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Revolutionizing Bitcoin’s Energy Consumption Through Social Network
Bitcoin has faced significant criticism for its extensive energy consumption, particularly from environmental advocacy groups. In response to these concerns, a groundbreaking Bitcoin layer-2 staking network known as Social Network has emerged with a revolutionary approach. This network is designed to address Bitcoin’s energy consumption issue by leveraging an Ethereum Virtual Machine (EVM) and incorporating an NFT-based mobile scavenger hunt tied to its mainnet launch.
The Mission of Social Network
While some individuals may be enticed by the prospect of acquiring another digital collectible, it is essential to note that Social Network is not your typical “social network” akin to platforms like Facebook or Twitter. The core mission of Social Network, as highlighted by Sukhveer Sanghera, the CEO of Earth Wallet and a core contributor to Social Network, revolves around promoting social good and redefining the concept of social networks as a public good rather than mechanisms for corporate profit.
According to Sanghera, Social Network is at the forefront of efforts to create a novel decentralized social network incentive system aimed at restoring social networks’ status as public goods. This network, developed in collaboration with the self-custody platform Earth Wallet, is slated to launch on April 22 with the primary objectives of enhancing Bitcoin transactions, reducing costs, increasing energy efficiency, and encouraging crypto enthusiasts to engage with nature.
Joining Social Network: A Unique Approach
Participating in Social Network involves a distinctive approach that emphasizes reconnecting with nature. Sanghera elaborated on this approach, stating that individuals can engage with the network by simply “touching grass.” By downloading the Earth Wallet app, users can locate their nearest park, where they can embark on a scavenger hunt to capture Regens characters, thereby becoming part of this innovative initiative. Sanghera likened this experience to the immensely popular Pokémon Go game developed by Niantic Labs.
Upon arriving at a park, users will encounter a “touch grass” button within the Earth Wallet app. Activating this feature initiates an augmented reality (AR) mode, unveiling region-specific NFT characters that users can capture by interacting with them. Notably, the distribution of these NFTs varies based on population density and energy consumption levels in different regions.
Embracing Sustainability and Inclusivity
Rooted in Sanghera’s background in aerospace engineering, Social Network reflects a commitment to fostering environmentally sustainable cryptocurrency solutions. Recognizing the excessive energy requirements associated with activities like Dogecoin mining, Sanghera underscores the imperative of redirecting energy resources towards more constructive endeavors. Central to Social Network is the eBTC token, which drives staking rewards distributed from layer-2 transaction fees.
Recent milestones achieved by Social Network include the deployment of 369 Regens on Bitcoin block 9, a historic block mined by Bitcoin’s enigmatic creator, Satoshi Nakamoto, in 2009. This milestone underscores the network’s decentralized nature and commitment to its core principles. Early access to the fair launch was granted to 10,000 testnet contributors and 369 Bitcoin Regen holders, with plans to open it to the public on April 14.
While some critiques have surfaced regarding the use of the Ordinal inscription protocol within Social Network, Sanghera acknowledges the importance of addressing these concerns. He acknowledges that while incorporating media into Bitcoin can enhance utility and use cases, the current approach may burden Bitcoin nodes. Consequently, Social Network adopts a strategic framework to ensure a fair global distribution and align technology with healthier internet incentives.
In Conclusion
Despite encountering skepticism from certain segments of the Bitcoin community, Sanghera remains optimistic about reshaping the narrative around Bitcoin’s energy consumption and societal impact. By fostering a collaborative ecosystem that prioritizes sustainability, inclusivity, and social good, Social Network and Earth Wallet are poised to chart a new course for the future of digital currencies. As Sanghera aptly notes, for Bitcoin to truly embody the future of money, it must transcend narrow financial interests and serve the broader interests of society as a whole.
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