GateLive AMA Recap-Flash Protocol

2024-04-15, 08:49

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## Q1: What is Flash Protocol?
Flash is the largest <a href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> native NFT issuance platform powered by Taproot to boost GameFi, AI & Meme culture on Bitcoin. FlashVM is a side chain of Taproot to enhance all Taproot native assets’ trading activities.

Over 1M taproot NFTs have been already minted on Flash Protocol.

Flash Protocol offers four key use cases:
1) Initial assets and NFT issuance, a 100% permissionless and cost effective process
2)Flash Angel Hub is a cross-chain donation platform to boost early stage AI, Meme & GameFi projects. Early stage projects in their initial 1-3 month life stage will launch on Angel Hub to distribute assets and access to early backers.
3) Marketplace designed specifically for enhancing asset liquidity
4) BTCFi on Flash Chain

Flash Chain is an infrastructure for advanced BTCFi functionalities such as staking, swaps and lending for Bitcoin native assets.To enable the use cases such as BTCFi, a FlashVM will be realized on Flash Chain.

Flash Protocol has so far partnered with top-tier projects including Elfin Metaverse (led by Binance), MultiBit, Bitstable, Polyhedra (led by Polychain), PortalDefi (led by Coinbase) and Lorenzo Protocol (led by Binance) with a lot more in the pipeline.

## Q2: So we’ve all heard of Bitcoin, but what is Taproot? How does it relate to side chains?
Great question. Taproot is a proposed Bitcoin protocol upgrade that introduces a new digital signature scheme called Schnorr signatures. This upgrade enables more complex _script_ing abilities while also enhancing privacy by making all transactions look the same on the blockchain.

Taproot Assets Protocol is relatively new, with the latest specification released by Lightning Labs last October. Taproot is essentially a protocol to ensure Bitcoin native assets, or so called Taproot Assets, can be issued and transferred. Therefore, it stands out from peers in terms of Bitcoin legitimacy. Also, because of the underlying Lightning Network, Taproot Assets can enjoy high speed and low cost transactions. Such features sets it apart from peers such as <a href="/price/stacks-stx" target="_blank" class="blog_inner_link">Stacks</a> or Ordinals or Atomicals.

With regards to the side chain, we are referring to the Flash Chain. It’s a public layer 1 chain developed by Flash as well. It’s essentially a Taproot side chain. We bridge assets from Taproot and Bitcoin mainnet by atomic conversion. On such a side chain, Bitcoin Defi or BTCFi could be realized.

## Q3: Why did Flash Protocol choose this area?
Ordinals issued assets i.e. BRC-20 assets used to be debatable due to the fact of causing mainnet congestion on Bitcoin. Other assets issued on Bitcoin either lacks the legitimacy such as Stacks or lacks Tx efficiency. Taproot assets hit the sweet spot of having high Tx efficiency without compromising on Bitcoin legitimacy. That’s exactly the reason we chose this area. What's more, there are still lots of exciting milestones to achieve in future, such as the stablecoin use case for Taproot so on and so for.

One more thing worth mentioning is our Flash Angel Hub, It’s part of Flash Protocol on Taproot and it’s quite an innovative platform for early stage projects to launch there. We realized that the pain point on the market is that early stage projects find it difficult to boost traction and it’s difficult for them to launch IDO on launchpads without initial traction. That’s how Flash Angel Hub will play a role.

## Q4: What has Flash been working on recently?
Flash Protocol has maintained a whirlwind pace of development in recent months. The project has forged strategic partnerships with AI Tech, Lorenzo Protocol, Polyhedra, MUBI, Portal Defi TerpLayer, and BitLayer, among many others.

These partnerships position Flash Protocol at the center of the BTCFi ecosystem and lend it greater influence within it, while our native token $FLASH has recently seen an enormously successful Initial Decentralized Offering (IDO) and Initial Exchange Offering (IEO) that were sold out in no time.

The IDO on ChainGPT Pad saw the project raise $250,000 from nearly 3,000 investors through the sale of 125 million tokens.Similarly, Flash Protocol on AITECH Pad sold out in just 60 seconds. You can learn more about the token’s listing schedule and tokenomics here.

Given the success and influence of the Flash Protocol, the $FLASH token was listed shortly after the IDO on two major cryptocurrency exchanges: Gate.io and MEXC, significantly boosting liquidity for those who invested. FLASH is also already tradeable on UniSwap and the Flash Protocol Marketplace.
The IDO is the result of months of work bringing more use cases to Taproot Assets that started with the launch of Flash Protocol and led to the creation of FlashVM, a computational engine built on Flash Chain designed to enable BTCFi.

We have recently rolled out concrete plan for Flash Angel Hub. Flash Angel Hub is a cross-chain donation platform to boost early stage AI, Meme & GameFi projects. Early stage projects in their initial 1-3 month life stage will launch on Angel Hub to distribute assets and access to early backers.
## Q5:  What's the future strategy of FLASH?
In a move to bolster our presence in the burgeoning decentralized finance (DeFi) sector, Flash Protocol and Lorenzo have announced a strategic alliance. The partnership aims to leverage the complementary strengths of both projects. Lorenzo Protocol is building the first-ever Bitcoin liquid restaking solution,enhancing Bitcoin’s shared security by offering stakers liquidity and accessibility.

As I introduced earlier on, Flash Angel Hub is set to become the most popular donation platform for early stage projects in AI, Meme & GameFi. Our FLASH token holders can all get access to tokens of those early stage projects by staking FLASH.

FLASH token holders can enjoy three key benefits
1) stake tokens for donation quota
2) stake tokens for airdrop opportunities from projects launched on Angel Hub
3) 50% of the Tx fees for Project launching on Angel Hub will be shared with FLASH tokens stakers.

Additionally, there will be Angel market for liquidity of project pre-market tokens or points distributed on Flash Angel Hub.

<div class="blog-details-info">
<div>Author:** GateLive**, Gate.io Team
<div class="info-tips">\*This article represents only the views of the researcher and does not constitute any investment suggestions.
<div>\*Gate.io reserves all rights to this article. Reposting of the article will be permitted provided Gate.io is referenced. In all cases, legal action will be taken due to copyright infringement.
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