Exploring Social Network: A Decentralized Solution for a Greener Future

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Bitcoin’s energy consumption has long been a subject of concern for environmental activists. However, a new project called Social Network aims to address this issue by introducing a layer-2 staking network that combines the Ethereum Virtual Machine (EVM) with an NFT-based mobile scavenger hunt.

Unlike traditional social networks, Social Network focuses on creating a decentralized incentive system that benefits society as a whole. Sukhveer Sanghera, the CEO and Core Contributor of Earth Wallet, explains that the project aims to make social networks a public good rather than a means for private companies to generate profits.

Set to launch on April 22, Social Network collaborates with Earth Wallet, a self-custody platform for Bitcoin and Ethereum. The project intends to improve Bitcoin transactions, minimize costs, enhance energy efficiency, and encourage crypto users to engage with nature.

To participate in Social Network, users are required to “touch grass” by visiting local parks. By downloading the Earth Wallet app, users can access an augmented reality (AR) mode that reveals region-specific NFT characters. These characters can be captured by users, with their distribution based on population density and energy consumption in different areas.

Sanghera, an aerospace engineer by background, emphasizes the need for environmentally friendly cryptocurrency options. He became especially aware of this issue when he observed the significant energy consumption necessary for profitable Dogecoin mining in 2014.

The backbone of Social Network is the eBTC token, which facilitates staking rewards from layer-2 transaction fees. Recently, Social Network launched 369 Regens on Bitcoin block 9, a significant milestone as it was mined by Satoshi Nakamoto in 2009. This distinction ensures the project remains decentralized and aligned with its core mission and values.

Although some members of the Bitcoin community express concerns about the use of NFTs on the Bitcoin blockchain, Sanghera remains committed to addressing these issues. He acknowledges the importance of adding utility and use cases to Bitcoin but believes there are better ways to achieve this than through the current implementation of NFTs.

While winning over Bitcoin maximalists may be a challenge, Sanghera is optimistic that environmentally conscious Bitcoiners will recognize the value of the Social Network project. He strongly believes that Bitcoin should benefit all of society, not just a select few in the finance industry.

In conclusion, Social Network offers an innovative solution to reduce Bitcoin’s energy consumption while promoting a decentralized incentive system for social networks. By encouraging users to engage with nature and utilize the Earth Wallet app, Social Network aims to create a greener and more socially beneficial future for cryptocurrency enthusiasts.

Bitcoin’s energy consumption has been a hot topic for environmental activists, but a new project called Social Network is looking to address these concerns. This project aims to introduce a layer-2 staking network that combines the Ethereum Virtual Machine (EVM) with an NFT-based mobile scavenger hunt to make social networks a public good.
Social Network is set to launch on April 22 and collaborates with Earth Wallet, a self-custody platform for Bitcoin and Ethereum. The project aims to improve Bitcoin transactions, minimize costs, enhance energy efficiency, and encourage users to engage with nature. Users can participate in the Social Network by visiting local parks and using the Earth Wallet app to access an augmented reality mode that reveals region-specific NFT characters. These characters can be captured by users, with their distribution based on population density and energy consumption in different areas.

Sukhveer Sanghera, the CEO and Core Contributor of Earth Wallet, emphasizes the need for environmentally friendly cryptocurrency options. He observed the significant energy consumption necessary for profitable Dogecoin mining in 2014, which raised his awareness of the issue.

The backbone of Social Network is the eBTC token, which facilitates staking rewards from layer-2 transaction fees. Recently, the project launched 369 Regens on the Bitcoin blockchain, a significant milestone as it was mined by Satoshi Nakamoto in 2009. This milestone ensures the project remains decentralized and aligned with its core mission and values.

While there are concerns among some members of the Bitcoin community about the use of NFTs on the Bitcoin blockchain, Sanghera remains committed to addressing these issues. He believes that adding utility and use cases to Bitcoin can be achieved in better ways than the current implementation of NFTs.

Sanghera is optimistic about the Social Network project, despite potential challenges in winning over Bitcoin maximalists. He believes that environmentally conscious Bitcoin enthusiasts will recognize the value of the project and its goal of benefiting society as a whole, rather than just a select few in the finance industry.

Social Network offers an innovative solution to reduce Bitcoin’s energy consumption and promotes a decentralized incentive system for social networks. By encouraging users to engage with nature and utilize the Earth Wallet app, the project aims to create a greener and more socially beneficial future for cryptocurrency enthusiasts.

For more information about Bitcoin, energy consumption, and the cryptocurrency industry, you can visit the following links:
CoinDesk
Cointelegraph
Bloomberg Cryptocurrencies