DUBAI, United Arab Emirates, May 17, 2021 /PRNewswire/ -- Today it is virtually impossible to find a person that doesn't know what hashtag is. Users may not realize the mechanics behind it, but for sure they have seen and used various hashtags on different portals like Twitter, Instagram and YouTube. However, despite the fact that hashtags are extremely valuable tools for social media, for many years only very few people have been able to use them to make money. Namely, advertisers, spammers and shills. But this situation is about to change due to rapid development of decentralization technologies and blockchain.
The TagProtocol will allow anyone to claim hashtag ownership as a unique NFT token and generate perpetual yield over and over called Tagcoin mining while staking the hashtag. Rewards are distributed based on #Twitter performance.
TagProtocol is a decentralized autonomous organization (DAO) based on Binance Smart Chain - a modernized Ethereum fork popular with higher throughput and cheaper transactions. The platform includes a Hashtag Registry, Staking, DEX, Hashtag NFT Auction and many other valuable services.
Hashtag Registry is the core of TagProtocol - it is a blockchain-based registry of social media hashtags. Any user can find a specific hashtag they'd like to own and register it on the Binance Smart Chain (hashtag should not be claimed already by another user, of course). Hashtag Registry will generate an NFT token, corresponding to the registered hashtag, and transfer it to the user. And this unique non-fungible token opens great opportunities for its owner:
Hashtag Staking - users can stake their hashtag tokens and receive Tagcoin (the protocol's native coin with strong deflation tokenomic) as a reward. The reward depends on the hashtag's performance on Twitter. Performance data will be provided by oracles - independent external data aggregators.
Hashtag Auction - it is a decentralized marketplace where users can trade their NFTs for other hashtag tokens or cryptocurrency.
TagProtocol also offers additional opportunities to make money on hashtags, based on highly successful yield farming model:
- Tagcoins received from Hashtag Staking can be locked in liquidity pools with various coins to get additional income as a liquidity provider
- Built-in decentralized exchange allows users to sell their Tagcoins for other cryptocurrencies or purchase Tagcoins and join liquidity pools.
Basically, TagProtocol revolutionizes both DeFi and social media markets at the same time. Yield farming allows people to leverage their digital asset with unprecedented efficiency. Project turns knowledge of social media and Twitter audiences into unique assets in the form of NFTs that are just as valuable as real estate.
However, the most disruptive effect TagProtocol will have on Twitter itself - hashtags transforming into an easily accessible source of income will ruffle some feathers and change the platform forever.
At the moment TagProtocol is at the pre-release stage: hashtag pre-registration is taking place right now. So you have the opportunity to claim the most promising hashtags right now, as the project gains traction.