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As it currently stands factions are race locked with each faction having 3 races and no crossover.
Developers have stated that they encourage people to make alts.
Creating alts will be the only way to see the entire continent.
If alts are expected and there is only 1 server then there is every possibility that you can have all your characters in the same campaign.
If you have alts in the same campaign you can pick and choose which alt to play depending on how the fight is going.