What are Ethscriptions? Ethscriptions is a new way to create and share NFTs on the Ethereum blockchain. Ethscriptions inspired by Bitcoin Ordinals allows users to NFT on Bitcoin by recording data to Satoshi. So what’s special about Ethscriptions? Let’s find out with Weakhand in this article.
What Are Ethscriptions?
Overview of Ethscriptions
Ethscriptions is an innovation that creates NFTs on the Ethereum blockchain with great inspiration from Bitcoin Ordinals. What makes Ethscriptions unique is their clever use “calldata” in transactions on Ethereum.
Calldata refers to data transmitted with transactions on Ethereum. When users submit a transaction on the Ethereum blockchain, they can include additional information or parameters in the transaction’s data field. By harnessing the power of calldata, Ethscriptions provide a cheaper and more decentralized alternative to traditional storage methods.
What are Ethscriptions?
Who created Ethscriptions
Ethscriptions was launched on June 17, 2023 by Tom Lehman, also known as Middlemarch – co-founder of Podcast Capsule 21 and former CEO of Genius.com. Lehman introduced it with a development idea inspired by Bitcoin Ordinals. However, currently Ethscriptions only supports images and will be expanded to many different file types in the future.
Ethscriptions represent an exciting development in the Ethereum ecosystem. They allow the creation of digital works using the Blocks on Etherum itself. In addition, Lehman also launched ethscriptions.com to make it more accessible for users to discover and create Ethereum Inscriptions.
How Do Ethscriptions Work?
- Convert images (maximum size 90KB) to base-64 encoded data using base64-image.de.
- Convert URI data to hex using an online tool like hexhero.
- Send a 0 ETH transaction to the person you want to own Ethscriptions with the converted hex data above recorded in the “Hex data” field
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When the transaction is successful, the recipient will own an Ethscriptions and will appear on the ethscriptions.com website.
Additionally, owners who can transfer their Ethscriptions must first find the Id of the Ethscriptions represented as a hash on ErcScan or on the ethscriptions.com website itself. They then simply send a 0 ETH transaction to the new owner including the Ethscription ID in the “Hex data” field. In general, the operating mechanism of Ethscriptions is quite simple and anyone can create their own Ethscriptions.
Difference Between Ethscriptions and ERC 721 NFT
|
|
Ethscriptions |
ERC 721 |
|---|---|---|
|
Smart Contract support |
Are not |
Have |
|
Transaction |
Cheaper |
Higher |
|
Security |
Higher |
Lower |
|
Data support |
Image |
Multiple data formats |
|
Size |
Maximum 96 kb |
Maximum 100MB |
ERC 721 is a popular standard for creating NFTs on Ethereum. Here are some key differences between Ethscriptions and ERC 721:
- Ethscriptions uses Calldata transactions to store images while ERC 721 NFT uses Smart Contracts to store data and links to external sources to store content.
- Technically, Ethscriptions are cheaper to create and transfer than ERC 721 NFTs, as they only require a 0 eth transaction with some hex data.
- Ethscriptions are more secure and decentralized than ERC 721 NFTs because data is stored directly on Ethereum Blocks while ERC 721 NFT data is stored on centralized servers, making it very vulnerable to hackers. mining attack.
- Currently, Ethscriptions only supports image data while ERC 721 NFT supports many different data formats.
- Ethscriptions also only have a maximum size of 96 kilobytes, which leads to the limitation of not being able to represent more detailed and complex data.
- In addition, because it does not support Smart Contract, the interoperability of Ethscriptions is much more limited than ERC 721 NFT.
The Future of Ethscriptions
Future Ethscriptions can bring further innovation and development in the Ethereum ecosystem. As the popularity of NFTs continues to grow, Ethscriptions will evolve to meet changing user needs. Below are some possible developments for Ethscriptions in the future
Advanced features and functions
Ethscriptions will likely introduce new features and expanded functionality to deliver a richer and more engaging experience for creators and users. This may include support for additional types of formats such as: Video, 3D photos, etc.
Community-based development
Ethscriptions can foster a vibrant community of NFT creators, collectors, and enthusiasts that actively contribute to the development and improvement of the platform. This can lead to innovations and creative ideas for Ethscriptions.
Scalability and interoperability
As the Ethereum network continues to grow and scale, Ethscriptions will benefit from improved scalability solutions. These advancements will enable Ethscriptions to handle larger transaction volumes and provide a seamless user experience while maintaining the security and integrity of the platform.
Smart Contract integration
In the future, Ethscriptions may incorporate Smart Contract automation features that simplify the process of creating, selling, and transferring NFTs. Smart Contracts can help facilitate transactions, reduce costs, and provide enhanced security and transparency, making Ethscriptions more efficient and user-friendly.
summary
With the growing hype of NFTs came the launch of Bitcoin Ordinals and the inspiration for the recent emergence of Ethscriptions. Although newly launched, Ethscriptions has already brought the attention and excitement of many users on Ethereum. With today’s huge demand for digital collectibles, Ethscriptions has an extremely potential future ahead.
