The Social Network's whitepaper sheds light on Bitcoin staking and an advanced Layer 2 protocol, with a vision to enhance the scalability of Bitcoin.
In Singapore on January 22nd, 2024, Chainwire brings attention to this significant development.
The launch of their whitepaper marks an important step for the first protocol designed to enhance Bitcoin Ordinals' scalability.
[Singapore, January 18, 2024] Social Network The Social Network emerges as the inaugural decentralized Layer 2 Bitcoin Staking protocol, revealing a whitepaper that details a solution aimed at improving scalability, cost-effectiveness, and eco-friendliness of the Bitcoin network.
By leveraging recent advancements in Bitcoin, Ethereum, and the Nostr Protocol, this system tackles the issues of exorbitant transaction fees and sluggish confirmations on Bitcoin. Its goal is to elevate the scalability of social networks on the blockchain while eliminating reliance on centralized authorities. The integration of Bitcoin's Taproot Script with Ethereum Validators facilitates the efficient consolidation of transactions into compact zero-knowledge proofs, alleviating pressure on the Bitcoin blockchain. Additionally, incorporating Nostr guarantees a reliable and efficient way to relay significant data and ensure the availability of Bitcoin transactions.
Everhusk The protocol's creator envisions a groundbreaking solution designed to transform the Bitcoin landscape. The ultimate aim is to enhance Bitcoin's scalability, affordability, and resilience against congestion, thereby unlocking opportunities for decentralized social networks on both Bitcoin and Ethereum.
Sukhveer Sanghera, who has been an integral part of the Bitcoin and Ethereum community, expressed his enthusiasm for what lies ahead. He stated, “This whitepaper initiates an exhilarating adventure. The congestion on the Bitcoin Network caused by Ordinals and other media presents a real challenge, and with the incorporation of the Nostr protocol, we are thrilled to introduce a genuine scaling solution for Bitcoin. This initiative will pave the way for decentralized social networks which is a crucial step toward a better future for our planet.”
If you wish to dive deeper into the comprehensive whitepaper and grasp the Social Network's methodology, we invite you to visit their site. social.network .
About Social Network:
With the Social Network Bitcoin Layer 2, users gain access to the pioneering decentralized Layer 2 Bitcoin Staking protocol that aims to create a more scalable, economically viable, and environmentally friendly Bitcoin ecosystem. Stake your BTC without restrictions, enjoy instantaneous withdrawals, take advantage of low fees, and embrace complete decentralization with self-custody. The Social Network Bitcoin Layer 2 targets the reduction of transaction fees and data storage needs, paving the way for decentralized social networks to flourish while minimizing energy consumption for the Bitcoin network and offering benefits for our planet.
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