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Per the project’s roadmap, the Hashtag pre-registration and referral programs commenced on April 22, 2021, with Tagcoin staking, and hashtag performance oracles on track to be enabled by July 2021.
Blockchain-based Decentralized Autonomous Organization (DAO), Tag Protocol has introduced a new way to perpetually own and monetize social media Hashtags as a Non-fungible Token asset. By operating the Hashtag Registry, and providing staking and trading services on the Binance Smart Chain (BSC) specifically for Hashtags, the Tag Protocol is pioneering a new frontier in the blockchain space and in particular, the growing NFT Metaverse.
The broader blockchain ecosystem has come of age. New innovations that bring to life new use cases are being introduced every day. While Satoshi Nakamoto undoubtedly pioneered the new blockchain and cryptocurrency, great thinkers have defined the trajectory of the decentralized finance concept over time. Today, amongst many offerings in the blockchain ecosystem, we have NFTs, a way to claim ownership of a digital asset registered on the blockchain.
While NFTs have grown in popularity in the past few months, the Tag Protocol took a cue from Jack Dorsey, the Chief Executive Officer of social media giant Twitter Inc (NYSE: TWTR), who sold his very first tweet as an NFT for over $2.5 million. Drawing on this, the Tag Protocol believes user’s engagements can bring more value and has designed a way to achieve this.
Overview of the Tag Protocol Hashtags and Broader Ecosystem
To power the Tag Protocol Ecosystem, there are 6 services on offer bordering on the Hashtags functionality. These are:
- The Hashtag Registry
- The Hashtag Auction
- The Hashtag Staking
- The Performance Oracles
- The Tag Exchange, and;
- The Decentralized Invitation Program
Each of these services works in tandem to achieve the common goal of recreating the use of Hashtags and building a marketplace for them. The Hashtag registry has a primary function of accepting user’s requests to register a Hashtag and to mint hashtag NFT token while delivering the same to the user’s wallet.
The Hashtag auction service creates a flexible marketplace where you can accept bids on your NFT hashtags and sell them out. Through this service, users can also acquire other people’s hashtags. Leveraging the hashtag staking service, you can stake your minted hashtags and mine the protocol’s native token, Tagcoin in return. The performance oracles are independent P2P external data aggregators that collect Twitter performance data of staked hashtags and rank them based on their performance and broadcast this data to Hashtag Staking Contract for the purpose of Tagcoin Distribution to staked hashtags.
The Tag Exchange is an Automated Market Maker that helps Tagcoin holders to exchange their digital assets for other cryptocurrencies such as the Binance Coin (BNB), BUSD amongst others. Through the exchange, users can also earn additional income by depositing various cryptocurrencies into the liquidity pools.
The last functional service from the Tag Protocol is the decentralized invitation program that lets anyone earn rewards by inviting new users to the protocol. This referral service is controlled by smart contracts and is designed with sustainability in mind.
Timeline for the Project to Attain Full Functionality
The Tag Protocol initiative is a relatively new one, born out of the growth of NFTs in particular. Per the project’s roadmap, the Hashtag pre-registration and referral programs commenced on April 22, 2021, with Tagcoin staking, and hashtag performance oracles on track to be enabled by July 2021.
By August, the Tagcoin exchange and the Hashtag marketplace will come live and is billed to be succeeded by the release of the project’s future roadmap. More than ever before, and through the Tag Protocol, social media engagements and hashtag utility is set to be enhanced and not just for fun.