Ethereum Welcomes Inscriptions: Surpassing 130,000 in Just Four Days
In Brief
Tom Lehman, who co-founded and was the former CEO of genius.com, has introduced Ethscriptions.
Unveiled on June 17, Ethscriptions provide a novel method for crafting and distributing digital artifacts on the Ethereum network using transaction calldata.
This protocol registered nearly 30,000 inscriptions within the first 18 hours and soared past 130,000 in just three days.
Inscriptions, initially brought to prominence by Bitcoin Ordinals, have now landed on Ethereum through a cutting-edge protocol designed by Tom Lehman, one of the geniuses behind genius.com. This protocol offers a fresh avenue for generating and distributing digital artifacts on Ethereum utilizing transaction calldata. Ethscriptions Calldata is an integral part of the Ethereum Virtual Machine (EVM) that designates a particular memory space for storing input data supplied to smart contracts during execution. It is read-only, meaning that while smart contracts can access the data in calldata, they cannot alter it, ensuring that the initial input data remains intact throughout the contract's execution.
After launching on June 17, the Ethscriptions protocol achieved rapid success, with approximately 30,000 inscriptions within the first 18 hours.
Images up to 90KB can be 'ethscribed', and the protocol accommodates all Uniform Resource Identifiers (URIs). said An Ethscription comes into being when a transaction occurs on the Ethereum blockchain, encoded in UTF-8 format. To maintain uniqueness, no two Ethscriptions in the same block or in different transactions within that block can share identical information.
Currently, the protocol only allows If a new Ethereum transaction identifies the unique hash of an existing Ethscription, it is seen as a legitimate transfer of that Ethscription, provided the sender is recognized as its owner.
How it works
The recipient of the original transaction that initiates the Ethscription is deemed the owner, while the sender is acknowledged as the Ethscription's creator.
Similar to Bitcoin Ordinals, Ethscriptions are numbered sequentially based on their creation. Lehman noted that he and 0xHirsch had to overhaul the Ethscriptions indexing to ensure consistent numbering.
Lehman discovered that the first Ethscription dates back to 2016 during the development of the indexing system. He confirmed that he was responsible for the creation of the official protocol, the accompanying website, and the indexer.
Lehman emphasized that a key principle of the Ethscription Protocol is to eliminate duplicate entries. This is advantageous as it guarantees that when you successfully ethscribe a piece of content, you can be confident you're the first to do so. The protocol's creation page automatically checks for prior ethscribed content and alerts users to avoid incurring unnecessary gas fees for an invalid Ethscription. said Contrasting Ethscriptions with NFTs
The first Ethscription
The process of creating NFTs on Ethereum begins with a smart contract that outlines the NFT's unique characteristics. This contract contains a minting feature that allows the generation of new tokens, each with its own identifier. The metadata for every NFT, including its designation and visual representation, can either be embedded within the contract or referenced externally. Ownership is managed within the smart contract, letting users buy, sell, and trade NFTs by interacting with it. Standards like ERC-721 and ERC-1155 promote compatibility and provide unified interfaces for NFT transactions across various platforms.
On the other hand, Ethscriptions are birthed directly from transaction input data. When a user initiates an Ethereum transaction, the input must comply with a unique data URI structure. As long as the data is unique within the current block, it will result in an Ethscription that can be transmitted with zero Ethereum.
While NFTs are centered around creating unique digital properties along with associated metadata and ownership oversight, Ethscriptions prioritize a decentralized and economical approach to data storage on the Ethereum blockchain. NFT production relies on intricate smart contract creation, token minting, and ownership management, in contrast to Ethscriptions that stem from transaction input data.
Beyond launching the protocol, Lehman also rolled out a derivative project called Ethereum Punks, based on the renowned CryptoPunks NFT collection. All 10,000 items from the Ethereum Punks series have been successfully 'ethscribed' on the Ethereum network.
When a Twitter user, nft1.0, questioned the motivation behind this initiative, Lehman responded: 'It's more affordable and decentralized than relying on contract storage. Additionally, the protocol guarantees that content within all legitimate Ethscriptions is globally unique! Plus, it’s anticipating the future in an L2 context.'
Discussing the connection between the Ethscriptions protocol, Ethereum Punks, and layer 2 solutions, Lehman explained that both L2 solutions and Ethscriptions treat Ethereum primarily as a 'data dump.' With the prevailing belief that L2 solutions are essential for Ethereum's growth and success, he asserted, 'We need to acknowledge that Ethereum's core functionality is as a data repository rather than merely a code execution platform!'
Why create Ethscriptions?
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Cindy serves as a journalist at Metaverse Post, focusing on web3 themes, NFTs, metaverse developments, and AI, particularly through interviews with prominent figures in the Web3 realm. Having engaged with over 30 high-ranking executives, she brings their crucial insights to her audience. Originally hailing from Singapore, Cindy currently resides in Tbilisi, Georgia. She earned her Bachelor's degree in Communications & Media Studies from the University of South Australia and boasts a decade's experience in journalism and writing.
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