Nikolas Sargeant
Social Network, the first decentralized Bitcoin Layer 2 Staking Protocol with Native Yield has officially launched with the release of their testnet.
In a press release shared with Cryptowisser, the team said the protocol addresses the scalability, cost-efficiency, and environmental sustainability of the Bitcoin network. Hence, ultimately unlocking the potential for decentralized social networks on Bitcoin.
To mark the launch, Social Network is offering 'Taproot Farmers,' an exclusive Bitcoin Ordinals free mint, to the top testnet contributors.
Ordinals have a history of causing significant congestion on the Bitcoin network. However, Social Network has the solution as it effectively solves the high fees caused by increasing demand for using Bitcoin to store additional information, as seen with Bitcoin Ordinals, by connecting the Nostr decentralized social networking protocol to Bitcoin and enabling large-scale linked data storage in a decentralized manner.
This latest development coincides with the release of Social Network’s official whitepaper. Social Network intends to scale the Bitcoin ecosystem to build the infrastructure and new incentives for decentralized social networks on Earth.
To achieve its objectives, Social Network has formed partnerships with major industry players including ChainSafe, Halborn Security, Threefold, BloxRoute and LaunchNodes. The partnerships would enable it to offer users a secure way to stake their BTC assets and create a new form of native yield for Bitcoin holders. Social Network is an open-source, fair-launched protocol in accordance with the ethos at the heart of Bitcoin, with no involvement from VCs and no presale.
Social Network’s launch also comes at a time when the Bitcoin blockchain is gaining more attention than ever. The recently approved spot Bitcoin exchange-traded funds (ETFs) have enabled institutional investors to gain exposure to BTC without owning the asset directly.
Social Network is the first Bitcoin Staking Layer 2 with Native Yield, 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, while maintaining network decentralization and user 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.
