Take social media, NFTs and DeFi for a moment. Each sector has taken the world by storm. Yet each is supported by distinct communities operating in relative isolation.
Despite the ‘social’ nature of social media, the space is now anything but. The arena is dominated by a bunch of disparate groups, floating around in bubbles which reduce visibility and prevent real collaboration.
Enter Torum—a play on ‘token’ and ‘forum’. And this organic social media, NFT and DeFi combo—crypto with the lot—is really making its mark.
What is Torum?
An 18-strong team, made up of crypto specialists from Malaysia, India and Turkey, set up this unique social media platform in July 2020.
Members aimed to create a global family of like-minded crypto users—every age, every background, every culture, every location.
Torum would shake up the relatively immature crypto industry, connecting blockchain users through a crypto ‘one stop’ ecosystem which serves as a defining industry model.
It has been a spectacular success, growing from 1,000 seed users on its beta launch to more than 25,000 registered users today.
What is Torum aiming to do?
Torum has very clear goals, in the process of coming to fruition.
- To revolutionise the world of cryptocurrency via an easy-to-use, unifying social media platform where all crypto users—and only crypto users—can come together to meet, learn and trade.
- To create a comprehensive decentralised crypto ecosystem, built on a social media base, with long-term sustainability and far-reaching impact.
- To accelerate the mass adoption of cryptocurrency and blockchain projects around the world.
- To bust open the silos and segregation that were keeping crypto users siphoned off in different parts of the network.
How Torum works
In practice, Torum is a hangout space for crypto communities from around the globe.
Users trade in XTMs, the BEP-20 utility token built on Binance Smart Chain (a cross-chain swap enabled on Ethereum chain).
Currently focused on the website, a dedicated mobile app is in the pipeline. The upcoming Torum NFT Marketplace project will also bring non-fungible tokens into the mix, establishing the third Torum arm.
As a scalable UI/UX, Torum features a range of crypto-themed features designed to suit both crypto enthusiasts and blockchain projects. The platform is keen to embrace the latest utility inventions, keeping it bang up to date.
From Ethereum to Binance
Things are going gangbusters for DeFi and NFT. The influx of new retailers and brands, however, is congesting and slowing down the Ethereum blockchain.
That’s why Torum has decided to migrate to Binance Smart Chain (BSC), landing as the first ever social media project in the ecosystem.
The Torum community is happy—why wouldn’t it be? Users will now enjoy on-chain transaction fees at a fraction of those on the Ethereum network.
Eventually, Torum wants to be a ‘crypto bridge’, connecting the general public to all things crypto.