The channel name is a unique identifier of your channel on this and all the other instances. It's as unique as an email address, which makes it easy for other people to interact with it.
Tags could be used to suggest relevant recommendations. <x id="LINE_BREAK"/> There is a maximum of 5 tags. <x id="LINE_BREAK"/> Press <x id="START_TAG_KBD"/>Enter<x id="CLOSE_TAG_KBD"/> to add a new tag.