Welcome to Recap AMA IgniteCrypto & Torum #AMASeries
On 12 January 2022 19:00 UTC+7 , Ignite Crypto and Torum got together to host an Ask me Anything (AMA) chat with the community. The following is a summary of the content of the entire AMA
Admin: I am very happy that Jayson accepted IgniteCrypto’s invitation to attend the AMA with us. Thank you for taking the time to chat with the Ignite community today.
Before starting today’s AMA, Do you have any greetings to the IgniteCrypto community?
Jayson : It’s a great pleasure to be here
Can’t wait to share Torum and SocialFi to the Ignite Crypto community
Admin : Besides, our topic today will also be SocialFi: Where Social Meets Web3.0
Let’s Move Part 1: Some general questions about the Torum
Admin: Hey Please say Done or Finished when you finish answering the question. Thank you ☺
Admin: Question 1. Can you introduce yourself to the Ignite Crypto community and how you started Torum?
Jayson : So, I got into crypto back in early 2017 when Bitcoin was around $1,500+
A friend of mine brought me into this space and we found that there is a lot of potential
So after the 2018 bear run started, the same friend came up to me and convinced me to build the world’s first social network for the crypto industry
I found the idea really interesting and we then founded Torum together
Admin: Question 2: Can you explain what Torum is?
Jayson: Torum is a Web3.0 integrated SocialFi ecosystem (Social + NFT + DeFi + Metaverse) that is specially designed to connect worldwide cryptocurrency users
The SocialFi ecosystem consists of 4 main components:
Social — the social media platform with over 200K users
DeFi — the first social-integrated yield farming platform
NFT Marketplace — A marketplace for crypto artists to mint, collect, trade and showcase NFTs all in one place
Avatar NFT — the world’s first PFP Avatars that are integrated in the Metaverse
We’ve got a series of launched products that are now testing in the market and we can’t wait to invite the Ignite Crypto community to Torum!
Admin: Question 3: What is SocialFi and why should everyone take note of it?
Jayson: To be honest, there is no clear definition of what constitutes SocialFi.
Since it’s a new concept and we are so early in this industry vertical, different people might have different ideas and understanding
But it all comes down to this:
SocialFi empowers the community with the ability to leverage on social aspects to reshape your status in other blockchain verticals, like DeFi and NFT, found in a Web3.0 environment.
One of the biggest potential of SocialFi lies in its natural ability to integrate NFT, DeFi, Metaverse and other to-be-explored blockchain verticals.
Which is something never seen in other verticals
And everyone is basically looking at SocialFi
Twitter has announced its plan to integrate NFT verification and Bitcoin tipping.
Reddit is rumoured to build an NFT marketplace for its platform.
Facebook has rebranded into a Metaverse company called META and renamed its stock ticker into MVRS
These involvement of these social media giants will open a new age of “social” for everyone
It’s no rocket science that SocialFi is coming
BSC is looking for SocialFi projects to invest too: https://www.binance.org/en/blog/bsc-500m-investment-program/
And guess what, CZ just openly described that SocialFi is going to be huge in 2022: https://www.aliens.com/livenews/latest/cz-predicts-that-socialfi-and-gamefi-will-be-the-main-drivers-in-2022
All eyes are on SocialFi, so better place your bet as early as possible. Always be an early adopter.
Now, you have the chance to replace “What if” to “I have”
Admin: Question 4: What makes Torum stand out from your competitors?
Jayson: First, Torum is backed by Huobi and KuCoin, two of the world’s largest exchanges. So, we got a direct access to Huobi and KuCoin ecosystem resources that are open to us 24/7. This includes exclusive NFT collab and also listing.
These partnership enables us to get listed on Huobi and KuCoin for free
Second, we are the first SocialFi project to integrate NFT, DeFi, Social, Metaverse all in one place. In fact, Torum is the only SocialFi project that is working towards Metaverse, even before Facebook’s Metaverse announcement. So, I am sure that Torum is staying way ahead of other SocialFi projects in terms of branding and execution.
Third, the project has a solid track record, including a fully launched social media platform which amasses over 200,000 users. So, if our competitors wish to catch up to us, good luck in trying.
Clearly, there is a strong demand for SocialFi. The answer is when it will explode like NFT and GameFi.
2022 is going to be the turning point for SocialFi
Mark my words
Question : Who is the team behind the SocialFi Metaverse project?
Jayson: One of our biggest achievements is perhaps our ability to raise a $1.5M private round when the market is hyping on DeFi and NFT.
Social isn’t always the kind of projects that people look forward
Even today
It’s hard to believe that we manage to turn the odds and grow the platform until today
We also managed to secure a strategic investment from Huobi Ventures back in August 2021 and also KuCoin Labs in Nov 2021
Being supported by these big exchanges is a testament to our journey as a SocialFi project
They don’t invest much in Social projects tbh. But, Torum proved to be different in our number of users and branding
They understood the importance of having a social media platform that is exclusively designed for the crypto industry. And they believe that this vision will be forged by Torum.
As for the tokenomics
The allocation for the team has a cliff period of 13 months. Which means, the team can’t sell any tokens prior to it. And after the cliff period is over, the allocations will be vested for 36 months. This is our firm commitment to stay and grow with our community in the long run.
The private vesting for strategic investors is 20 months, which drastically reduces any sudden selling pressure.
Admin : Question 5: Are there any upcoming major events that you can share with the Ignite community? Maybe a teaser?
Jayson: Hahaha Can’t share too much on this
Market is quite unstable these days, so we are holding some major developments and marketing events
Let’s just say that exchange listing and NFT collaboration are on their way
Part 2: Twitter on Questions.
Admin: Q1. if we want to stake and farm “Torum’ , how will the profit be calculated? and will “Torum’ cooperate with DEX AMMs from other projects such as Pancakeswap?
From Twitter: https://twitter.com/ventures_gem/status/1481148590873788418?s=20
Jayson: We actually have a liquidity program on BSC and Ethereum
Ethereum: https://medium.com/torum-official/announcing-torum-liquidity-program-91b376f7b549
Binance Smart Chain: https://medium.com/torum-official/announcing-torum-liquidity-reward-program-bsc-162793412471
For Ethereum, you provide LP on XTM’s pair on Uniswap and you will get an LP NFT based on your contribution ratio
Total reward is $30,000 per month
you provide LP on XTM’s pair on Pancakeswap and you stand a chance to get up to $40,000 per month based on your contribution ratio
It’s strictly based on how much you contribute. So, stake more, earn more
Admin: Q2. Without a doubt, the “Torum’ token will have great potential in the market. Could you tell me a little more about this token? And I really would like to buy it, where can I do it? Can you give me the link?
From Twitter: https://twitter.com/VnVNgcNhn2/status/1481149080990789633?s=20
Jayson: Think of XTM as the utility token used in our SocialFi ecosystem
You want to tip someone? Use XTM
You want vote for your favorite coin to be integrated to Torum (like how Blockfolio works)? Use XTM
You wanna support community artists in our NFT marketplace? Use XTM
You can buy XTM on KuCoin, Huobi, Pancakeswap, Uniswap and also MDEX
the U.S, Canada, China, Russia, Turkey, etc
Admin: Q3. Are you a global project or local project? At present, which market are you focus on, or is it focused on building and growing to gain customers, users and partners? Can anybody anywhere use this project without Any restrictions?
From Twitter: https://twitter.com/BlockchainIndu4/status/1481149995265171458?s=20
Jayson: We are a global project with community from all around the world
Everyone can use Torum for free
From the U.S to China
Everyone
Whatever countries that have the most crypto users, that’s where we are targeting
the U.S, Canada, China, Russia, Turkey, etc
Admin: Q4. CZ thinks that the trend of SocialFi & GameFi will grow very strongly in 2022, don’t you think so. I want to hear your opinion?
From Twitter: https://twitter.com/fhsgfvhj2/status/1481141643298308096?s=20
Jayson: Yes, I do. Better pay attention when CZ mention a new trend.
If you feel that gaming community is huge
Try social
Don’t miss out on SocialFi. I repeat
Part 3: Live Question
Question 1 : How can you compete with current social networks?
Answer 1: We don’t have to. Social networks tend to focus on all demography. Politics, Sports, Terrorism…
On Torum, there is only crypto, Web3, GameFi, NFT, etc. We are build to connect cryptocurrency users, and that meant that there is no direct competition between Torum and other social networks.
No, it won’t. It’s completely free to use Torum and other products in our SocialFi ecosystem.
Question 2: web3 is intended to be a trend these days, and you’re pretty much on the right track from the start, but will it cost your users to join your social network?
Answer 2: No, it won’t. It’s completely free to use Torum and other products in our SocialFi ecosystem.
Question 3: Can you tell me more details on the IDO? The schedule and contribution for each?
Answer 3 : IDO has already ended in Sep 2021
Question 4: Do you have AUDIT certificate or are you working to AUDIT your project, so that the security of the project becomes more secure and reliable?
Answer 4: Yes, we have.
https://www.fairyproof.com/doc/TorumToken-Audit-Report-V101-093021.pdf
https://www.fairyproof.com/doc/TorumTokenHeco-Audit-Report-120821.pdf
Question 5: There has been a lot of controversy about metaverse and web3.0 trends about which will be the focus of 2022. so what do you think about this? What have you prepared to catch one of these two trends?
Answer 5: I beg to differ. SocialFi is going to be focus in 2022.
Think about it. We are moving into Web3 era very soon, but how does the adoption of Web3 happens?
It’s going to be done through Social. And SocialFi will rise with it.
It’s going to be done through Social. And SocialFi will rise with it.
Question 6: What are your plans for the next listing on Binance or Coinbase?
Answer 6: Strange… we never mentioned about Binance or Coinbase though.
📍Don’t forget to follow Torum on their official channels for the latest news and promotions you don’t want to miss out!
Website: https://intro.torum.com/
Twitter: https://twitter.com/torum_official
Telegram: https://t.me/torum_official_group_en
Torum Vietnamese Group: https://t.me/torum_official_group_vt
Medium: https://medium.com/torum-official
About IgniteCrypto: IgniteCrypto is a community formed by a group of members who are passionate about and believe in the future growth of cryptocurrencies from Vietnam. With the aim of creating an exchange community between investors and those interested in the development of cryptocurrencies
➡️Telegram Group : https://t.me/IgniteCrypto
➡️Channel Ann: https://t.me/Ignite_Crypto_Channel
➡️Twitter: https://twitter.com/ignite_crypto
