:
Will it be available on your app?
Jayson | TORUM.com (will never DM you):
For the mobile app, it’s basically an app version of what we have seen on Torum.
Jayson | TORUM.com (will never DM you):
Yes, it will be hahahahaa. Every single one of them.
Mary | Satoshi Club:
Fantastic! So, it will be easy even for newbies to use it!
Thank you for your answers! Ready to go to the next question?
Jayson | TORUM.com (will never DM you):
Yes, the platform is optimized for both crypto projects and influencers. For projects, they can build their profile and start promoting to the community. Promoting on Torum is a big yes because every user on Torum knows and loves crypto. This is the target market that projects desperately wants to attract. For influencers, it works the same as well. Because the target market is found on Torum, it makes the platform super valuable to everyone.
Ready, Mary!
Q4 from Telegram user @surendra040
It is unfortunate that ISNO public sale was affected due to congestation of blockchain network. What will be your next step now and how badly it has affected on project? do you have any changes in your roadmap and timeline? Also, when will you schedule your next public sale?
Jayson | TORUM.com (will never DM you):
ISNO, or Initial Staking NFT Offering event has just been completed 2 hours ago. All 363 units of NFT issued in the events have all been sold in just 20 minutes. So, the blockchain congestion yesterday has no impact to the project. In fact, we are amazed to see that the community is showing full support towards the project.
So, we are not changing any roadmap or timeline. As our ISNO event is now complete, we will move on to our upcoming tri-launch IDO public sale event.
Done.
Gold Rocket | Satoshi Club:
Congratulations
Mary | Satoshi Club:
Great job! Congratulations!
Jayson | TORUM.com (will never DM you):
Thank you
Mary | Satoshi Club:
Did you already choose platforms for IDO?
Jayson | TORUM.com (will never DM you):
We have announced our first IDO partner, Zendit, which is the launchpad of Mantra DAO. We are in the final discussion phase with our second and third partner.
Probably, the news will be announced in the next few days
Mary | Satoshi Club:
We will follow your updates
Thank you for your answers! Ready to jump to the next question?
Jayson | TORUM.com (will never DM you):
Let’s go.
Gold Rocket | Satoshi Club:
Тhanks a lot for the answers!
Q5 from Telegram user @Jonahapagu
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?
Jayson | TORUM.com (will never DM you):
The mining simulator game is a playground where every Torum user can participate in a global virtual mining game. So, everyone will have the option to buy virtual mining rigs, build their mining farms, etc, with our native token — XTM.
By participating in this game, the players will receive reward based on their contributed hash stake to the game. The more your hash stake, the bigger your mining reward. The reward will be provided using 15% of the ecosystem’s quarterly profit.
The idea came when we were thinking of combining cryptocurrency mining, gamification and value sharing with the community.
Mary | Satoshi Club:
We like virtual mining! When do you plan to launch it?
Jayson | TORUM.com (will never DM you):
So, we thought since the foundation of the crypto space is mining, why not build a mining simulator game?
Gold Rocket | Satoshi Club:
Tell us please about your tokenomics, btw.
Jayson | TORUM.com (will never DM you):
It will be launched by the end of H2. We do not want to overpromise for the sake of hype. There is a lot of details that need tinkering with the Mining Simulator Game. With the support of Torum’s VC partners like AU21 and DFG, we are confident that the game will have a smooth launch by the end of H2.
Mary | Satoshi Club:
We will wait. for this exciting event
Jayson | TORUM.com (will never DM you):
https://esatoshi.club/wp-content/uploads/photo_2021-05-14_13-15-24.jpg
Sure, here is the tokenomics distribution of Torum.
We have just completed our ISNO Public Round a few hours ago
At the end of the day, the team will only receive 25% of the total token supply where the community will have a total of 40% from Ecosystem and LP Incentive.
The idea is to ensure that the overall consensus of the projects stay with Team and we slowly return the power back to the community, when XTM becomes a governance token.
The others are mostly like what other projects are doing. It’s the industry standard.
Gold Rocket | Satoshi Club:
Thank you very much for the detailed answer.
Jayson | TORUM.com (will never DM you):
During TGE, Torum will have < 2% total token supply in the market and the market cap is around $1.5M. The token public sale price is going to be $0.08. So, be prepared for the IDO event!
Gold Rocket | Satoshi Club:
It sounds great!
Gold Rocket | Satoshi Club:
Ready to proceed to the last question of this part!
Jayson | TORUM.com (will never DM you):
https://esatoshi.club/wp-content/uploads/photo_2021-05-14_13-15-58.jpg
Let’s go
Q6 from Telegram user @Korryl
Today Torum just launching about Staking NFT Offering event on your platform. So what is this event about? Do we possible to stake NFT and get a reward an NFT? How does the event work and how to participate?
Jayson | TORUM.com (will never DM you):
So, the Initial Staking NFT Offering event is invented by Torum, where instead of the regular INO events, every NFT issued under the event comes with a permanent staking multiplier effect and a fixed amount of XTM in it.
The idea is to provide utility to the NFT issued under the event, not as an airdrop NFT or an NFT that is purely for amusement. Once the NFT is purchased from the event, the holders can proceed to stake it in our DeFi platform, Torum Finance to multiply their LP stake.
This means that a LP participant with an ISNO NFT will always have a competitive edge over those who do not possess the NFT. Regarding the participation method, you can may find it here: https://torum-isno.s3.us-east-2.amazonaws.com/announcing-torum-initial-staking-NFT-offering-ISNO.pdf
Unfortunately, all 363 ISNO NFTs have been sold off completely a few hours ago.
Mary | Satoshi Club:
It’s awesome! Everything is clear! And i have just one last question from this part
What about your platform audit? Is your platform and smart contracts secure?
Jayson | TORUM.com (will never DM you):
So, Torum is an 11 months old off-chain social media platform, meaning the platform is not hosted on blockchain. This is to achieve the best user experience for the Torum community. But the platform is integrated with Web 3.0 elements like Metamask to provide on-chain transaction. As the platform is not built on blockchain, the audit is not required.
However, Torum’s upcoming major developments, Torum NFT Marketplace and Torum Finance v1.0 (DeFi Platform) are complete Web 3.0 projects of the Torum ecosystem. We shall make sure they are fully audited and released to the public for transparency before launching the platforms.
Mary | Satoshi Club:
Perfect
Jayson | TORUM.com (will never DM you):
Some UI Teaser of Torum Finance
https://esatoshi.club/wp-content/uploads/photo_2021-05-14_13-16-51-1024x454.jpg
For a complete experience, please visit: https://defi.torum.com/
A security audit is super important and we will work with the tier 1 smart contract audit firms before the launch
Mary | Satoshi Club:
Sure! Happy to hear this
Part 2 — live questions from the Telegram community
Q1 from Telegram user @Ratash97
What are XTM use cases in the social media platform?
Jayson | TORUM.com (will never DM you):
So, we have 10 ways on how we can use our native token, XTM. You can purchase crypto-themed gifts on Torum and send it to any person you like on the platform.
In the near future, we are going to launch Torum NFT marketplace and Torum Finance, where XTM will be the primary medium of exchange powering the two decentralized applications. We can trade and list NFTs on the NFT marketplace and use XTM for staking on Torum Finance.
There are more utilities coming up like bidding for ads slots with XTM or boosting your content on Torum social media with XTM. I am pretty excited about how we can introduce more token utility cases to the community.
Q2 from Telegram user @Arriiiaaaannnnna
Without proper marketing, a project dies like a dead river. So, how strong is your word to mouth marketing and how do you planning to raise capital?
Jayson | TORUM.com (will never DM you):
We have over 18 cryptos VCs, supporting us, like AU21, DFG, Consensub Lab, Redline Capital, Waterdrip Capital, Worshipper Capital, Oasis Capital, Momentum 6, Chain Capital, Hotbit, Angle One, N7 Labs, Lotus Capital, IDC, Ticker Capital, Blockhunter Capital, BKEX, Crypto Planet, and AIDOC. So, capital raising isn’t the priority of Torum at the moment. https://medium.com/torum-official/torum-closes-1-45m-private-round-with-prominent-crypto-vcs-6ac96c8aa80d
One of the best things about a social media project is the product has the inherent user stickiness factor. The longer a user stays on the platform, the stronger the word-of-mouth marketing effect. In one year, Torum will be one of the few prominent social media projects in the crypto space.
Q3 from Telegram user @Indomiekuy
Since you are a social media project about crypto,
I want to ask about how are your privacy protection for user or company that doing registration in Torum platform? As we know facebook’s data has been leaked a few weeks ago, how do Torum try to prevent a same accident that happens with Facebook? Does your user need to do KYC?
Jayson | TORUM.com (will never DM you):
Nope, as a crypto social media project founded by cryptocurrency enthusiasts, Torum strictly prohibits any action of data mining or harvesting. In future, if Torum is going to launch our ads system, it will not collect user data without the permission of the community. If the community decided to share their data, they will be rewarded with the ads revenue, just like what Brave is doing.
Q4 from Telegram user @JoxesXIII
Many of us chose crypto because it not only offers us financial freedom but also freedom of expression. Will Torum respect users by not censoring them, something that twitter and facebook do on a daily basis (deliberately shut up users)?
Jayson | TORUM.com (will never DM you):
We understand the sensitivity of freedom of expression. As long as it does not translate to violence, killing or any harmful consequences, any form of expression will be respected on the platform.
We don’t do censorship here. Because we don’t like to be censored. Torum is founded by crypto enthusiasts, so we understand your concern and will never cross that line ourselves.
Q5 from Telegram user @feranno
Some of the new crypto projects initially impressed investors/users with their positive features but later deceived people by fraud. For this reason, how will you resolve the doubts that arise against all projects?
Jayson | TORUM.com (will never DM you):
Ever since Torum is launched back on the 1st of July, the team has adopted a community-first approach where every major decision making will involve the community. This ensures that the project will never stray away from the community, which is the essence of Torum.
It’s all about communication in the end. If you are connecting with the community at a grassroots level like what Torum is doing, you have no fear of any doubts because there will be none.
Q6 from Telegram user @cryptonation2
How old is your project? can you tell us the background of your project, team, and investors?
Jayson | TORUM.com (will never DM you):
Torum was founded by 5 cryptocurrency enthusiasts back in November 2018. It all started when my childhood buddy Yi Feng Go, who is also the founder and CEO of Torum decided to build a crypto social media project. As our CEO is the first crypto influencer in Malaysia, we managed to raise $300,000 pre-seed funds from his followers, which is also the first 1,000 seed users of Torum. From here, we grow slowly and organically into a community of 40,000 users from every corner of the world.
Fast forward to this day, Torum operates on a distributed team, like Binance. We have a team of 23 personnels from Malaysia, India and Turkey, where half of the team are developers.
Q7 from Telegram user @To_Mars
When will you shift TORUM hosting to IPFS?
Jayson | TORUM.com (will never DM you):
Yes, we will. Currently, every piece of information on Torum is hosted on centralized databases. We do it because it is cheaper and the user experience is better. However, by the coming July, we will initiate the data migration process from centralized servers to IPFS.
Q8 from Telegram user @rockmorti
I am concerned if this platform is decentralized or just looking for adoption? will there be governance within Torum to be able to discuss the most essential points of the platform?
Jayson | TORUM.com (will never DM you):
The platform is not built on a decentralized infrastructure at the moment. We call it a hybrid decentralized model, where we have both on-chain and off-chain elements on the platform. For example, you can log in to your Torum account using the classic email password method, while also gain access to Web 3.0 elements like Metamask.
Currently, our native token is not a governance token, so there is no clear community governance in the project. But, we are working with several DAO projects to build a comprehensive, easy-to-use, and smooth DAO model for our community. Once that is up, we will integrate governance functionality to XTM.
Q9 from Telegram user @joson0305
Partnerships seem to be very important. How’s the status of this project partnership? Can you share some of the partnerships you have formed with existing blockchain foundations recently?
Jayson | TORUM.com (will never DM you):
Recently, we have formed a partnership with reputable projects in the crypto spaces, like
- Poly Network, a cross-chain interoperability protocol that is building the next generation internet infrastructure by integrating main public chains, like Bitcoin, Ethereum, Neo, Ontology, Elrond, Ziliqa, Binance Smart Chain, Huobi ECO Chain and Cosmos-SDK.
https://medium.com/torum-official/torum-partners-with-poly-network-for-cross-chain-integrations-9d9c728b42e0 - MANTRA DAO, a community-governed DeFi platform built on Parity Substrate for the Polkadot ecosystem, that is focusing on staking, lending, and governance.
https://medium.com/torum-official/torum-partners-with-mantradao-for-zendit-ido-collaboration-bb50c8121276 - Kylin Network, a Polkadot-based data infrastructure for DeFi and Web 3.0, whose vision is to build a cross-chain platform powering the data economy on Polkadot.
https://medium.com/torum-official/torum-partners-with-kylin-network-for-cross-chain-data-and-oracle-b4834616df6e
However, this is just the start, as more will be released in the next coming tri-launch IDO public sale event.
Q10 from Telegram user @To_Mars
Does TORUM get insurance against hacks in case of a black swan event?
Jayson | TORUM.com (will never DM you):
Not yet at the moment. But we are leveraging on our VC connections to get in touch with some of the best blockchain insurance projects in the space.
If you would like to know more about it, you may try and research our VC’s background for some hint
Part 3 — Quiz Results
In the final part, we tested your knowledge in terms of Torum. They’ve prepared 4 questions for this part. The total reward pool for the quiz was 300$.
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