Facet is the new name for a decentralized low-cost computing platform designed to bridge ethscriptions.
The developer of ethscriptions, Tom Lehman, known as Middlemarch in the crypto community, announced he was working on a new decentralised computing platform called Facet, along with Michael Hirsch.
The new platform was previously known as the Ethscriptions Virtual Machine. The purpose of this new protocol is to enhance the functionality and scope of the Ethscriptions Protocol, enabling it to function as a computation engine. Therefore, ethscriptions themselves will function as computer commands in addition to being digital artifacts.
The rebranding came out from the comparison of Ethereum with a gemstone. “Just as viewing a gemstone from new angles reveals its stunning “facets,” changing how you look at Ethereum will reveal its untapped potential,” states Tom “Middlemarch” Lehman.
The new platform has three main sections: Ethscriptions, FacetScan and FacetSwap for creating and trading, viewing contracts and transactions, providing liquidity, earning yield, and bridging ethscriptions.
The developers reminded that “$eths will be the first and only token bridged on Facet on day one,” as announced before.
Ethscriptions are an innovation analogous to Bitcoin-derived Ordinal inscriptions but leveraging the power of the Ethereum blockchain. They offer a new way of creating and sharing digital artifacts on Ethereum using transaction call data. The technology reminds standard non-fungible token (NFT) protocols but is cheaper and more decentralized.
Within the first 18 hours of launch, users minted over 30,000 ethscriptions. Ethscriptions have unique data URIs, enabling use cases for domains, usernames, historical images, and tokens. However, with one of the recent updates, some uniqueness limitations were lifted, enabling open edition collections.