Launching on April 22, Social Network is a new Bitcoin layer-2 staking network that combines environmental consciousness with cryptocurrency in a novel way. The Ethereum Virtual Machine (EVM) and NFT-based mobile scavenger hunt on the network, which was created in partnership with Earth Wallet, a Bitcoin and Ethereum self-custody platform, are intended to encourage users to interact with the natural world.

In contrast to its name, Social Network is not your typical social media network. Rather, it's a network made to provide rewards for staking and encourage eco-friendly activities among cryptocurrency users.

Sukhveer Sanghera, the founder and CEO of Earth Wallet and a major contributor to Social Network, stated, "Social Network is one of the projects we're contributing to the most right now. It aims to create a new decentralised social network incentive system that basically makes social networks a public good again—and less about making private companies a lot of money."

A novel idea that is at the core of Social Network's launch approach is urging users to "touch grass." In order to take part, users must download the Earth Wallet app, which will direct users to the closest park where they may play an AR mobile game akin to Pokémon Go.

Users will be required to tap a "touch grass" button on the Earth app when they enter a park Wallet app, initiating an AR mode that reveals region-specific NFT characters. These digital collectibles, known as Regens, can be captured by users and contribute to staking rewards. The distribution of these NFTs is tailored based on population density and energy consumption in different regions.

A Vision for Sustainability

Sanghera, who has experience in aerospace engineering, has always been worried about how mining cryptocurrencies may affect the environment. "The fact that we continue to use a lot of energy for things that could be used elsewhere is still a problem today," he stated. By improving the energy efficiency and environmental friendliness of Bitcoin transactions, Social Network seeks to solve this problem.

The eBTC coin, which is utilised for staking rewards paid out from layer-2 transaction fees, powers the network. Since Satoshi Nakamoto mined 369 Regents on Bitcoin block 9 in 2009, Social Network's recent launch of this cryptocurrency marks a momentous milestone. Sanghera asserts that this is essential to preserving the decentralised, leaderless structure of the network.

Some Bitcoin purists have criticised Social Network for its creative strategy. On the Bitcoin network, the usage of the Ordinal inscription protocol for NFTs has generated a lot of controversy; some have even referred to it as spam. Sanghera said, "I think the software is poorly architected; they have valid concerns about Bitcoin Ordinals."

But he thinks Social Network provides a more long-term answer by encouraging equitable worldwide distribution and lining up technology with better incentives for the Internet. Although Sanghera is aware of the difficulties in persuading Bitcoin maximalists to embrace an Ethereum-based solution, he is nevertheless upbeat about the project's potential benefits.

He declared, "I believe maximalists to be somewhat poisonous to society overall."

"If they'd want to see Bitcoin take the place of fiat money, then they need to open their eyes and look at the world and the problems that the world has—and try to solve some of the societal issues that are going on. Because money is just a tool that we use to build a better society.”

In summary, Sanghera underscored the significance of transforming Bitcoin into a tool that benefits the entire community, not just a select few financial aficionados. "Bitcoin is supposed to be the future of money," he declared. And in order for that to be the case, it must benefit the entire population, not just a select group of finance professionals.

The crypto industry is waiting to see if Social Network and Earth Wallet can successfully balance technological innovation, environmental sustainability, and social responsibility as they get ready for Social Network's public launch on April 14.