Social Network Whitepaper Introduces Bitcoin Staking and Layer 2 Protocol, Aiming to Scale Bitcoin
Chainwire
Posted On January 22, 2024
Singapore, Singapore, January 22nd, 2024, Chainwire
The first protocol to scale Bitcoin Ordinals debuts their whitepaper
[Singapore, January 18, 2024] Social Network is the first decentralized Layer 2 Bitcoin Staking Protocol, has unveiled a whitepaper outlining a solution to address the scalability, cost-efficiency, and environmental sustainability of the Bitcoin network.
By harnessing recent upgrades in Bitcoin, Ethereum, and the Nostr Protocol, this system addresses the challenges of high transaction fees and slow confirmations on Bitcoin, aiming to bring the scalability of social networks to the blockchain without relying on centralized intermediaries. The integration of Bitcoin Taproot Script with Ethereum Validators allows for efficient bundling of transactions into succinct zero-knowledge proofs, reducing the strain on the Bitcoin blockchain. In addition, the inclusion of Nostr ensures a trustless and efficient relay for large-scale data storage and availability of Bitcoin transactions.
Everhusk, the author of the protocol, presents a solution to revolutionize the Bitcoin ecosystem. The goal is to make Bitcoin more scalable, cost-effective, and resilient to congestion, ultimately unlocking the potential for decentralized social networks on both Bitcoin and Ethereum.
Sukhveer Sanghera, a long-time Bitcoin and Ethereum contributor, expressed his excitement about the project’s future, stating, “The whitepaper marks the start of an exciting journey. Congestion on the Bitcoin Network from Ordinals and other media is a real problem, and by integrating with the Nostr protocol, we are excited to finally bring a real scaling solution to Bitcoin that can ultimately allow us to have decentralized social networks. The goal is to help our planet earth, and decentralizing social networks by scaling Bitcoin is the first step in a better earth for all.”
For those interested in exploring the full whitepaper and gaining a deeper understanding of Social Network’s approach, please visit social.network.
About Social Network:
Social Network Bitcoin Layer 2 is the first decentralized Layer 2 Bitcoin Staking protocol, providing a more scalable, cost-efficient, and greener Bitcoin network. With Social Network users have the ability to stake their BTC without any limits, enjoy instant withdrawals, benefit from competitive fees, and experience full decentralization with self-custody. The Social Network Bitcoin Layer 2 aims to lower transaction fees and data storage demands, enabling decentralized social networks to scale while reducing energy consumption for the Bitcoin network and benefiting the planet earth.
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Dan Edelstein
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