TORUM

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Discover TORUM's fundamentals and latest news.

This content was generated by Whalee (BETA), an AI crypto assitant that analyses cryptocurrencies. Informations can be incomplete and/or erroneous. Please always double check and DYOR.

What is TORUM?

Torum (XTM) is a decentralized, Web3-driven social media and finance platform that connects cryptocurrency users worldwide. It provides an ecosystem of services for communication, trading, and managing digital assets securely and efficiently. The platform is powered by the XTM token, which facilitates interactions and rewards user participation. Torum aims to create a crypto-focused community hub, offering features like real-time messaging, custom emotes, a marketplace for NFTs, and tools for incubating new projects.

How is TORUM used?

Torum (XTM) is a decentralized digital currency that serves as the utility token for the Torum platform, a Web3-driven social media and finance platform. The XTM token has various use cases within the platform, including:

  • Community Engagement: XTM is used for tipping other users with crypto-themed gifts, boosting posts and threads, and bidding for advertisement slots.
  • NFT Marketplace: The token is used to buy and sell NFTs on the Torum NFT Marketplace, allowing users to showcase and trade digital assets.
  • DeFi Services: XTM is used for DeFi-related services such as lending, staking, farming, and token swapping on Torum Finance.
  • Gaming: In the Mining Simulator, XTM is spent to upgrade mining farms and earn a share of the ecosystem's quarterly profit.
  • Premium Features: Users can subscribe to premium features and unlock specialized community building tools using XTM.
  • Airdrop Events: XTM is used to unlock the Airdrop Organizer feature, allowing external projects to airdrop tokens directly to the Torum community.
  • Voting: The token is used for voting in the Favorite Coin Initiative, where users can choose their favorite cryptocurrencies to be included in the platform's list.

These use cases demonstrate the versatility of XTM within the Torum ecosystem, making it a key component of the platform's functionality.

How do I store TORUM?

To store your Torum (XTM) tokens, you have several options:

  • Exchange Wallets: You can store your XTM tokens directly on the exchange where you purchased them. For example, you can use Binance Wallet if you bought XTM on Binance.
  • Crypto Wallets: You can transfer your XTM tokens to a personal cryptocurrency wallet. Some popular options include Trust Wallet, Metamask Wallet, and Bitget Wallet. These wallets support a wide range of assets and blockchains, allowing you to manage your XTM tokens securely.

It is essential to choose a reputable and secure wallet to protect your XTM tokens from potential risks. Always follow best practices for wallet security and keep your private keys safe.

How to buy TORUM?

To buy Torum (XTM) tokens, you can follow these steps:

  1. Choose an Exchange: Select a reliable cryptocurrency exchange that supports Torum (XTM) trading. Popular options include KuCoin, MEXC, and PancakeSwap (v2).

  2. Create an Account: Register on the chosen exchange's website or app by providing necessary information, including your email address and a secure password. Complete any required identity verification steps.

  3. Fund Your Account: Deposit funds into your exchange account using various payment methods such as credit/debit cards, bank deposits, or peer-to-peer trading.

  1. Buy Torum (XTM): Navigate to the exchange's spot market and find the Torum (XTM) trading pair (e.g., XTM/USDT). Place an order to buy XTM using your deposited funds.

  2. Transfer to Wallet (Optional): Once you've purchased XTM, you can transfer it to your personal cryptocurrency wallet for additional security and passive revenue opportunities.

For decentralized exchanges (DEX), you'll need to:

  1. Install a Web3 Wallet: Download and set up a Web3 crypto wallet like MetaMask or Trust Wallet.

  2. Transfer Mainnet Cryptocurrency: Transfer the mainnet cryptocurrency (e.g., ETH or BNB) to your wallet.

  3. Connect to DEX: Connect your wallet to the DEX and find the "Swap" option.

  1. Swap for Torum (XTM): Choose the token you want to trade from and Torum (XTM) in the "To" section, enter the amount, and confirm the swap.

Remember to research the exchange's reputation, read user reviews, and compare different exchanges to choose the most suitable one for you.

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History of TORUM

Torum, a SocialFi ecosystem, was founded in 2018 in Malaysia with the aim of creating a comprehensive platform for cryptocurrency enthusiasts. The project combines social networking, decentralized finance (DeFi), and non-fungible token (NFT) functionalities to provide a unique user experience. Initially launched as an ERC-20 token, Torum's native token, XTM, is now available as a BEP-20 token on the Binance Smart Chain, with a total supply of 800 million tokens.

Torum's ecosystem includes various features such as a social media platform, NFT marketplace, DeFi services, and more. The platform incentivizes user engagement through daily missions and a referral system, allowing users to earn XTM tokens by completing simple tasks.

Torum has received significant support from major players like KuCoin Labs and Huobi Ventures, solidifying its position in the SocialFi movement. The project has grown rapidly, with over 240,000 users from 100 countries, and has received provisional approval from the Securities Commission Malaysia to operate as a Digital Asset Exchange (DAX).

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How TORUM works

Torum (XTM) is a decentralized, Web3-driven social media and finance platform that connects cryptocurrency users around the world. It provides an ecosystem of services to help users communicate, trade, and manage their digital assets in a secure and efficient manner. The platform is powered by the XTM token, an ERC20 token designed to facilitate interactions within the Torum ecosystem.

Security and Consensus Mechanism

The Torum Network is secured by a custom-built Proof of Stake (PoS) consensus mechanism. This mechanism is designed to enable secure and efficient transactions while maintaining decentralization. A dynamic validator set, consisting of elected validators selected through XTM staking, is responsible for verifying and confirming transactions on the network.

Features and Services

Torum offers a range of features and services, including:

  • Social Media: A platform for users to discuss the latest events, technical developments, and other topics related to the crypto industry. It aims to create a community-centered social media platform focused on cryptocurrency.
  • Marketplace: A marketplace where users can purchase goods from various merchants.
  • News Section: A section that allows users to keep track of the latest news from their favorite crypto projects.
  • NFT Marketplace: A platform for users to showcase and trade their artwork and creative works in the form of non-fungible tokens.
  • Tools for Project Incubation: A comprehensive suite of tools that enable users to incubate new projects.
Use Cases for XTM Token

The XTM token can be used for various purposes, including:

  • Staking: Users can stake their XTM tokens to participate in the validation process and earn rewards.
  • Transfers: XTM tokens can be transferred between users.
  • Governance: The token is used for governance purposes, allowing users to participate in decision-making processes within the Torum ecosystem.
Founders and Team

The team behind Torum includes individuals with expertise in software development, community management, blockchain development, DevOps, and other areas. The key members include Yi Feng Go (Founder and CEO), Jayson Tan (Co-founder and CMO), Alwin Chang, Teddy Tan, Nelthan NG, and Pardeep Sharma.

Benefits and Goals

Torum aims to create a community-centered platform that fosters genuine connections among cryptocurrency enthusiasts. It provides a unique interface architecture that allows for better feature scalability and integrates features specific to the cryptocurrency business. The platform also offers a new channel for projects to market themselves at a lower cost, making it a valuable resource for the crypto community.

Availability and Trading

The XTM token can be purchased on various cryptocurrency trading platforms, such as MEXC, by following a few simple steps. Users need to open an account, transfer funds, and then buy XTM tokens through their trading account. The token is currently listed on several exchanges, making it accessible to a wide range of investors.

Overall, Torum (XTM) is a comprehensive platform that combines social media, finance, and blockchain technology to create a unique ecosystem for cryptocurrency users.

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TORUM's strengths

The token TORUM (XTM) has several strengths:

  1. SocialFi Ecosystem: Torum is a pioneering social media platform designed specifically for the cryptocurrency community, fostering genuine connections and community involvement among users. This unique focus on the crypto arena helps build a strong, niche network effect.

  2. Utility Token: XTM is the native token of Torum, designed to be the backbone of the ecosystem. It provides a consistent value-driven network for all XTM holders, allowing them to utilize various features such as buying and selling NFTs, accessing DeFi services, boosting posts, and more.

  3. Multi-Chain Support: XTM is available on multiple blockchains, including Ethereum, BNB Chain (BEP20), and Polygon, ensuring flexibility and broad accessibility.

  1. Governance Features: Torum plans to introduce governance features, which will add significant utility for XTM holders, allowing them to participate in decision-making processes within the ecosystem.

  2. Earning Opportunities: Users can earn XTM through various missions, such as daily and weekly login rewards, special missions, and one-time missions. These missions encourage user engagement and interaction within the platform.

  3. Fair Token Distribution: The Torum Finance platform introduces a governance token, XTF, which is distributed fairly to liquidity providers, ensuring a transparent and community-driven governance model.

These strengths position Torum as a comprehensive and user-centric platform, enhancing the overall experience for cryptocurrency enthusiasts.

TORUM's risks

Torum (XTM) carries several financial risks that investors should be aware of. One of the primary risks is the high volatility of the cryptocurrency market. As seen during the crypto bear market, the failure to capture significant market and community interest can lead to substantial losses.

Another risk is the potential for manipulation. Torum's risk gauge rank indicates that it is currently a moderate risk investment, suggesting that the token's price can be influenced by significant investments or market movements. This volatility can result in significant losses for investors who are not prepared for market fluctuations.

Additionally, Torum's liquidity burning mechanism, which involves buying back and burning XTF tokens using a 0.3% token swapping fee, may not be effective in maintaining a stable supply of tokens. This could lead to supply and demand imbalances, further exacerbating market volatility.

Investors should also consider the risk of losing some or all of their investment, as trading in financial instruments and/or cryptocurrencies involves high risks. It is essential to conduct thorough risk assessments and consider multiple factors before investing in Torum (XTM) or any other cryptocurrency.

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TORUM’s team

  • CEO and Co-Founder: Yi Feng Go (Ah Go) - Known for his educational YouTube channel, Ah Go Wu, and his previous role as Head of Chinese Communications at Malaysia's ACCESS blockchain association.
  • Co-Founder and Chief Design Officer: Alwin Chang - This is his first official position in the blockchain space.
  • Co-Founder and Chief Marketing Officer: Jayson Tan - Previously Head of Community Outreach at ACCESS Blockchain Association in Malaysia and co-founder of Cryptopedia.
  • Co-Founder and Chief Finance Officer: Teddy Tan - This is his first position, having helped found Torum right out of university.
  • Co-Founder and Ops Manager: Nelthan Ng - One of the key members of the Torum team.

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