PROJECT BACKDROP

Over the past four decades internet has had a profound impact on our societies. According to a research (Internet world Stats, 2020) 63.2% of the entire world population has access to the internet, of which 92% consumers access internet through their mobile devices. The market for services produced and consumed on the internet is projected to generate $4.3 trillion revenues by the end of 2021 (source: statista.com).

With the rise in the use of the internet we have also seen an unprecedented adoption of Digital Platforms such as Facebook, twitter, YouTube, Spotify and many more. These platforms now generate billions of dollars in revenues and exercise extraordinary control over production and collection of user data. This has led to many within our societies to question if these platform or businesses have accumulated too much power. There are also questions about digital inequality as few platform accumulate all the traffic & income generated out of the internet economy.

As a result an anonyms group or individual by the identity (Satoshi Nakamoto) launched Bitcoin in the year 2008. It presented an alternative to the existing financial system and it's core technology blockchain opened doors towards building the decentralised internet. Since than its value has seen a meteoric rise and opened up a Pandora's box of innovation.

Post success of Bitcoin a new project called Ethereum was launched in the year 2015 which built on the success of bitcoin blockchain and allowed user more choices. It enabled creation of tokens and smart contracts within the blockchain. This allowed developers to write executable programs and build decentralised applications for an open anonyms & decentralised web.

By the time we reached year 2018 developers were able build complex financial products and settlement systems using the smart contracts. Many third party middleware tools also were developed around same time that enabled faster deployment of applications written and build on blockchain using smart contracts.

Decentralised application ecosystem took a while before it matured. By the Year 2020 it really took off. Now developers were building and launching Decentralised Exchanges, Lending, borrowing, insurance, gamming and many more innovative platforms on this decentralised web.

As the adoption has grown so has the understanding of pain points hampering the growth of the ecosystem. Developers around the world started building competing blockchains with varied solutions tackling different pain points. This has made market more competitive and given users more choices.

It is predicted that after success of coins and tokens issued on blockchains next big growth in the market will come from issuance and trading of Non Fungible Tokens. Jack Dorsey CEO of twitter opened his account on twitter for the first time since inception and posted his first tweet. He was able to convert his tweet URL into a NFT token and was able to auction it off for 2.5 million dollars.

TAG Protocol hopes to contribute to the continued evolution of blockchain based decentralised web. It achieves this by introducing the concept of Hashtag registry & ownership using a public blockchain. TAG Protocol utilizes NFT tokens issues capabilities of the blockchain to achieve this goal. Millions of people use Hashtags on daily basis to index content such as images, videos, articles and more on various social media and content platforms.

The use of hashtag is likely to continue as long as the internet exists. Tag Protocol enables netizens to register and own hashtags by creating a decentralised registry using smart contract technology.

TAG Protocol further enables users to stake their hashtags and farm Tagcoin. The farm rate of tagcoin is dependent on the performance of your hashtag on social media platforms. Thereby allowing people to earn recurring income from these hashtags as well as to evaluate value of these hashtags.

In conclusion we hope to establish Hashtag as a digital asset that people can own.

Use cases of hashtag on TAG Protocol

  1. Register & own hashtag as a collectible

  2. Trade hashtags with other users.

  3. Use hashtags farm tagcoin and generate yield based on twitter performance.