A Brief Introduction
The internet has had a significant effect on our society during the last four decades. 63,2 per cent of the global population has access to the internet, with 92 per cent of customers using mobile devices to do so, according to a study (Internet World Stats, 2020). By the end of 2021, the market for internet-based services is expected to generate sales of $4.3 trillion (source: statista.com).
As the number of people using the internet has increased, so has the usage of digital platforms like Facebook, Twitter, YouTube, Spotify, and countless more. With billions of dollars in revenue and complete control over the creation and acquisition of user data on their hands, these platforms have become enormously powerful. Thus, many people in most internet communities are beginning to wonder whether these platforms and companies have amassed an excessive amount of influence. Digital inequality is also a topic of discussion since a few platforms have amassed almost all of the traffic and revenue produced by the internet-based economy.
A secretive organization or person using the name Satoshi Nakamoto created Bitcoin in 2008 and released it to the public. As an alternative to the current financial system, the blockchain-based system it introduced opened the door to more decentralized internet infrastructure. Since then, its value has risen precipitously, unleashing a flood of new ideas.
As a result of the popularity of Bitcoin’s blockchain, a new project named Ethereum was created in 2015, giving users additional options. It made it possible to create digital assets like tokens and smart contracts on top of the distributed ledger. Decentralised apps may now be built for an open, anonymous, and decentralized web thanks to this.
By the year 2018, developers may use smart contracts to create sophisticated financial products and settlement processes. Third-party middleware solutions were created at the same time to facilitate the rapid deployment of blockchain-based apps utilizing smart contracts.
It took some time for the decentralized application ecosystem to develop. When we got to the year 2020, things really took off for us. It wasn’t long before programmers started creating and releasing new decentralised web applications like Decentralized Exchanges, Lending and Borrowing Platforms, and Insurance and Gaming Services.
As adoption has increased, so has our knowledge of the issues that are impeding the ecosystem’s progress. As a result, blockchain developers from all over the globe began creating rival chains, each with a unique solution to a distinct problem. As a result, the market is more competitive, and customers now have more options.
According to predictions, following the success of blockchain-issued coins and tokens, issuance and trade of Non Fungible Tokens will be the next major development in the market. Twitter CEO Jack Dorsey sent his first tweet after opening his account for the first time since Twitter’s creation. He was able to create an NFT token from his tweet URL and sell it for $2,5 million.
TAG Protocol aspires to have a positive impact on the future of the decentralized web by using blockchain technology. Using a public blockchain introduces the idea of Hashtag registration and ownership. To do this, the TAG Protocol makes use of the blockchain’s NFT tokens issuance capabilities. Hashtags are used by millions of people every day to find pictures, videos, articles, and other types of material on a variety of social media and content platforms.
It’s probable that hashtags will be used for as long as the internet is around. Tag Protocol uses smart contract technology to create a decentralized registry that allows users to register and own hashtags. TAG Protocol allows users to stake and farm Tagcoin using their hashtags. Tagcoin’s farm rate is determined by how well your hashtag performs on social media. As a result, individuals will be able to profit from hashtags in a recurrent manner and assess the worth of hashtags. You can learn more about the project in this video.
Finally, TagProtocol Goal Is To Make Hashtag a Tradable Digital Asset
Today, it’s almost difficult to meet someone who doesn’t understand the concept of a hashtag. However, even if the average user has no idea how hashtags work, they’ve undoubtedly seen and used a variety of them on numerous platforms such as social media websites such as Facebook and YouTube. While hashtags are very useful for social media, only a select few individuals have been able to turn a profit with them. Advertisers, spammers, and shills all fall under this category. Decentralization and blockchain technology are rapidly evolving, so things may be about to change.
If you use the TagProtocol, you will be able to stake your hashtag and claim ownership of it as an NFT token, and you will be able to earn Tagcoins perpetually. Reward points are allocated according to how well a user performs on Twitter.
An Ethereum fork renowned for its faster throughput and lower transaction costs, TagProtocol is a DAO (Digital Autonomous Organization) built on Binance Smart Chain. Hashtag Registry, Staking, DEX, Hashtag NFT Auction and other useful services are included in the platform.
A blockchain-based register for social media hashtags, Hashtag Registry is at the heart of TagProtocol. The Binance Smart Chain allows any user to register a custom hashtag they’d want to own (hashtag should not be claimed already by another user, of course). An NFT token matching to the registered hashtag will be generated by Hashtag Registry and sent to the user. For its possessor, one single, non-fungible token offers up a world of possibilities:
They have their own currency
The protocol’s native currency, Tagcoin (with strong deflation token comic), may be staked by users to get Tagcoin as a reward. The amount of money you get back depends on how well the hashtag does on Twitter. Oracles – third-party data aggregators – will provide performance data.
Using Hashtag Auction, users may exchange their NFTs for other hashtag tokens or bitcoin on a decentralized market. Using a very effective yield farming approach, TagProtocol now provides other ways to profit from hashtags:
- To earn more money as a liquidity provider, you may store the Tagcoins you get from Hashtag Staking in liquidity pools with other coins.
- To sell their TAG tokens for other cryptocurrencies or to join liquidity pools, users may make use of the decentralized exchange built into the platform.
DeFi and social media industries are revolutionized simultaneously by TagProtocol. Digital assets may now be used more efficiently than ever before thanks to yielding farming. Social media and Twitter audience information is turned into unique NFT assets as valuable as real estate via the project.
The biggest impact TagProtocol will have on Twitter is that it will turn hashtags into an easy way to make money, which will annoy some people and alter Twitter for the better in the long run.
TagProtocol is now in pre-release mode, with pre-registration of hashtags going place at this second. As the initiative gathers momentum, you now have the chance to claim the most promising hashtags.
On the Tag Protocol, users may take part in the following activities:
- Create a Hashtag Account: Amass #hashtag NFTs that are all unique. To register a hashtag, do some research and see whether it’s available. Simply pay for the use of the hashtag if it is available. Coins will be produced under the terms of the Hashtag Contract Token registry’s primary purpose is to receive new hashtag registration requests, mint new hashtag NFT tokens, and distribute the freshly minted tokens to users’ wallets.
- With this service, customers are able to stake their Hashtag NFT Tokens in order to mine or receive Tagcoin depending on the success of their Twitter accounts as given by Hashtag Oracles.
- Users may list and accept bids on their hashtag tokens using the Trade Hashtags service. Users may also place bids on hashtags that other users have posted.
- If you’d want to buy or sell other cryptocurrencies using your tagcoins, you may do so on this AMM-based exchange. Depositing other cryptocurrencies into the liquidity pools allows users to earn extra money.
- Become an Oracle by following these steps: To distribute Tagcoin to staked hashtags, Oracles use P2P data aggregators to gather and rank staked hashtag performance data on Twitter. They then broadcast this performance data to Hashtag Staking Contracts.
- User invitations are tracked and a commission is calculated using this service. This system also handles user payments and commission claims.
All in All
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