Decipher the Art, Fashion, and Entertainment Hub: Social Network Emerges

Decrypt’s Art, Fashion, and Entertainment HubSocial Network, a new Bitcoin layer-2 staking network, aims to reduce Bitcoin's energy consumption by using an Ethereum Virtual Machine (EVM) and an NFT-based mobile scavenger hunt tied to its mainnet launch. Developed in partnership with Earth Wallet, Social Network aims to enhance Bitcoin transactions, lower costs, make the network more energy efficient, and incentivize users to engage with the broader world through an augmented reality (AR) game.

Decipher the Art, Fashion, and Entertainment Hub: Social Network

In an era marked by growing environmental consciousness, the excessive energy consumption of Bitcoin's proof-of-work algorithm has drawn criticism from ecological advocates. Social Network, an innovative Bitcoin layer-2 staking platform, emerges as a beacon of hope, aiming to revolutionize the crypto landscape through an Ethereum Virtual Machine (EVM) and an intriguing NFT-based mobile scavenger hunt linked to its mainnet launch.

While the prospect of owning yet another digital collectible may entice Bitcoin enthusiasts, Social Network underscores its mission as more than mere monetary gain. "Social Network is a project we're deeply committed to," says Sukhveer Sanghera, founder, CEO, and Core Contributor of Social Network, in an interview with Decrypt. "It aims to create a novel incentive system for decentralized social networks, reverting them back to a public good, rather than a profit-generating machine for private entities."

Launching on April 22, Social Network, developed in collaboration with Earth Wallet, a self-custody platform for Bitcoin and Ethereum, aspires to enhance Bitcoin transactions, reduce costs, improve energy efficiency, and encourage crypto users to immerse themselves in nature.

"The essence of Social Network and the movement we envision revolves around engaging with the real world," explains Sanghera. "By downloading Earth Wallet today, you can navigate to the nearest park, encounter a Regens character, and become an integral part of this fair launch." Likening the project to Niantic Labs' highly acclaimed Pokémon Go, Sanghera elaborates on the gameplay.

Upon visiting a park, players will encounter a "touch grass" button within the Earth Wallet app. Activating this button switches the app to augmented reality (AR) mode, revealing region-specific NFT characters that can be captured by simply pressing and holding. These NFTs are distributed based on population density and energy consumption in different regions.

Regens on Bitcoin Blocks: A Historic Milestone

"We recently deployed 369 Regens on Bitcoin block 9, which holds immense significance as it was mined by Satoshi Nakamoto in 2009," says Sanghera, who holds a background in aerospace engineering. "This distinction is crucial in ensuring the decentralized, leaderless nature of Social Network, aligning the protocol with its core principles."

Social Network granted early access to its global fair launch to 10,000 testnet contributors and 369 Bitcoin Regen holders on April 1, with plans to open it to the public on April 14.

Addressing Concerns and Embracing a Broader Perspective

While Regens utilizes the Ordinal inscription protocol, Sanghera acknowledges the skepticism expressed by some within the Bitcoin community, who view the popular digital collectibles protocol as a suboptimal use of the Bitcoin blockchain. "Their concerns about Bitcoin Ordinals are valid," he concedes. "I believe the software architecture needs improvement. While introducing media into Bitcoin expands its utility, the current architecture of Ordinals burdens Bitcoin nodes. Our aim with Social Network is to devise a better solution."

Recognizing the challenge of onboarding Bitcoin maximalists to an Ethereum-based solution, Sanghera remains optimistic. "I believe maximalists tend to exhibit a narrow-minded approach," he says. "If they truly desire to witness Bitcoin evolve into a global monetary system, they need to broaden their perspective and address the pressing issues the world faces, striving to create a better society. Money should be a tool for social progress."

Emphasizing his profound respect for Bitcoin Core developers, Sanghera expresses hope that environmentally conscious Bitcoin enthusiasts will recognize the value of Social Network and Earth Wallet's endeavors and join the movement.

"Bitcoin is envisioned as the future of currency," concludes Sanghera. "For this vision to materialize, Bitcoin must benefit society as a whole, not just a select group of financial enthusiasts."