Blockchain & Crypto

Ethscriptions Launch as Alternative to Bitcoin Ordinals

Ethscriptions are an innovation analogous to Bitcoin-derived Ordinal inscriptions but leveraging the power of the Ethereum blockchain

Ethscriptions Launch as Alternative to Bitcoin Ordinals

On June 17, the co-founder of the Capsule 21 podcast and former CEO of genius.com Tom Lehman introduced Ethscriptions – a new technology similar to Bitcoin Ordinals but using the Ethereum blockchain.

Ethscriptions are a new way of creating and sharing digital artifacts on Ethereum using transaction call data. In a way, the technology is a type of non-fungible token (NFT) protocol but cheaper and more decentralized.

Currently, the protocol enables users to inscribe only images on the Ethereum main chain. However, in theory, it is able to support all types of URIs (token metadata).

Ethscriptions are created on the Ethereum blockchain through successful transactions with unique data URIs. Moreover, no previous Ethscription in a block or in the same transaction block can have the same content.

On the same day the concept was introduced, Lehman also launched a collection called “Ethereum Punks.” It can be found on Opensea. Besides, the Emblem Vault team has also enabled the trading of the Ethscriptions collection on its NFT platform.

The creator declared the project became a “huge success” from the very beginning, noting that nearly 30,000 Ethscriptions were created within the first 18 hours of the protocol going live. However, the service also faced a few technical issues on its first day due to extreme public interest and high traffic volumes.

It also became obvious that following the Ethscriptions Protocol uniqueness rules is quite challenging for the newbies. Therefore, the project creators aim to release an open-source Ethscriptions Indexer “that will flesh out the exact rules of the protocol and, crucially, enable anyone to, from scratch, generate all valid Ethscriptions in the right order.”

Ethscriptions concept was inspired by the earlier success of Bitcoin’s Inscriptions, a similar project by Ordinals deployed on the Bitcoin network. Launched in January, Ordinals have already accumulated about 12.5 million inscriptions recorded on the Bitcoin blockchain.

The inscription trend has already brought bitcoin miners about 1,732 BTC equivalent to $46 million using today’s exchange rates, despite the recent market decline.

Many crypto enthusiasts wittily noted that the pioneer blockchain was finally able to produce an innovation other ‘newer’ chains are copying.

Besides, Bitcoin chain is increasingly becoming more energy-efficient as countries and organizations across the globe are looking for ways to mine Bitcoin in an eco-friendly way. We have recently reported that El Salvador to Use Volcano Energy for $1B Bitcoin Mining Park.

Nina Bobro

1471 Posts 0 Comments

https://payspacemagazine.com/

Nina is passionate about financial technologies and environmental issues, reporting on the industry news and the most exciting projects that build their offerings around the intersection of fintech and sustainability.