Cryptocurrency / Tether (USDT) · May 21, 2021

What is TAG Protocol? How Does it Work?

The crypto industry has come a long way over the last few years. Although the crypto phenomenon didn’t receive any attention in the beginning, financial institutions now have started taking it seriously and are bringing in new laws supporting cryptocurrencies. New crypto projects and concepts are being discussed among netizens all over the world. TAG Protocol is one such new crypto project/concept that is currently being covered by many crypto blogs and platforms. In this blog post, you’re going to know about Tag Protocol in detail. So make sure you read till the end to get the maximum information.

TAG Protocol

An Introduction to TAG Protocol

TAG Protocol is a Digital Autonomous Organization (DAO) running Hashtag (HTAG) registry, Hashtag Staking, and Hashtag Trading services on BSC (Binance Smart Chain). What makes it stand out is that it simply turns social media hashtags into unique Non-Fungible Tokens (NFT). Users can register and own inimitable Hashtags generated on a social media platform Twitter. The process of registering and owning Hashtags is no different from owning web domains on the internet. These Hashtags can also be used to earn native protocol coin ‘’Tagcoin’’ by taking part in Hashtag Staking Pool.

Tagecoin can also be exchanged for other cryptocurrencies such as USDT and BNB at the market rate on the Tag Exchange. Moreover, users can also trade their Hashtags with other users for other cryptocurrencies using the Hashtag Auction Marketplace.

What is Hashtag or HTAG?

Hashtag is the native protocol non-fungible token allotted to TAG Protocol users upon the registering of a hashtag. Each minted hashtag always contains a unique value achieved by the user. The Hashtag value is unique and can’t be claimed by another user. For instance, if a user registers a hashtag with a ‘’litecoin’’ name value, other users cannot register a hashtag with the same name value ‘’litecoin.’’ This is how Hashtag non-fungible tokens stay unique and indivisible.

Hashtag (HTAG) can also be staked for farming Tagcoins (TAG) – the native token of the TAG Protocol Ecosystem. Users can stake and un-stake their HTAGs anytime, depending on their preferences. Staking output is evaluated based on the ranking data produced by the Performance Oracles.

TAG Protocol Ecosystem

TAG protocol ecosystem comprises six three services:

  • Hashtag Registry
  • Hashtag Auctions
  • Hashtag Staking
  • Performance Oracles
  • Tag Exchange
  • Decentralized Invitation Program

Hashtag Registry is the key service run by the TAG Protocol. It is responsible for issuing unique HTAG NFTs to the users and collecting payments. Hashtag value once allotted cannot be re-allotted to anyone by the registry. Hashtag Auction lets users trade their HTAGs with other users. So the trade worth is determined by the users. Hashtag staking is a process through which users put their HTAG NFTs into the Staking Contract and farm Tagecoin (TAG) every hour based on their hashtag performance on Twitter. The Tag Exchange is comprised of three services: Token Swap, Liquidity Pools, and Liquidity Farming Pool. To know more about TAG Protocol in detail, you can visit their official website.