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- 1 Flag achieves scalability without compromising on decentralization and security.
- 2 Flag network provides a high level of security through its leaderless Proof-of-Stake mechanism.
Meta media applications, unlike the majority of Web2 applications, are not solely built for entertainment purposes. Instead, their goal is to generate profit while capturing unique and useful experiences that can be employed in an ecosystem monetizing free time. In this context, Flag bridges the gap between media and blockchain natives’ need for full-scale blockchain functionality. It provides users with a way to store their FLAG coins, ERC20 tokens, and NFTs in various Flag blockchain-based applications.
What is Flag Network?
Flag is an open-source smart contract platform designed to handle high throughput. The Flag Wallet can store any coin on any EVM, while Flagscan is a cutting-edge blockchain explorer that allows users to interact with transactions and smart contracts on the 25k TPS Flag platform.
In addition to this, the FLAG coin, which is the project’s native currency, can be found on multiple chains. Investors and traders are quite interested in using these platforms, including Ethereum, Polygon, and Avalanche.
This platform has state-of-the-art security features. Flag provides creators with the necessary tools to access decentralized technology and encrypted servers, allowing them to reach new audiences and transition to media applications, NFTs, and the metaverse.
The blockchain has all the necessary services to make sense and perform appropriately from the outset, with no dependence on third-party developers to create the required components (such as the DEX, wallet, or marketplace). While the platform is excited about the prospect of as many users as possible joining its ecosystem, it can support its blockchain protocol without a high influx of participants. This approach is more sustainable and reliable than other blockchain projects that would become worthless without users.
The Diversification of Flag Layer 1
The Flag Layer 1 solutions include a testnet, a mainnet, a bi-directional cross-chain bridge with five chains, an NFT marketplace, a blockchain explorer, a decentralized exchange, and a wallet.
Conversely, the ecosystem is not only created for media and metaverse users but also provides all the day-to-day blockchain necessities for anyone to construct and operate decentralized apps, including gamers, traders, and developers. It means that anyone can participate in the Flag ecosystem.
How the Flag Blockchain Was Created
Flag blockchain was created by forking and upgrading the Polygon blockchain, resulting in a high-speed transactional Layer 1 blockchain.
Moreover, the network includes everything else that a great L1 has to offer. The cheap transaction costs combined with unparalleled speed make for a lightning-fast on-chain experience. Confirmation and safety of blockchain transactions are ensured via Flag’s implementation of the Lachesis aBFT consensus algorithm, which comprises the Clotho and Atropos mechanisms.
The Lachesis algorithm makes it possible to have a blockchain that is both reliable and simple to use. Because the Lachesis protocol handles the state machine replication component, designers are free to concentrate on developing the apps themselves. Developers can choose from various languages when writing code for Flag.
The use of cryptocurrencies in media will give rise to an ecosystem in which projects can optimize their interoperability, interact with one another, and become a part of the larger cryptocurrency environment.
What Problem Does Flag Network Solves
Blockchain solutions currently face a trilemma, which refers to the need to make trade-offs between scalability, security, and decentralization. The traditional financial system requires high throughput and quick finality, but decentralizing these services and maintaining bank-level security on a large scale is challenging for the blockchain industry.
Flag is tackling this issue by focusing on its high-speed consensus mechanism called Lachesis, which enables digital assets to function at an unprecedented pace. Unlike other proposed solutions, Flag doesn’t compromise on decentralization and security to achieve scalability.
Furthermore, its distributed ledger technology has a modular architecture that allows for fully personalized blockchains for digital assets, and each of these can be optimized for specific applications.
Flag also provides a high level of security through its leaderless Proof-of-Stake mechanism. Lachesis, the aBFT consensus that Flag employs, can scale to many nodes worldwide in an open and permissionless environment, providing a fair degree of decentralization. The system does not use delegated proof of stake, and there is no such thing as a “Masternode” in this system.
About FLAG Token
The native token of FLAG Network is called FLAG, and it can be transferred to nodes in a cluster in return for running an on-chain program or validating its output.
The system may implement micropayments of fractional FLAGs, called Lamports. These are named in honor of Leslie Lamport, who has had the most significant technical influence on the FLAG Network.
In addiction to the above qualities, the FLAG is a standard utility token and does not require any special functions like additional fees. It is an ERC20 token contract that helps users track fungible tokens, and every token is entirely equivalent to any others. This allows ERC20 tokens to be used as a medium of exchange, currency, voting rights, and staking.
The Liquidity Generator Token is an auto yield and liquidity generation token that allows customization of fees to reward holders and generate liquidity.
The Token also has a whitelist function. For more information on these functions, check out the official details from FLAG Network. Additionally, FLAG Network has an official presale link. The Frictionless Yield Token is an automatic yield token for standard tokens that offers customizable fees to reward holders and a whitelist function.
Conclusion
Flag is an open-source smart contract platform with high throughput. It offers a wallet and blockchain explorer, and its native coin (FLAG) can be found on multiple chains. The platform uses a leaderless Proof-of-Stake mechanism and Lachesis consensus for scalability and security. The blockchain technology is improving fastly and the crypto enthusiasts are investing more and more into tokens like FLAG, expecting a huge capital gain in the near future.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading in stocks, cryptos or related indexes comes with a risk of financial loss.
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
