Flag Blockchain - Whitepaper 2.1

 

Introduction

 

Flag is a pioneering and highly scalable blockchain ecosystem that enables developers and everyday users to seamlessly interact with any DeFi & NFT protocol and incorporate blockchain technology features on their platform. Creators can then focus on what they do best: the development of dApps, media, AI and blockchain products. AI NFTs are just one example of the innovations coming to Flag blockchain in 2023. We envisage a decentralized platform that brings programmers, consumers, and professional blockchain developers as well as the wider community together to work on projects and applications built on the Flag blockchain.

 

Flag is a high throughput open-source smart contract platform. The Flag Wallet is capable of storing any coin on any EVM. Flagscan is a cutting edge blockchain explorer with which users will be able to interact with transactions and smart contracts of the 25k TPS Flag platform. The project’s native coin, FLAG, will be available across multiple chains including Ethereum, Polygon and Avalanche. Security features are state of the art.

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Meta media applications are not built solely for entertainment purposes, in contrast to the vast majority of Web2 applications. Their objective is to generate profit while capturing novel and useful experiences that can be put to productive use within an ecosystem that monetises 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. Through our community-centric approach, Flag will encourage its users to participate in the blockchain ecosystem in various productive ways

 

Flag gives creators the necessary tools to access decentralized technology and encrypted servers. This facilitates the development of new audiences and the move to media applications, NFTs and the metaverse. We have built all of the necessary services for the blockchain to make sense and perform properly from the beginning. As a result, Flag blockchain is not dependent on third party developers to construct the required components (such as the DEX, wallet, or marketplace).  While we are excited by the prospect of as many users as possible joining our ecosystem, we are able to support our blockchain protocol without a high influx of participants. This approach is more sustainable and reliable than other blockchain projects, which would become worthless without users.

The rest of this document explores the various components of the Flag ecosystem and how Flag is positioned to streamline upcoming media, metaverse and blockchain applications to fruition.

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The Flag Vision

Our mission is to create a cutting-edge platform for developers and the everyday users of blockchain technology that brings blockchain enthusiasts and creators together within a decentralized environment. Flag provides a connection to the comprehensive blockchain demands desired by users and connoisseurs of blockchain technology.

In addition to enabling users to construct projects and play various applications atop the Flag blockchain, it will give creators a channel via which they may acquire FLAG coins and NFTs. Flag will encourage community participation by providing chances for community members to create, learn, and develop in various ways across the blockchain ecosystem.

We are always looking for innovative developments that might enhance this  sector. Our goal is to make our community a breeding ground for innovations that may be incorporated into our structures to make them more robust and efficient.

Ultimately, Flag aims to provide developers and studios access to all the tools required to access decentralized technologies. This will allow for establishing new audiences and the transition toward the metaverse, media and DeFi applications.

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Flag PROTOCOL

Emerging at the frontiers of blockchain innovation, the expansive scope of Flag Layer 1 solutions will 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, with further features to be added in the future.

The ecosystem was not just created for media and metaverse users, it also provides all of the day-to-day blockchain necessities for anybody to construct and operate decentralized apps, including gamers, traders, and developers. This means that anyone may participate in the Flag ecosystem.

 

•     How It Functions
   

The Polygon blockchain was forked and upgraded to create the Flag blockchain, a Layer 1 solution. It is possible for the network to function as a full-fledged transactional blockchain because of the huge number of transactions that it processes per second. In addition, the network encompasses everything else that a great L1 has to offer. The cheap transaction costs combined with the unparalleled speed make for a lightning-fast on-chain experience.

 

When writing code for Flag, developers may choose from various languages. 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.

 

•     Exploring the Network

Current blockchain solutions include making concessions in one or more of the following areas: scalability, security, or decentralization - referred to as the trilemma of the blockchain. High throughput and quick finality are requirements for the traditional financial system, particularly from the activities in the back-end to the solutions presented to customers. The whole blockchain sector has a hurdle when attempting to decentralize these services on a large scale while maintaining bank-level security.

In this pursuit, Flag takes on the issue where it matters most: its high-speed consensus mechanism enables digital assets to function at a pace that has never been seen before and provides significant advantages over the systems in place today.

Unlike previously proposed solutions, Flag does not give up on decentralization and safety to achieve scale. Conversely, Flag's benefits are not limited to simple performance enhancements; the distributed ledger technology's modular architecture makes it possible to fully personalize blockchains for digital assets. These blockchains can take various forms, each of which can be optimized for a specific application. Flag also provides extraordinarily high levels of security since it safeguards the network using a leaderless Proof-of-Stake mechanism.

 

•     Sustainable Protocol

Flag is an energy-efficient and environmentally friendly protocol. So far, a negative connotation has been attached to the development of blockchain technology due to the impact that proof-of-work techniques have on the environment. According to some estimates, Bitcoin mining produces 114 million metric tonnes of carbon dioxide yearly. In addition, most Bitcoin mining operations are located in areas with a significant reliance on coal-generated electricity.

Considering these detrimental effects on the environment generated by the proof-of-work consensus, the proof-of-stake was created to eliminate the need to calculate mathematical equations to mine blocks and achieve maximum energy efficiency, which is the method Flag plans to adopt to bring its carbon emissions down to an acceptable level.

This enables a staking system that utilizes validators chosen at random from the staking pool to confirm transactions, therefore receiving rewards and contributing to the growth of the network. The blockchain sector can maintain a clean and energy-efficient blockchain by reducing its carbon footprint, which also acknowledges the awareness of environmental problems.

 

Flag DEX

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The Flag decentralized exchange (Flag DEX), is a peer-to-peer marketplace in which frictionless transactions take place between users and traders alike. Farming and staking will enable you to use and make the most of the full potential of your cryptocurrency. Interoperability and cross-chain capability will allow you to transfer your tokens and assets across other networks.

In this context, the DEX represents the "third party" rather than a traditional financial institution. The technology that underpins cryptocurrencies removes single points of failure, enables users to maintain ownership over their funds, and enables trade that is both safer and more transparent by placing crucial processes onto a distributed ledger called a blockchain. DEXs use smart contracts to carry out market transactions by assigning the operations of the transactions to autonomous code. Despite this, order fulfillment may occur in several different ways, with varying degrees of decentralization, depending on the variant.

 

Decentralized exchanges were developed in the same way digital currencies were in response to flawed and antiquated financial systems that passed on to their users the risks associated with a centralized system. These risks included insufficient security, technical issues, and a lack of transparency.
 

 

•     Governance

Proof-of-stake consensus guarantees an environmentally friendly protocol that allows users to use all that Flag has to offer while minimizing their impact. By allowing users to generate new suggestions and vote on existing ones for the growth and enhancement of the network, on-chain governance allows users to participate in community activities and interact with other community members.
 

 

•     Farming & Staking

Coin holders of any quantity may engage in our ever-expanding farming and staking operations to earn more FLAG or other valuable tokens on the network. These opportunities are open to holders of any amount of Flag.

 

Blockchain Explorer

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As a core component of the ecosystem which will enhance transparency around the blockchain realm, Flag introduces the blockchain explorer Flagscan as a tool that enables users to observe blockchain activities. This blockchain explorer is essentially a search engine for data inside a blockchain network.

 

The explorer compiles all of the blocks and transactions completed on the system and makes them available for anybody to examine. Additionally, it integrates the capability to read, write, and interact with any smart contract placed on the blockchain. Using the blockchain explorer, users may view almost every transaction, wallet, and blockchain-related information, including rich lists and secret messages.

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Flag NFTs

As an essential component of the Flag ecosystem, AI-generated NFTs will serve as the go-to NFT protocol for users. You may earn them, create them or buy them from other users on the Flag Marketplace. Some of them will additionally have the interoperability of being hosted in multiple applications on the Flag Blockchain.

At Flag we believe that NFTs are much more than speculative assets for trading viral memes. Our endeavor is based on the idea that NFTs have the potential to be valuable digital assets with various applications. NFTs have made significant progress in the luxury and gaming sectors, but there is much space for development beyond these initial applications. Henceforth we are combining artificial intelligence with NFTs.

The ensuing advantages of NFTs define them as a breakthrough technology for blockchain enthusiasts.
 

•     Ownership

One of the most prominent benefits of NFTs is their capacity to demonstrate ownership. Due to their presence on a blockchain network, NFTs may facilitate linking ownership to a single account. NFTs cannot be transferred to multiple owners or split among multiple owners.
 

•     Authenticity     

NFTs' advantages are strongly reliant on their uniqueness. Unique data accompany NFTs since they are created on the blockchain. Unique characteristics of NFTs demonstrate their capacity to generate value.
 

•     Rarity

The owner can choose the total quantity of NFTs to be delivered, making them very uncommon. This not only distinguishes them but also enhances their worth. The fewer NFTs there are, the higher their price.
 

•     Uniqueness     

NFTs based on real works of art employ blockchain technology to differentiate themselves from the general public and assess the authenticity of a piece of art. In addition, it helps differentiate between genuine and counterfeit items.

 

Exploring the Potential of NFTs & Media

NFTs allow users to possess media assets and any other digital property that may be owned inside the ecosystem. They empower users with control of ownership and distribution of these assets through a decentralized system.

By contrast, this is not the case with conventional platforms, in which the only thing one can do with one's assets is to see/hear them, regardless of how much you paid for them, and never on one's own terms.

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In addition, each asset can have its own identity, which will be tied to the user’s account for as long as the user has ownership. These identities are tied to the user’s account, so she  will not lose these identities even if the issuer takes the decision to withdraw the media, because the identities are stored in user wallets. Due to this, consumers can keep their belongings safely and need not worry about having them stolen.

 

•     Ownership Transfer

A user always has the option of selling her media assets and receiving monetary compensation for them when she does so. This results in the buyer becoming the current owner via the process of  ownership transfer, and the blockchain is updated to reflect this change.
 

•     Security & Uniqueness

Assets cannot be replicated since they are non-fungible. They also cannot be fraudulently owned, nor can they be lost when on the original issuer’s whim because they are transportable and may be saved in wallets.
 

•     Transparency & Scarcity 

Through the use of blockchain technology, ownership records and their histories are made available to the public while being immutable. In addition, blockchain explorers provide each item with complete transparency as well as verifiable scarcity.
 

•     Opportunity for Financial Investment

Owing to the one-of-a-kind nature of NFT in media, there exists an opportunity for financial gain in the form of speculation on NFT collectables. Assets that are in short supply and in demand have the potential to skyrocket in price, earning their owners a healthy ROI.
 

 

Flagpole Marketplace

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The Flagpole marketplace was developed to store and trade your assets. It enables safe peer-to-peer trading on all your favorite non-fungible tokens on the Flag and Ethereum networks, with more chains being added over time. Flag's minimal costs, user-friendly marketplace dashboard, and streamlined listing procedure all contribute to an enjoyable and stress-free experience for its customers.

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FLAG Coin

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The FLAG coin serves as the platform's fundamental unit. The FLAG coin may be used for gas transactions, items from the marketplace, and to earn and spend throughout the Flag ecosystem.

 

Nevertheless, the Flag blockchain is not designed only for use in the media industry. We are not relying on other developers to build on Flag; rather, we are jump-starting it ourselves and launching all of the necessary services that a blockchain requires to operate and have a purpose. Flag DEX, Flag wallet (Chrome, iOS, and Android), and a bridge with 5 large blockchains, including Flag, Ethereum, Polygon, Avalanche, and BNB Chain, have been developed in addition to a lightning-fast blockchain that is hosted on our own dedicated low-latency servers until other validators join.

 

Flag’s explorer, Flagscan, may be utilized for both transactions and NFT goods, a marketplace for NFTs assets.

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Uncovering the Flag Ecosystem

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Bridges

Scalability is one of the major challenges facing the evolution of blockchain. As soon as the program's deployer releases it on the blockchain, the application can only run on that particular platform. It does not have the capability to leverage the resources provided by other networks. However, the use of blockchain bridges may remedy this issue. Specific data together with smart contracts could be able to be communicated across such a bridge, provided that everything is carried out appropriately.
 

In most cases, the mint-and-burn technique is employed for these kinds of acts since it helps to provide a steady flow of chitons to all essential platforms. Users will not need to pay any extra fees to boost the speed of transactions since blockchain bridges will make this possible. To put it another way, a lower commission. Changes of this kind deliver benefits not just to the user but also to the blockchain itself. These advantages are mutually reinforcing.
 

The Flag Bridge offers the following benefits:

•     Interoperability     

Cross-chains alleviate the interoperability issue within the blockchain ecosystem, allowing users to move assets to other     blockchains without surrendering the benefits of the host network.     
   

•     Cross-chain Collateral     

This feature enables users to move assets from a blockchain with value but few decentralized apps to a blockchain with an established ecosystem.     
   

•     Scalability

Blockchain bridges built to handle large transaction volumes enhance scalability, enabling developers to deploy their apps and customers to enjoy such services without sacrificing the liquidity and network impact of the original blockchain.     
   

•     Efficiency

With cross-chain bridges, users may send and receive     micro-transfers more quickly without incurring high transaction costs. This is particularly crucial for blockchain-based shopping experiences.
 

 

A cross-chain bridge enables users to:

•     Quickly and inexpensively transfer assets between blockchains
     

•     Experience minimal operational complication     
     

•     Take advantage of the cheaper transaction costs offered by non-scalable networks
     

•     Implement decentralized apps across many     platforms
   

 

Staking

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Proof-of-stake has evolved to increase speed and efficiency while decreasing transaction costs. Proof-of-stake cuts costs significantly by eliminating the need for miners to solve energy-intensive mathematical problems. Instead, transactions are confirmed by those who have invested in the blockchain via staking. Akin to mining, staking is the mechanism by which a network member is selected to integrate the most recent batch of transactions to the blockchain in return for cryptocurrency.
 

In return for a payout, users risk their tokens for the opportunity to add a new block to the blockchain. Their staked tokens serve as a guarantee that each new transaction they make to the blockchain is legitimate. Validators are selected by the network depending on the quantity of their investment and the length of time they have held it. Therefore, the most dedicated participants are rewarded. If transactions in a new block are revealed to be invalid, the network may burn a portion of a user's stake in what is characterized as a slashing event.
 

Long-term crypto investors see staking as a method to put their assets to work by earning rewards instead of letting them accumulate dust in their wallets.  Additionally, staking contributes to the security and efficiency of the blockchain projects you support. By staking a portion of your holdings, you increase the blockchain's resistance to assaults and its capacity to handle transactions.

 

Validators

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Validators create an environment where consensus may be reached by reviewing and authorizing Flag network transactions. The acquisition of the necessary FLAG coins and the configuration of would-be validators’ computers represents the first steps toward validator status.
 

• To qualify as a validator and get a yearly interest rate of 6.9%, a minimum investment of 10,000 FLAG tokens is necessary.
   

• Minimum requirements - m5.large (AWS or     equivalent) with 2 CPUs and 8 GB of RAM, Ubuntu Server 18.04 LTS (64-bit), and minimum disc space of 250 GB or higher. These requirements are further explained in the documentation for the     service.     
   

• Subsequently, configure the first download for a user who is not a root user. It is necessary to have both GO and Lachesis. Next, create the validator wallet and then formally start running the validator on the Flag Chain.     
   

 

Flag Wallet

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The Flag Wallet provides a protected and trustworthy medium to save and maintain your digital assets. Every EVM may be used with the Flag wallet. Entering the chain ID, native token, and explorer data is all required to obtain access to any network and engage with your preferred decentralized applications (dApps) on any chain. You can download the wallet as a Chrome extension, in addition to finding it on the Google Play store and the Apple store

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Flag Structure
 

There are two routes for dApps to be part of the Flag ecosystem:
 

• Built with the Flag protocol from the start

• Existing dApps selected by Flag to be hosted on the Flag blockchain

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Built with Flag: Applications designed to achieve blockchain excellence, including creating interoperable coins and assets that may be used across numerous networks. Connecting your wallet is all that is required to get access to your assets.
 

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Flag Community

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Emerging at the crossroads of blockchain, metaverse, AI and media applications, the Flag community is an open-source initiative to connect decentralized applications with the cryptocurrency and NFT paradigms. Join the community, and use the connections to keep yourself apprised of the latest developments in the Flag ecosystem.

In all instances, the Flag community is broad, active, and swift, and it encourages member participation. Start your journey with us by going through all the social networking links or validator instructions we have provided. Alternatively, if you believe your application should be hosted on this website, please contact us.

 

Flag Ambassadors

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For those interested in representing Flag to a broader audience, we created the Flag Ambassadors program. If you are interested in being considered as an influencer or ambassador for Flag, please follow the link given in the application form.      Relationships with other influencers or ambassadors in the field are beneficial.  Early access to apps is still in beta.     
   

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The Flag Meetup Program

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Flag transcends the barriers of the blockchain, as real-life events will be organized where members of the ecosystem can meet with each other. This way, it is possible to make new connections with other community members in your area. You may interact together from the convenience of your own homes by exchanging Flag across a multitude of applications.
 

 

ROADMAP

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Q1 2023

•     Building     of the TestNet
     

•     Building     of the MainNet
     

•     Building     of the Flag Blockchain Explorer
     

•     Building     of the Flag Bridge
     

•     Building     of the Flag Wallet
  
   

Q2 2023
   

•     Building     of the Flag Wallet
     

•     Addition     of Further Networks
     

•     Testing
   

 

Q2 2024
 

•     Dynamic     AI NFT creation tool
     

•     Validators     live
     

•     Staking & Farming live
     

•     FNS        (Flag Naming Service)
     

 

Summary

The emergence of blockchain-based applications is without doubt already significantly reshaping the crypto industry and Flag is at the vanguard of this revolution!

Ultimately, we aim to create applications for everyone and entice users to interact with lucrative incentives and projects across the ecosystem. In addition to earning incentives, users may make money by reselling uncommon things on the Flag marketplace. Every user will need FLAG coins so their value will grow and DEX and bridges allow users to easily transmit their currencies from any of the connected blockchains to Flag. Staking FLAG coins will result in staking incentives, thus restricting the Flag supply and validator needs.