The Bitcoin Social Network

[everhusk]

The Bitcoin Social Network

A decentralized system is proposed to resolve the escalating transaction costs for Bitcoin transactions, from increasing demand in extra information being saved on the Bitcoin Network. This system intends to minimize the transaction fee (satoshis/byte), finalty times, and node storage requirements on the Bitcoin network, without a centralized architecture. By utilizing recent Bitcoin Taproot and Ethereum upgrades, transaction can be bundled into succinct zero-knowledge proofs on Layer Two Rollups, dramatically reducing the burden on the Bitcoin blockchain, leading to much faster, more affordable, and much less energy intensive transactions. Additionally, by utilizing Nostr compliant event signatures, a trusted and efficient way of storing large amounts of off-chain data, linked to on-chain transactions on the Bitcoin network can minimize the burden of regular Bitcoin node operators. This is accomplished through a series of already proven cryptographic techniques and audited smart contracts that impose proper behavior and protect against abuse. By integrating Bitcoin, Ethereum, and Nostr, this decentralized system makes every effort to revolutionize the cryptocurrency ecosystem, making it much more scalable, affordable, and resistant to congestion, ultimately unlocking the potential of decentralized social networks on Bitcoin, for a much more united Earth.

Read the Whitepaper

[Tuclikk]

the Bitcoin Network. This system intends to minimize the transaction fee

It a good work of (Bitcoin Social Network) since they are proposing to reduce the costs of bitcoin transaction. In one way or the other every wallets you make use of, in doing transaction they must remove their own comission which is their profit too.
It possible for them to make a discount for (Bitcoin Social Network) if they found it easy to them, I hope they should reonsider for the most highest leading coin in the crypto currency world.
Bitcoin is the most highest paid coin of all time, as it future moves on, we are even expecting something more than this.

[nakamura12]

the Bitcoin Network. This system intends to minimize the transaction fee

It a good work of (Bitcoin Social Network) since they are proposing to reduce the costs of bitcoin transaction. In one way or the other every wallets you make use of, in doing transaction they must remove their own comission which is their profit too.
It possible for them to make a discount for (Bitcoin Social Network) if they found it easy to them, I hope they should reonsider for the most highest leading coin in the crypto currency world.
Bitcoin is the most highest paid coin of all time, as it future moves on, we are even expecting something more than this.

running a wallet is not free that's why they have to earn profit from transactions and donations. If you cut off their commission or their way of earning money then I don't think you can use a wallet. Take electrum for example where many people have contributed to electrum like giving ideas and giving money through donations. Mempool congestion is not because of bitcoin system but because of a crypto created that uses bitcoin network and each transaction cause more transactions to be confirmed.

[Casdinyard]

I say that everything involving ZK and Layer 2 Solutions are either going to be the Jesus of the bitcoin network, or another trash attempt at solving a decade old issue. This one feels like it could be up to something honestly. One of the major concerns of people with using systems like these is that it sometimes takes away the "decentralization" feature of bitcoin in favor of faster and cheaper transactions, BSN's use of these readily-available technologies could be good, but it needs further in real life testing to really prove its worth in my opinion.

I am yet to test whether Nostr really is a viable system or not since it was just recently released but if the hype around it is warranted then we might have the better lightning network looking at us straight in the face right here. I'm kinda skeptical about this but at the same time a little excited about what it could bring to the bitcoin network, especially since nowadays we experience network congestions and high fees every other wednesday which is not good for business.

[ArikeTobi]

The Bitcoin Social Network

A decentralized system is proposed to resolve the escalating transaction costs for Bitcoin transactions, from increasing demand in extra information being saved on the Bitcoin Network. This system intends to minimize the transaction fee (satoshis/byte), finalty times, and node storage requirements on the Bitcoin network, without a centralized architecture.

The question is where is this coming from, was it from the developers community or it's something you just come up with through your own personal research and findings?.

[thecodebear]

So nostr is a decentralized social network? And this "Bitcoin Social Network" in some way uses both nostr and bitcoin (and apparently ethereum?) and builds on top of them to create a social network with bitcoin integrated, and in some way would let you do bitcoin transactions without hitting the blockchain so they are cheaper? Something like that?

Anybody that actually understand conceptually how this would work to solve real issues want to explain?

[Solosanz]

I'm not sure if it will going to be used since we already have many Layer 2 and sidechains e.g. Lightning network, Liquid Network, Rootstock, Omni Layer, Stacks etc. Integrating with ETH network is pretty much similar with Rootstock, but until now not many people want to use it.

If you asking to stake the Bitcoin first, it means you need to pay on chain network first in order to use the network, this is the same problem why people not want to use Lightning network.

[Husires]

There is already a Lightning Network and some side networks that support Bitcoin and USDT tokens, so you must make a comparison between what you are trying to provide and the solutions currently available and what makes you superior to the liquidity network or the Lightning Network. The problem of high Bitcoin fees will require many solutions, but there are solutions in the market, so it is necessary to present your idea in depth.

[moneystery]

so the whole super amazing narrative ends up just telling people to stake bitcoin on the platform just to reduce fees from bitcoin? that's pretty ridiculous. so what is the meaning of the statement that says that the platform will combine nostr, smart-contracts, and other technologies, but in the end it just tells users that they need to stake on the platform?

compared to saying it is "the bitcoin social network", it is better to say it is a bitcoin staking platform because this platform is no different from previous platforms which aimed to revolutionize bitcoin but ended up being a scam.

[Fivestar4everMVP]

There is already a Lightning Network and some side networks that support Bitcoin and USDT tokens, so you must make a comparison between what you are trying to provide and the solutions currently available and what makes you superior to the liquidity network or the Lightning Network. The problem of high Bitcoin fees will require many solutions, but there are solutions in the market, so it is necessary to present your idea in depth.

I think when it comes to technology, every idea is worth bringing to live, and in the end, the best one would lead by getting the highest patronage while the others will act as an alternative if they are worthy to be kept, else, they can just die off and be forgotten like the hundred of thousand of shitcoins that came with different ideas but today are no more.

And speaking of lightening network, not very many people are using this at the moment, and sometimes I wonder if its because people are not aware that it exists.
So, if what op is proposing is something that will capture the interest of alot of people, and contribute in it's little way, in the adoption of bitcoin as a means of making micro payments for goods and services, then why not, let him build the idea and bring it to live let's see.

[Casdinyard]

There is already a Lightning Network and some side networks that support Bitcoin and USDT tokens, so you must make a comparison between what you are trying to provide and the solutions currently available and what makes you superior to the liquidity network or the Lightning Network. The problem of high Bitcoin fees will require many solutions, but there are solutions in the market, so it is necessary to present your idea in depth.

Lightning network and all the other layer 2 solutions you're saying isn't cutting it. As you have seen in the past price actions of transaction fees in the bitcoin network. For one, nobody wants to use them since they are cumbersome and some people believe it takes away at the decentralization aspect of the crypto industry. Which means there is a clear and apparent need for effective layer 2 solutions on the bitcoin network otherwise we're going to have to deal with the large transaction fees and long wait times until the end of bitcoin, which it could even ensue given just how much people love cheap and convenient things.

I don't personally swear off of the Lightning Network, there was a time when the system was promising enough, but nowadays it's nothing more than a glorified payment support system that doesn't bring in what it promises to the table. So make the choice. Do we stick with ineffective solutions, waiting for them to finally work (which is futile and insane mind you) while the rest of the industry is burning to the ground, or do we actively look and research for solutions like anti-trust solutions like ZK to finally have something to combat network congestion? Cause from last I checked no one's going to be happy with increasing bitcoin's block size and there's no real solution present right now except waiting out the traffics.

[web3enswizard]

The Bitcoin Social Network

A decentralized system is proposed to resolve the escalating transaction costs for Bitcoin transactions, from increasing demand in extra information being saved on the Bitcoin Network. This system intends to minimize the transaction fee (satoshis/byte), finalty times, and node storage requirements on the Bitcoin network, without a centralized architecture. By utilizing recent Bitcoin Taproot and Ethereum upgrades, transaction can be bundled into succinct zero-knowledge proofs on Layer Two Rollups, dramatically reducing the burden on the Bitcoin blockchain, leading to much faster, more affordable, and much less energy intensive transactions. Additionally, by utilizing Nostr compliant event signatures, a trusted and efficient way of storing large amounts of off-chain data, linked to on-chain transactions on the Bitcoin network can minimize the burden of regular Bitcoin node operators. This is accomplished through a series of already proven cryptographic techniques and audited smart contracts that impose proper behavior and protect against abuse. By integrating Bitcoin, Ethereum, and Nostr, this decentralized system makes every effort to revolutionize the cryptocurrency ecosystem, making it much more scalable, affordable, and resistant to congestion, ultimately unlocking the potential of decentralized social networks on Bitcoin, for a much more united Earth.

Read the Whitepaper

This makes for somewhat interesting reading. I already have most of this built into a Web3 dwebsite, though and will be releasing it to the general public over the next couple of weeks after everything is rigorously and thoroughly tested. To be fair, it is actually an awesomely great idea but I thought of it already and have the Web3 platform for it nearing completion.

[Faisal2202]

So you mean, we can use our original BTC as collateral, and can get WBTC instead, and can use those WBTC on L2 layers of Ethereum, with a fee in cents. But don't you think we already have the facility to convert our BTC into WBTC? If you are saying our original BTC will remain the same as they were and they will be locked into the staking pool by some centralized operators, and when we stake our real BTC there we will be given an equal amount of WBTC that we can use for any purpose.

Like we can use it on social apps, trading apps, merchants and other vendors can use it. Basically in any defi app also. But why would people risk to send there BTC in a pool which according to my knowledge will be a centralized one, but according to you, by using Nostr key we can make it decentralized! Am I right? So, how this whole thing will work. Please elaborate as I am not a technical guy.

[Husires]

So, if what op is proposing is something that will capture the interest of alot of people, and contribute in it's little way, in the adoption of bitcoin as a means of making micro payments for goods and services, then why not, let him build the idea and bring it to live let's see.

People do not tend to use anything new, but the need to use it will arise when a problem occurs. You are at home. You do not change the locks and make sure the doors are secure until you hear that crime rates have increased or you will be robbed. People do not use the lightning network because the fees were low now, and with the increase in fees, people will Many people try it when fees drop.

[NotATether]

We already have Nostr, which we can place BTC and Ethereum addresses in for tipping purpose. Why should we integrate them all together, which will not only be very messy, if it's even possible, but also quite an unpopular change? I mean, there is a reason why you don't see fused-together clones of Bitcoin and Ethereum together - they are already too different from each other.

[AakZaki]

~snip~

I don't personally swear off of the Lightning Network, there was a time when the system was promising enough, but nowadays it's nothing more than a glorified payment support system that doesn't bring in what it promises to the table. So make the choice. Do we stick with ineffective solutions, waiting for them to finally work (which is futile and insane mind you) while the rest of the industry is burning to the ground, or do we actively look and research for solutions like anti-trust solutions like ZK to finally have something to combat network congestion? Cause from last I checked no one's going to be happy with increasing bitcoin's block size and there's no real solution present right now except waiting out the traffics.

Of course, no one is happy with the increase in bitcoin blocks which is quite crazy, this is because the number of transactions being processed reaches hundreds of thousands of transactions which will make the network very congested. BRC20 is the main suspect in this increase in transactions and keeps the Bitcoin Network always full of transaction traffic that was never expected to come. There is no real solution, but when it comes to using the Lightning network it doesn't become Bitcoin, not Bitcoin at all. Waiting for traffic to recover is the only way, but the costs will also be very expensive. Ordinal BRC20 really should be abolished and should use their own network.

[Dunamisx]

A decentralized system is proposed to resolve the escalating transaction costs for Bitcoin transactions, from increasing demand in extra information being saved on the Bitcoin Network. This system intends to minimize the transaction fee (satoshis/byte), finalty times, and node storage requirements on the Bitcoin network, without a centralized architecture.

Well, am not against this, but how possible are we to get another decentralized system or network that will make all these your proposals a reality, except the developers comes up with a lasting solution to these, we may still be rotating round about the same axis and taking the option for a centralized institutions to amend this will rather invoke more danger, we don't have to be on a rush to see that this high fee is finally dealt with.

[everhusk]

Really appreciate all of the constructive feedback!

As requested, here is an early implementation of the Bitcoin Social Network https://testnet.social.network and testnet staking app here https://bitcoinstaking.com.

Will be giving away a Bitcoin collectable to early testnet contributors!

[GeorgeJohn]

A decentralized system is proposed to resolve the escalating transaction costs for Bitcoin transactions, from increasing demand in extra information being saved on the Bitcoin Network. This system intends to minimize the transaction fee (satoshis/byte), finalty times, and node storage requirements on the Bitcoin network, without a centralized architecture.]Read the Whitepaper[/url][/center]

The high transaction fee of Bitcoin is caused by The Miners and the also contributed by the congestion of transaction so the network of Bitcoin transaction can be fixed when the demand is low or when the supply is also lower than the demands, the congestion is caused by blockchain technology in which can be fixed if they upgrade the technology of blockchain, bitcoin high transactions skyrocket when the transaction of bitcoin is increasing, because the moment the market is showing a green color the market demand also increased

[Dianacruze]

"The Bitcoin Social Network" refers to a hypothetical or potential social network platform built on blockchain technology, specifically tailored for users within the cryptocurrency community. Here are some key features and aspects this network might include:

Decentralization: Just like Bitcoin itself, the social network could operate on a decentralized network, meaning that there is no central authority controlling the platform. Instead, it could be run by a distributed network of nodes.

Blockchain Integration: The social network could integrate blockchain technology to ensure transparency, immutability, and security of user data and interactions. Each action or transaction on the platform could be recorded on the blockchain, providing users with full control over their data.

Cryptocurrency Integration: Users could transact with each other using cryptocurrencies such as Bitcoin or other digital assets. This could include features like tipping, micropayments for content creation, or peer-to-peer transfers.

Privacy and Security: The platform could prioritize user privacy and security, offering features like end-to-end encryption, pseudonymity, and enhanced account protection to safeguard user information and communications.

Community Building: The social network could serve as a hub for the cryptocurrency community, allowing users to connect, share information, collaborate on projects, and participate in discussions related to blockchain technology, cryptocurrencies, trading, and decentralized finance (DeFi).

Content Creation and Monetization: Users could create and share content such as articles, videos, or podcasts related to cryptocurrencies and blockchain technology. The platform could offer monetization options, allowing content creators to earn cryptocurrency rewards or tips from their audience.

Decentralized Governance: The social network could implement decentralized governance mechanisms, enabling users to participate in decision-making processes regarding platform policies, features, and upgrades through consensus mechanisms like voting or staking.

Overall, a Bitcoin-focused social network could provide a dedicated space for the cryptocurrency community to connect, collaborate, and engage in discussions while leveraging the principles of decentralization, privacy, and security inherent to blockchain technology.