- Summary:
- Social Network is on a mission to bring greater efficiency on the Bitcoin network, with higher speeds, lower costs and energy consumption.
Social Network, the decentralised L2 Bitcoin staking protocol, has published a whitepaper describing its approach toward improving Bitcoin network’s scalability, efficiency, and environmental impact. By using environmentally friendly scaling methods for Bitcoin, the Protocol hopes to help the planet in its green agenda.
Sustainable scaling of the Bitcoin network
Social Network has designed its Bitcoin Layer 2 to enable decentralised social networks to scale with the help of Bitcoin Layer 2’s reduced data storage and transaction fees. This will ultimately have a positive impact on the environment.
This system aims to solve Bitcoin network’s sluggish confirmations and expensive transaction fees by leveraging the recent upgrades on Ethereum and the Nostr Protocol. The goal is to make social networks scalable on the blockchain without depending on centralised intermediaries.
In his proposal, protocol creator Everhusk has outlined a plan to completely revamp the Bitcoin ecosystem. According to him, this will improve Bitcoin’s scalability, cost-effectiveness, and congestion resilience so that decentralised social networks on Ethereum and Bitcoin can become a reality.
It is possible to mitigate the challenge of blockchain congestion on Bitcoin through efficient bundling of transactions into short zero-knowledge proofs made possible by the combination of Bitcoin Taproot Script with Ethereum Validators. Furthermore, Nostr makes sure that Bitcoin transactions are available and that large-scale data storage is efficient and secure.
The whitepaper states that incorporating the Nostrl Protocol into the Bitcoin Network will reduce Ordinals and other media congestion, in the first step on towards realization of greater efficiency on the Bitcoin network. In the end, Bitcoin will have a viable scaling option, which will allow it to support decentralised social networks.