INTERNET CITY, DUBAI, May. 31, 2022 – LBank Exchange, a global digital asset trading platform, will list Tagcoin (TAG) on June 1, 2022. For all users of LBank Exchange, the TAG/USDT trading pair will be officially available for trading at 20:00 (UTC+8) on June 1, 2022.
To build a store of value system that all can benefit from, Tag Protocol represents an alternative mining methodology by introducing Hashtag NFT as a virtual mining machine that can be used to mine coins, while providing services such as Hashtag Registry, Hashtag Auctions, Hashtag Staking, Performance Oracles, Tag Scan, Tag Exchange, and more. Its native token Tagcoin (TAG) will be listed on LBank Exchange at 20:00 (UTC+8) on June 1, 2022, to further expand its global reach and help it achieve its vision.
Introducing Tag Protocol
Tag Protocol is a DAO (Digital Autonomous Organization) operating Hashtag Registry, Staking & Trading service on BSC. Through Tag Protocol, users can collect unique hashtag NFTs, search and check for the availability of the hashtag they desire to register. If the hashtag is available, they can simply register by paying for it.
The protocol also allows users to stake their hashtag NFT tokens to mine or collect Tagcoin (Tag Protocol Native Coin) based on the Twitter performance provided by Hashtag Performance Oracles. To access critical hashtag performance data, there is a critical service called Tag Scan which functions like an open public ledger that enables all participants to check all transactions related to a hashtag.
There is also an AMM based Tag Exchange where users can exchange Tagcoin for other cryptocurrencies at market rate immediately. Users can earn additional income as well by depositing various cryptocurrencies into the liquidity pools. In addition, users can trade hashtags with other users at Hashtag Auction Marketplace in exchange for other cryptocurrencies.
With all these features and services, Tag Protocol is building a blockchain agnostic coin ecosystem that has a well-defined production, mint and burn tokenomics and uses hashtags based NFT tokens as it’s virtual mining machine rather than a physical mining machine to save on additional electricity consumption.
About TAG Token
Tagcoin (TAG) is the reward distributed to hashtag owners for their participation in the staking process. It is the default cryptographic asset produced by the protocol’s hashtag staking system.
Based on BEP-20, TAG has a pre-defined production rate and is limited in supply just like Bitcoin or Ethereum. The protocol starts by producing 10,000 TAGs per hour and reduces the production by half every year until the first five years. The production rate after five years will become static. The minimum production of TAG is maintained to ensure that hashtags miners still keep earning yield on their hashtags staking activities.
TAG will be burned or removed from the active circulation every month by the protocol. The amount of TAGs to be burned is decided by the proceeds collected from the monthly hashtag auction event. The burn process helps reduce the TAGs from the active circulating supply. This process can have a positive impact on the long-term valuation of the TAG.
TAG will be listed on LBank Exchange at 20:00 (UTC+8) on June 1, 2022, investors who are interested in the Tag Protocol investment can easily buy and sell TAG token on LBank Exchange by then. The listing of TAG on LBank Exchange will undoubtedly help it further expand its business and draw more attention in the market.
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