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What is Bitcoin Staking?

Bitcoin Staking is a new way to create incentives for decentralized social networks, that can remain as a public good for all life on Earth, rather than competing with other platforms for power and control. The easiest way to participate, in this new revolution, without the required technical knowledge of running nodes, is to simply stake Bitcoin (BTC) for Staked Bitcoin (stBTC).

Stake Bitcoin to the Social Network

  1. Obtain Bitcoin (BTC) from the open market.

  2. Use the Bitcoin Staking application and connect your wallet, or make a valid P2TR Bitcoin transaction to initiate a Bitcoin Staking request.

Stake BTC on Social Network
  1. Earth Nodes will recieve the staking request after 6 Bitcoin block confirmations, and for every 1 BTC staked you will receive 100M stBTC to your wallet on the Social Network.

  2. You will automatically begin generating rewards based on the current rewards rate of the Social Network. Every 7 days, the $stBTC token is rebalanced according to the amount of staking rewards generated minus any Earth Node protocol fees. This ensures rewards are distributed to each stakeholders without ever giving Earth Nodes control of the funds, and users are able to unstake their stBTC balance back to BTC at any time from their self custody wallets.

Social Network Rewards

Your balance will increase every 7 days proportional to the amount of BTC you have staked, and how much the Social Network generates in staking rewards over the previous period.

Real time analytics will be provided and will be the sum of the Earth Node network minus any fees or network penalties.

Unstake from the Social Network to Bitcoin

How to Unstake BTC on Social Network

Earn Additional EARTH Rewards

Early staking incentives are also available in the form of EARTH rewards. Learn more about EARTH token.

stBTC

The aim of the Staked Bitcoin (stBTC) reduces Bitcoin transaction fees (sats/byte) to enable on-chain social networks without burdening everyday Bitcoin node operators, decreases the time to finality to make Bitcoin more acceptable for social media use cases, and reduces energy consumption of Bitcoin transactions by 99% to satisfy the environmental concerns of Bitcoin.

Additionally, stBTC provides the foundation for a new decentralized economic system to grow the adoption of decentralized social networks using the Nostr protocol. This section provides a high level overview of how this can be achieved while maintaining a decentralization.

Getting stBTC

A user can get stBTC by:

  1. Staking their Bitcoin (BTC)
  2. Earning it on decentralized social networks by creating valuable content, or
  3. Holding it and earning daily stBTC rewards

Staking Bitcoin for stBTC

To begin earning stBTC by staking Bitcoin, create an event_request:

{
  "id": <32-bytes lowercase hex-encoded sha256 of the serialized event data>,
  "pubkey": <32-bytes hex-encoded public key of the event creator>,
  "created_at": <unix timestamp in seconds>,
  "kind": 21,
  "tags": [
    "p": "<pubkey of the bitcoin staking taproot address, as a hex string>",
    "d": "<pubkey of the Social Network EVM address receiving stBTC>",
  ],
  "content": <additional data to be stored by relayers>,
  "sig": <64-bytes lowercase hex of the signature of the sha256 hash of the serialized event data (same as the id field)>
}

Next, create a Partially Signed Bitcoin Transaction (PSBT):

import earthwallet from 'earth-wallet';
var earth = new earthwallet('yourprivatekey');
var amount = <amount in sats>
var stake_tx = earth.stake_bitcoin(event_request, amount);
// Submit stake_tx to a Bitcoin node
var tx = axios.get(`https://mempool.space/tx/${stake_tx}`);
console.log(`Successfully staked ${amount} sats for stBTC! Transaction: https://mempool.space/tx/${tx}`)

After 7 confirmations on the Bitcoin network, your stBTC balance will be updated on the Social Network with satoshis_staked/total_satoshis_staked * total_heart_supply, minus any network fees.

This can be done easily through the user interface at (bitcoinstaking.com)[bitcoinstaking.com]

Earning stBTC on Social Networks

Users can additionally earn stBTC by posting valuable content which is saved by others to the Social Network, determined by:

{
  "kind": 22,
  "tags": [
    "e": "event_id of the item being hearted",
    "t": "unix timestamp to heart content until",
    "r": "relayer requested to store the content"
  ],
  "content": "reply or additional note"
  ...
}

And submitted to relayers with:

import earthwallet from 'earth-wallet';
var earth = new earthwallet('yourprivatekey');
var amount = <amount in heart>;
var heart_tx = earth.heart_event(event_request, amount);
// Submit heart_tx to a Social Network Relayer
var tx = axios.get(`wss://rpc.social.network/${heart_tx}`);
console.log(`Successfully hearted ${amount}! Transaction: https://mempool.space/tx/${tx}`)

If the social network relayer requested approves the content storage request, the event will be set to long term storage by the relayer, heart bonuses will be paid to the and the creator (30%) and relayer (70%), every week at 00:00 Universal Time according to:

Heart_allocated = ‘(event_data_size / network_capacity) * (unix_timestamp / t) * (2% total_heart_suppy / 52)’

The creation of heart will be set at a maximum of 2% per annum, and allocated to the most important content determined by the Social Network.

Redeeming Hearts for Bitcoin

To redeem Hearts for Bitcoin, simply call the Heart token contract unstake(btc_address, amount) function, with your BTC address, and the amount of Hearts being unstaked back to Bitcoin. Once confirmed on the Ethereum network, the Social Network relayers will transfer the 1/369 satoshis for every Heart unstaked, to the btc_address provided.

Staked Bitcoin Balances

A users current stBTC balance can be verified by making a GET request to https://social.network/.well-known/nostr.json?heart=b0635d6a9851d3aed0cd6c495b282167acf761729078d975fc341b22650b07b9:

100000000

Staked Bitcoin balances may be considered equal to 1 Bitcoin (Satoshi) per stBTC.

About stBTC

stBTC is a BTC pegged token, representing a share of the liquid staking protocol block rewards, MEV rewards, and more. With stBTC, you have the opportunity to earn consistent rewards on your Bitcoin.

Earn Rewards by Staking Your Bitcoin?!

Yes, you read that correctly. You can now earn rewards by staking your Bitcoin for the first time ever. How does this work? It’s made possible through the pegged token, stBTC.

How stBTC Rewards Work

Staked Bitcoin Rewards are designed to provide you with a seamless and rewarding experience. When you stake your assets in the Social Network ecosystem, you automatically become eligible to receive a portion of the rewards generated by the protocol. These rewards include not only the standard staking rewards but also the additional benefits that come from activities like MEV (Miner Extractable Value) rewards.

How Pegged Tokens Work

A pegged token maintains a stable value by anchoring itself to a trusted asset, such as USD, ETH, or BTC. The idea behind pegging is to provide stability and predictability to the token’s value.

In the case of stBTC being pegged to BTC, it means that the value of one stBTC token is designed to be equivalent to a certain amount of BTC. This is achieved by maintaining a specific reserve of BTC and by using smart contracts and algorithms to manage the supply of stBTC tokens in a way that keeps their value stable relative to BTC.

Why Choose stBTC Tokens

Earn passive staking rewards on your Bitcoin. Staking also distributes the security of the Bitcoin network through a decentralized network of Earth Nodes. Earth Rewards offers a hassle-free way to participate in staking and earn rewards without the need for complex setups or technical expertise. By choosing stBTC Rewards, you benefit from the continuous development and optimization of the staking protocol, ensuring that your assets work for you in a fully decentralized and non-custodial solution.

Join the Earth Rewards program today and start earning a share of the rewards generated by the Earth ecosystem. It’s a smart and rewarding choice for those looking to grow their assets while contributing to the sustainability of our planet.

You can learn more about Staked Bitcoin Token