Social Network: A Revolutionary Layer-2 Staking Network Transforming Social Media and Cryptocurrency's Environmental Impact

Social Network, a new Bitcoin layer-2 staking network, aims to revolutionize the cryptocurrency landscape with its eco-friendly approach and emphasis on social incentives. Built on the Ethereum Virtual Machine and featuring an NFT treasure hunt, Social Network seeks to reduce Bitcoin's energy consumption, promote sustainable practices, and encourage users to engage with the real world. By distributing NFTs based on population density and energy use, the network aims to foster fair distribution and promote global collaboration.

Social Network: A Revolutionary Layer-2 Staking Network Aiming to Transform Social Media and Cryptocurrency's Environmental Impact

Abstract

The advent of Social Network, a novel layer-2 staking network, marks a significant departure from the traditional social media paradigm and the energy-intensive proof-of-work consensus mechanism employed by Bitcoin. This groundbreaking platform seamlessly integrates an Ethereum Virtual Machine (EVM) with a captivating NFT-based mobile treasure hunt, coalescing to create a socially beneficial and environmentally conscious ecosystem.

Social Network: A Paradigm Shift in Decentralized Social Networking

Contrary to its moniker, Social Network is not a social media platform akin to Facebook or Twitter. Instead, its primary focus revolves around incentivizing staking rewards. However, the project's broader mission transcends mere digital collectibles and extends to the realm of social good.

Sukhveer Sanghera, the visionary founder, CEO, and Core Contributor of Social Network, articulates the project's noble aspirations: "Social Network represents one of our most pivotal contributions, striving to establish a decentralized social network incentive system that effectively restores the status of social networks as public goods, prioritizing their societal benefits rather than the profit maximization of private corporations."

Genesis and Evolution: A Collaborative Endeavor

Social Network, a brainchild of Earth Wallet and Social Network, formally commenced operations on April 22nd. Earth Wallet, a renowned self-custody platform for Ethereum and Bitcoin, played an integral role in the project's genesis. This partnership aimed to enhance Bitcoin transactions, reduce transaction costs, optimize the network's energy efficiency, and foster an affinity for outdoor activities among cryptocurrency enthusiasts.

Sanghera elaborates on the project's genesis: "Essentially, the gateway to becoming an integral part of Social Network is through physical engagement with the natural world. By downloading Earth Wallet, you embark on a journey leading you to the nearest park where you can encounter and capture unique Regens characters through augmented reality. This concept draws inspiration from Niantic Labs' immensely popular Pokémon Go."

Intersection of Technology and Nature: Earth Wallet's Augmented Reality Interface

Users of the Earth Wallet app will encounter a dedicated "touch grass" option upon visiting a park. Activating this option initiates an augmented reality (AR) mode, overlaying the environment with NFT characters specific to that locality. Users can then attempt to capture these characters by tapping and holding. Notably, the distribution of these NFTs varies dynamically based on population density and energy consumption patterns in different regions and countries.

Environmental Advocacy and Technological Ingenuity: The Genesis of Social Network

Sanghera's educational background in aerospace engineering ignited his passion for environmentally sustainable cryptocurrencies. His firsthand experience as a Dogecoin miner in 2014 exposed him to the exorbitant energy consumption associated with cryptocurrency mining.

"The excessive energy consumption inherent in these processes remains a persistent problem, diverting resources that could be allocated to more pressing global issues," Sanghera remarks.

eBTC Token: The Foundation of Social Network's Staking and Reward System

Underpinning Social Network's architecture is the eBTC token, serving as the medium for staking rewards derived from layer-2 transaction fees. Sanghera reveals that Social Network recently concluded the launch of 369 Regents on Bitcoin block 9, a notable event given that Satoshi Nakamoto mined Block 9 in 2009. Sanghera emphasizes the significance of preserving this historical connection to maintain Social Network's decentralized, leaderless structure and ensure its adherence to its core principles.

An Inclusive Global Launch: Empowering Fair Accessibility

Social Network initiated early access for 10,000 testnet contributors and 369 Bitcoin Regen holders on April 1st, paving the way for its global public launch on April 14th.

Bridging Ordinal Inscription and Social Network: Balancing Innovation with Environmental Stewardship

While Regens leverages the Ordinal inscription process, Sanghera acknowledges concerns raised by some within the Bitcoin community regarding the potential misuse of the Bitcoin blockchain for digital collectibles. Certain Bitcoin proponents view some inscriptions as a form of spam.

"I empathize with their concerns about Bitcoin Ordinals; the software's architecture is suboptimal. Incorporating media into Bitcoin is a positive development, expanding its utility and use cases. However, the current approach employed by Ordinals burdens Bitcoin nodes with unnecessary spam. Social Network presents a superior solution," Sanghera asserts.

Social Network's Global Reach: Fostering Equitable Distribution and Societal Impact

Social Network is dedicated to promoting equitable distribution worldwide, underscoring its commitment to integrating technology with healthier online incentives. Sanghera acknowledges the challenges involved in persuading Bitcoin advocates to embrace an Ethereum-based solution.

"A faction of Bitcoin maximalists exhibits a somewhat toxic attitude. If they genuinely envision Bitcoin becoming a global monetary system, they need to broaden their perspectives, recognize global challenges, and contribute to resolving pressing societal issues. Money serves as a tool for societal advancement," Sanghera opines.

Respect and Collaboration: Embracing the Legacy of Bitcoin Core

Despite his critical stance on Bitcoin Ordinals, Sanghera expresses deep admiration for the creators of Bitcoin Core. He remains optimistic that eco-conscious Bitcoin users will recognize the merits of Social Network and Earth Wallet's mission, joining forces to drive positive change.

"Bitcoin aspires to be the future of money. To fulfill this destiny, it must benefit society as a whole, not merely a select group within the financial sector," Sanghera concludes.