Social Network Whitepaper Introduces Bitcoin Staking and Layer 2 Protocols with Aim to Scaling Bitcoin
Posted: January 22, 2024 5:11 AM Updated: January 22, 2024 5:11 AM
Singapore, Singapore, January 22, 2024, Chainwire
First protocol to extend Bitcoin Ordinals releases whitepaper
(Singapore, January 18, 2024) The Social Network is the first decentralized layer 2 Bitcoin staking protocol and a white paper describing solutions that address scalability, cost-effectiveness and environmental sustainability of the Bitcoin network. has been released.
Leveraging recent upgrades to Bitcoin, Ethereum, and the Nostr protocol, the system addresses Bitcoin’s high transaction fees and slow confirmation issues, with the goal of bringing the scalability of social networks to the blockchain without relying on centralized intermediaries. do. The integration of Bitcoin Taproot Script with Ethereum Validators allows you to efficiently bundle transactions into concise zero-knowledge proofs, reducing the burden on the Bitcoin blockchain. Additionally, the inclusion of Nostr ensures a trustless and efficient relay for large-scale data storage and availability of Bitcoin transactions.
Protocol creator Everhusk presents a solution that will revolutionize the Bitcoin ecosystem. The goal is to make Bitcoin more scalable, cost-effective, and resilient to congestion, ultimately unlocking the potential of decentralized social networks on both Bitcoin and Ethereum.
Sukhveer Sanghera, a long-time Bitcoin and Ethereum contributor, expressed his excitement about the future of the project, saying: “This white paper marks the beginning of an exciting journey. Bitcoin network congestion in Ordinals and other media is a real problem, and by integrating with the Nostr protocol we are excited to finally provide a real scaling solution for Bitcoin that will allow us to have a decentralized social network. The goal is to help the planet, and scaling Bitcoin to become a decentralized social network is the first step toward a better planet for everyone.”
If you would like to review the full whitepaper and gain a deeper understanding of Social Network’s approach, please visit social.network.
Social network information:
Social Network Bitcoin Layer 2 is the first decentralized layer 2 Bitcoin staking protocol, providing a highly scalable, cost-effective and green Bitcoin network. The social network allows users to stake BTC without limits, enjoy instant withdrawals, benefit from competitive fees, and experience full decentralization with self-governance. The social network Bitcoin Layer 2 aims to scale the decentralized social network by lowering transaction fees and data storage demands, while reducing the energy consumption of the Bitcoin network and benefiting the planet.
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