Here comes another in-depth analysis of Torum, the amazing crypto-social I have the honor of being an Ambassador!
Torum is the first social network designed for crypto and blockchain enthusiasts, which rewards users who interact on the platform paying with its native token (XTorum).
The developing team yesterday released the third version of the whitepaper, here's the link: https://whitepaper.s3.us-east-2.amazonaws.com/torum-whitepaper-V3.0-EN.pdf
The project started in July 2020 with the launch of the social platform and it is rapidly expanding in DeFi and NFT. XTM token will be listed on the main exchanges starting from April, the team will announce shortly on which exchanges the listing will start.
The potential of the platform is tremendous in my opinion, but of course I invite you to do your own research as these are not financial advice.
So I decided to study the Torum Whitepaper to introduce you to the ecosystem that Torum is building.
Today we'll talk about the utility token of Torum ecosystem: XTM (XTorum).
XTM is the primary medium of exchange across the Torum ecosystem as XTM is designed to become the backbone of the Torum ecosystem, forming a consistent value-driven network for every XTM holder.
Torum developing is focusing a lot on building use cases for its native token XTM and in fact in the Whitepaper we find at least 10 use-cases for the XTorum token.
1. Supporting the community with crypto-themed gifts
Support Feature is an innovative tipping mechanism that involves purchasing and sending different crypto-themed gifts to the community using XTM.
2. Buying & Selling in Torum NFT Marketplace
Torum NFT Marketplace is a one-stop gateway for the Torum community to list and trade NFTs using XTM.
3. Gain access to DeFi-related services on Torum Finance
Torum Finance is a DeFi Portal that provides the Torum community to use XTM for a variety of DeFi services like lending and token swapping.
4. Boosting a Post or Thread
Content Boosting allows Torum members to promote their post or thread on top of the home page of the community by spending XTM.
5. Bidding Advertisement Slots
Advertisement Slots are precious spots that anyone can bid to showcase his / her project, business, NFTs or other crypto-oriented services using XTM.
6. Performing in-game purchase in Mining Simulator
Mining Simulator is an in-house developed game that allows the Torum community to perform mining in exchange for 10% of the ecosystem’s quarterly XTM profit. XTM is spent to upgrade their mining farm (mining environment, mining rigs, power supply, ventilation system, etc.) in the game.
Mining Profit = (Your hash stake / Total mining hash stake) * 10% of ecosystem’s quarterly profit.
7. Buying & Selling in Animated Emote Complex
Animated Emote Complex is a mini Marketplace for the Torum community to buy and sell community-made emote packs using XTM.
8. Organizing Airdrop Events
Airdrop Organizer is a specialized feature that is designed for crypto projects to airdrop their tokens or coins directly to the Torum community. This feature can only be unlocked using XTM.
9. Subscribing to Premium Features
Premium Subscription allows both ordinary members and projects to unlock specialized community building features and functionalities using XTM.
10. Voting New Favourite Coin Initiative
Favourite Coin Initiative is a community-centric feature for the community to vote the most popular cryptocurrency to be included in the Favourite Coin list on Torum. Every Torum member can choose to display his / her favourite coins from over 100 choices in the profile settings.
Torum has barely scratched the surface of token utility and will continue to develop more concepts into XTM (including the concept of governance), by communicating with the community from time to time for the most applicable feedback.
Earn crypto engaging in a crypto-centric social network:
Join Torum, the first social media platform built for cryptocurrency communities around the world, and earn XTM (XTorum) rewards for your daily and weekly engagement. XTM is the ERC-20 and BEP-20 utility token of Torum ecosystem and will be listed on exchanges in April or May 2021. Read Torum Whitepaper to figure out XTM token utilities and the potential of the platform: https://whitepaper.s3.us-east-2.amazonaws.com/torum-whitepaper-V3.0-EN.pdf. Sign up using my referral link and earn 75 XTM airdrop after email and phone verification: https://www.torum.com/signup?referral_code=makeitreal