(image by iStock)
XTM qualifies as a “token” because it resides on someone else’s bona fide blockchain.
But there is no PoW, PoS or DAG consensus mechanism, nor are there miners or validators verifying that XTM production and supply are copacetic.
(image by Bitcoin News)
From Torum’s first whitepaper, the LAST objective is to become a “proper” blockchain project. I haven’t checked the current circulating supply, vested amount or even (if any) “burned” XTM, but it’s a moot point.
Since Torum is not constrained by “premine” or inflationary/deflationary promises (more on that later), hypothetically, XTM could easily be controlled (aka manipulated) by whoever has the greatest influence and the most to gain — Whale VCs, Founders or prospective cut-throat DeFi or NFT platforms.
(image by Leo Finance)
Please correct me if I’m wrong, currently, Torum is still a REGULAR Web App. Torum’s backend IS NOT on a blockchain.
Data is NOT stored on a network of computer nodes — yet. So, technically, Torum isn’t even a true DApp; hence, the normal rules of cryptocurrency and tokenomics are neither applicable, nor could ever be enforced on a regular Web App because it’s NOT bound by an “etched in stone” blockchain algorithm.
I’m not saying this will happen.
The Torum Team has — thus far — displayed the utmost integrity.
But as XTM becomes more popular, I hope that — no matter how much pressure is put upon the team to align with heavily staked actors who don’t really give a sh*t about the common Lander; and regardless of how heavy the burden becomes to operate on True North principles — the Torum Team stands fast and carries on smartly.
(image by Way of Martial Arts)
“Nuff rambling for now.
Just thinking out loud about the current state of affairs.
May you and yours be well and love life today.
In Lak’ech, JaiChai
(Jaichai 18 OCT 2021. Simultaneous multi-site submissions posted. All rights reserved.)
(images by iStock, Bitcoin News, Leo Finance, The Bangkok Post, Towards Data Science and Way of Martial Arts)
