Hey there Uptrennd bloggers, as a crypto enthusiast you really need to DYOR (do your own research) as there are numerous cryptocurrency projects emerging all the time. TORUM is one that I just discovered and I decided to read their 27 page white paper https://whitepaper.s3.us-east-2.amazonaws.com/torum-whitepaper-V1.0-EN.pdf to find out more about what looks like a very promising project.
The TORUM model includes a token built on the Ethereum blockchain, where most ERC-20 tokens are built nowadays. As the white paper describes:
“Smart Contract is a computer code running on top of a blockchain containing a set of predefined rules that features one of its well-known functions, which is to allow developers to write and create their own ERC-20 tokens based on Ethereum’s blockchain.”
Since the Ethereum blockchain is open source, anyone can create their own token in very little time with much less budget, simply by using the Solidity programming language.
There have been other tokenized social media platforms built in the past, with their own tokens, but Torum aims to be
“exclusively for blockchain companies and cryptocurrency enthusiasts to establish and showcase their personalized cryptocurrency social profiles across the platform.”
Most other platforms are more generic in their subject or focus, whereas Torum is a cryptocurrency platform for crypto businesses, traders and enthusiasts. This will allow them to keep a tight focus, and will attract the specific crypto niche of people who will like the idea of being there so much more, due to the specific focus.
The idea is to offer a platform for blockchain and crypto based businesses and organizations to advertise themselves. Added to that is the plan for online stores, where people can trade goods and services for the XTM token.
A valuable part of the Torum smart contract includes two long-term plans to control the circulating supply of XTM, namely Token Depository Staking, and a XTM Buyback-and-Burn Mechanism. These are two features found here and there throughout the cryptocurrency industry, though having both of them certainly allows for increased token value. As some of the 1 billion tokens are burned each time, the total supply is reduced, which should increase the value of the remaining tokens, according to the math.
The staking facility allows for profit sharing, as users lock their XTM in TORUM to enjoy 10% of the ecosystem’s quarterly profit. This is similar to buying shares in the company, and is a great way for wealth or profit distribution to occur.
Now something that is rare is the plan to also roll out an actual exchange. I haven’t seen this model before, where a social media platform is also linked to an actual exchange, where one can trade the token involved. It’s an ambitious project, I’ll say that much.
Amazingly the exchange, to be called XTORUM, will apparently be able to handle a massive 10 million tps (transactions per second). That is really fast guys. Ultimately – with the platform based in Malaysia and Singapore, from what I can make out – traders will be required to follow AML and KYC requirements when registering, but that’s nothing unusual.
As in the case of other exchanges with their own token, like Kucoin, Binance and Huobi, fees will be at 50% discount when paid in the native XTM token. In time to come, as the road map unfolds, the exchange will offer listing for other tokens, who will need to pay their listing fees in the XTM token, making it a utility token too, under this kind of exchange listing initiative.
Add to that the IEO participation initiative, where users stake their XTM to earn a percentage based on new tokens listed. This is separate from the earlier profit sharing staking feature I mentioned. So as you can see there are numerous opportunities and angles for investors and traders to benefit from the Torum platform and business model.
In time Torum will migrate off the Ethereum blockchain and onto its own Torum chain. Besides that, the Torum project has some other original frills about it, like the invention of their trendy crypto meme-themed “Murot” range. Those of you who are astute will see that the Murot is actually Torum spelled backwards.
It consists of icons or graphic memes made popular in the cryptosphere, which can now be used on the social media platform instead of emojis, which will inspire and personalize the interactive blogging experience among users. This will naturally speed up the community-building process.
These and other community made customized animated stickers will actually be for sale and up for trade. Add to that the premium subscription feature and you have still more extra bonuses waiting to be discovered on this most fascinating cryptocurrency platform.
I recommend giving Torum a try, especially now while it’s still in the infancy stage, where tokens are on sale at early bird reduced rates or pre-launch stage. This looks like it could be a major player in the cryptosphere, with an exclusive tokenized social media platform as well as an exchange, all under one token on one blockchain.
The young team of experts at Torum have set themselves an ambitious target of 1 million users in the next year, so let’s show our support and help to build what looks like it could be a leading player in the cryptoshpere on multiple levels.
Here is my referral link if you want to jump on board, sign up and share 75 XTM tokens each:
Put your post here if it is new crypto in market