This Bitcoin Layer-2 Will Reward You For Touching Grass | BitPinas

This Bitcoin Layer-2 Will Reward You For Touching Grass | BitPinas

Time Stamp: April 9, 2024 12:29 AM
Source Node: 2541126

Soon to launch its mainnet, Bitcoin layer-2 staking network Social Network is set to introduce a new blockchain game, known as Earth Wallet, that will reward Ordinals, or Bitcoin-based NFTs, to players who will touch grass. 

Aside from this NFT Game, Social Network is also expected to allow BTC staking and give grants to creators and artists within the Bitcoin ecosystem.

Table of Contents

Social Network Brief Overview

Currently in its testnet phase (https://testnet.social.network/), Social Network (https://www.social.network/) is not a social networking site but is the first known Bitcoin staking solution that aims to “change the game and redefine the social network.”

It claims to reduce the cost of moving BTC by about 10 times with an average of 10 seconds per transaction, “making Bitcoin more accessible and cost-effective than ever before.”

Moreover, Social Network also stressed that it has successfully developed a solution that reduces Bitcoin Network’s carbon footprint with 99% energy efficiency. This solution is aimed at utilizing the benefits of the Ethereum Virtual Machine (EVM), according to its team:

“Social Network brings the power of EVM directly to Bitcoin. Now, you can enjoy all the benefits of decentralized finance, social media, governance, and much more, without leaving the self-custody Bitcoin ecosystem.”

In an interview, Social Network CEO Sukhveer Sanghera, who is also the founder of Ethereum-based self-custody platform Earth Wallet, expressed that they are looking for society to greatly benefit from this project. 

With the mainnet going to be live on April 22, Social Network is developed with the combination of the Bitcoin protocol and Earth Wallet. 

“Social Network is one of the projects we’re contributing to the most right now, which is trying to create a new decentralized social network incentive system that essentially makes social networks a public good again—and less about making private companies a lot of money,” Sanghera explained.

What is Earth Wallet? 

Earth Wallet is “more than just a game; it’s a movement” that is free to download on both iOS and Android devices. 

Basically, players should go to a park, open the app, and choose the “Touch Grass” button. The app will then be switched to an augmented reality (AR) mode, where they can capture NFT characters called “Earth Regens.” 

Earth Regens is an NFT collection inscribed on Bitcoin Block 9, which was mined by Satoshi Nakamoto in 2009, using the Bitcoin Ordinals protocol. 

A single NFT is called Royal. As of this writing, 108 Royals are given to the top 108 early builders, leaders, and stakers during the platform’s recent incentivized testnet campaign. 

The Earth Regens distributed can be seen at https://magiceden.io/ordinals/launchpad/regens 

The collection will only have 369 Royals. This means the remaining unminted NFTs can be obtained by Earth Wallet players. And yes, the game looks like Pokemon Go. 

“Shortly thereafter, an additional 261 Royals will become available in around the world to lucky users of Earth Wallet, who visit nearby parks, touch grass, and discover regens around the world helping grow the regenerative economy on Bitcoin,” Social Network’s whitepaper read. 

Aside from playing a game, Eath Wallet’s other key features, according to its documentation, allow users to: 

  • Collect and nurture Regens, each with their own unique traits & skills
  • Create artwork on the Social Network, and make Earth their new canvas
  • Earn Bitcoin rewards by participating in the regenerative economy
  • Secure self-custody ensures digital assets are in control
  • Join a growing movement committed to building a regenerative future

“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,” Sanghera added. 

“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.”

Photo for the Article - This Bitcoin Layer-2 Will Reward You For Touching Grass
Social Network’s Map on where the Regens can be found in the country. Complete access at https://www.social.network/earth

How to Stake BTC in Social Network

When users stake $BTC in Social Network, they will receive 369 eBTC, liquid tokens that are used for gas fees and deploying smart contracts on the platform. 

  • Step 1: Go to https://www.social.network/staking.
  • Step 2: Connect a wallet or create a Social Network Wallet. 
  • Step 3: Stake $BTC. Other crypto like $ETH, $wETH, and $stETH are also supported. 
  • Step 4: Wait for the P2P Bitcoin Validator network to approve the transaction. 
  • Step 5: Monitor the total eBTC and rewards at https://www.social.network/rewards. 
  • Step 6: Wait for rewards, which will be received every 24 hours. 

Earth Grants

The Earth Grants is a funding program that seeks to fund creators and artists who are “pioneers in the emerging field of Bitcoin-native media, leveraging the unique properties of the Bitcoin network to create, distribute, and monetize their work.”

“By supporting these visionaries, the Earth Grants Program seeks to unlock the potential of decentralized media and empower creators to connect directly with their audience, free from the constraints of traditional intermediaries,” the whitepaper read. 

As explained by its team, creators and artists can pass their portfolio containing either music albums, visual art collections, short films, documentaries, and other forms of media that are created and distributed entirely on the Bitcoin network to qualify. 

The application can be accessed through the Earth Wallet, where participants must also be in the park. 

​No detailed step-by-step has been released yet, but applicants are required to submit a brief proposal outlining their creative vision, target audience, and distribution strategy, along with a portfolio of their previous work. 

The Regens, composed of experts from creative industries, reviews each application and selects projects that have the potential to make a positive impact on the Social Network ecosystem.

“The program provides access to Bitcoin-native tools and platforms, as well as guidance on how to effectively create, distribute, and promote their work on the Bitcoin Layer Two network. Grantees also have the opportunity to collaborate with other creators and developers within the Regens ecosystem, fostering a sense of community and shared purpose,” the team explained.

This article is published on BitPinas: This Bitcoin Layer-2 Will Reward You By Touching Grass

Disclaimer:

  • Before investing in any cryptocurrency, it is essential that you carry out your own due diligence and seek appropriate professional advice about your specific position before making any financial decisions.
  • BitPinas provides content for informational purposes only and does not constitute investment advice. Your actions are solely your own responsibility. This website is not responsible for any losses you may incur, nor will it claim attribution for your gains.

Time Stamp:

More from Bitpinas