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Social Network: The Bitcoin Evolution with NFTs, AR Scavenger Hunts, and Staking

Social Network: The Bitcoin Evolution with NFTs, AR Scavenger Hunts, and Staking
Social Network: The Bitcoin Evolution with NFTs, AR Scavenger Hunts, and Staking

A Bitcoin layer-2 staking network called Social Network aims to change this using an Ethereum Virtual Machine (EVM) and an NFT-based mobile scavenger hunt tied to its mainnet launch.

Launching April 22, Social Network, developed in partnership with Bitcoin and Ethereum self-custody platform Earth Wallet, aims to enhance Bitcoin transactions, lower costs, make the network more energy efficient, and get crypto users out of the house and into nature.

As Sanghera explained, upon visiting a park, players will see a "touch grass" button upon opening the Earth Wallet app. Tapping this button switches the app to an augmented reality (AR) mode, revealing region-specific NFT characters that users can attempt to capture by pressing and holding on them. Additionally, the distribution of these NFTs varies according to the population density and energy consumption in different countries or areas.

With a background in aerospace engineering, Sanghera said he first saw a need for an environmentally friendly option for cryptocurrency after seeing how much energy it took to be a profitable Dogecoin miner in 2014.

Underpinning Social Network is the eBTC token used for staking rewards paid out from layer-2 transaction fees.

According to Sanghera, Social Network recently completed the launch of 369 Regens on Bitcoin block 9. Block 9 is significant because it was mined by Satoshi Nakamoto in 2009. Sanghera explained that this distinction is important to ensure the Social Network remains a decentralized, leaderless movement, and the protocol stays aligned with its core mission and values.

Social Network opened early access to its global fair launch to 10,000 testnet contributors and 369 Bitcoin Regen holders on April 1, and next will open it to the public on April 14.

While Regens utilizes the Ordinal inscription protocol, Sanghera said he understood why some in the Bitcoin community said the popular digital collectibles protocol is not the best use of the Bitcoin blockchain.

As Sanghera explained, Social Network intends to promote a fair global distribution and reiterate the project’s commitment to aligning technology with healthier incentives for the internet.

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