To understand the ecosystem of the Tag Protocol, let's take a look at its functional overview.
Well, the Tag Protocol practical ecosystem begins with registration or accounting for transactions controlled by a treasury contract. Fundamentally, it distributes a smart contract that allows participants to choose and register particular #hashtags. Thenceforth, the contract delivers an NFT token to the participant, along with the value of its unique, stored #hashtags.
Once the #hashtag NFTs are issued to the participant, they turn into a virtual mining machine to mine Tagcoins. The most common way to mine Tagcoin starts with the #hashtag staking contract, which requests the #hashtag performance information from the #hashtag performance oracles.
The oracles monitor the performance data of each staked #hashtag on different social media platforms and feed this information to the Tagcoin mining contract. After that, the mining contract ascertains the Tagcoin earnings of each #hashtag utilizing the data given by the oracles.
The earnings data is put away inside the staking contract. The participants can verify this information by querying the system's application interface. Subsequently, the participants can claim their earnings from the mining contract by submitting a claim request to the smart contract, which provides Tagcoin in their wallet. For the record, when participants have received their Tagcoins, they can hold, exchange, or transfer those coins to another participant on the network.