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Bitcoin (BTC) Staking L2 Social Network Kicks off in Testnet

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Thu, 1/02/2024 - 13:25
Bitcoin (BTC) Staking L2 Social Network Kicks off in Testnet
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A novel protocol is set to address the scalability, cost-efficiency and environmental sustainability of the Bitcoin (BTC) network, ultimately unlocking the potential for decentralized social networks on Bitcoin (BTC).

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Social Network advances staking on Bitcoin (BTC), testnet live

According to the official statement by the team of Social Network, a pioneering Bitcoin-based staking protocol, its solution has gone live in testnet. 

Social Network kicks off in testnet
Image by Social Network

The launch of Social Network’s testnet and community-centric Early Incentive Program coincides with the hotly anticipated release of the project's official whitepaper. 

As the first fully decentralized, noncustodial BTC staking protocol, it is on a mission to scale the Bitcoin ecosystem to build the infrastructure and new incentives for decentralized social networks of various types in Web3.

Having already formed partnerships with major industry players including ChainSafe, Halborn Security, Threefold, BloxRoute and LaunchNodes, Social Network is committed to offering users a secure way to stake their BTC assets and create a new form a native yield for Bitcoin holders. 

Social Network promotes itself as an open-source, fairly launched protocol with no involvement from VCs and no presale; this launch scheme is aligned with the ethos of the first generation of Bitcoiners.

Taproot Farmers mint launched to celebrate release

To commemorate the launch, Social Network is offering "Taproot Farmers," an exclusive Bitcoin Ordinals free mint, to the top testnet contributors. 

While Ordinals are known for causing significant congestion on the Bitcoin (BTC) mainnet, Social Network presents a new-gen solution to this challenge. 

Their approach 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.

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