Flag Network

FLAG Network is a decentralized blockchain-based network that claims to be highly compatible with GameFI, NFT, Web3, metaverse, and even more projects in the blockchain industry. As a framework and a protocol, the asset is developed to build and connect blockchain networks compatible with Ethereum. This platform also assembles scalable solutions on Ethereum that promote a multi-chain Ethereum ecosystem.

FLAG Network is created to solve the issues that come along with blockchains, such as high charges on gas fees or slow speeds, without weakening transaction security. This is a multi-chain system (i.e., quite similar to other ones such as Polkadot). The platform aims to bring three major benefits to the users: first, it makes it possible to benefit from Ethereum's network effects completely; second, the network intrinsically provides a safe environment; and third, the asset offers an open world for participants.

FLAG Network is a combination of sovereign and Ethereum blockchains and turns those into a full-fledged multi-chain system. The asset aims to allow its users to expand present blockchain networks in just one click. The platform seeks to offer a developing set of models that can be used for growing custom networks. Also, the network intends to integrate protocols of interoperability for transferring arbitrary messages from or to Ethereum and other blockchain networks.

FLAG is the native token of the Flag Network. A FLAG token can be transferred to its network in exchange for operating an on-chain program or for validating its output. The system may execute micropayments of fractional tokens known as Lamports. As users stake their FLAG tokens, they help the network become safer. Users can stake FLAG by depositing their tokens into a wallet that supports staking.

FLAG Network released its whitepaper V1.0 and website in the second quarter of 2021. The network opened its Airdrop program in the fourth quarter of 2021. Thomas O'Connor (Technology Director) and Jame Smith (CEO) are the cofounders. The currency has a total supply of 10,000,000,000 FLAG coins. The platform has burned 737,867,450 tokens. Burning occurs when a fraction of tokens are sent to a wallet with no private key. This means the tokens are lost permanently. Tokens are usually burned to reduce availability and increase market value.