Social Network, a new Bitcoin layer-2 staking network, is set to launch on April 22 to address concerns over Bitcoin’s energy consumption.
Developed in collaboration with Earth Wallet, a self-custody platform for Bitcoin and Ethereum, Social Network seeks to enhance Bitcoin transactions’ efficiency and reduce associated energy costs.
Unlike traditional social networks, Social Network focuses on creating a decentralized incentive system to promote environmental engagement.
Source: Social NetworkHow does Social Network work?
Users can participate by engaging in outdoor activities, specifically by visiting parks and interacting with the Earth Wallet app.
Sukhveer Sanghera, CEO and Core Contributor to Social Network, explained: “Essentially, the way you can become a part of Social Network and this movement that we’re hoping to create is by going and touching grass. So, you can download Earth Wallet today, and it will route you to your closest park where you can catch a Regens character and you can become a part of this fair launch.”
The app features an AR mode where users can capture region-specific NFT characters by tapping a “touch grass” button. These NFT characters, called Regens, are distributed based on factors like population density and energy consumption in different areas.
The project has opened early access to select contributors and Bitcoin Regen holders, with plans to open it to the public on April 14.
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