Bitcoin Ordinal inscriptions have been the talk of the town lately. In response, Ethereum introduces its take on inscribed digital artifacts. Introducing Ethscriptions. here’s everything you need to know.
- Ethinscriptions are Ethereum’s response to Bitcoin’s Ordinal Inscriptions. Tom Lehman, the co-founder of the Capsule 21 podcast and former CEO of genius.com, brings this concept to life on the Ethereum blockchain.
- Generated through unique transaction data on Ethereum, ensuring content uniqueness. The file size of Ethinscriptions is limited to 96KB.
- Users created thousands of Ethscriptions, making them available for trading on platforms like OpenSea. Ethscriptions offer a fresh approach to digital artifacts, with the potential for lasting impact in the crypto community.
What are Ethscriptions?
In the rapidly changing world of Web3, a new concept is causing a stir among enthusiasts. Introducing Ethscriptions, Ethereum’s response to Bitcoin’s Ordinal inscriptions. Tom Lehman, the co-founder of the Capsule 21 podcast and former CEO of genius.com, brought this new concept to life. Lehman leverages the power of the Ethereum blockchain to create and share digital artifacts.
Significantly, during a Twitter Space on June 16th, 2023, Lehman revealed Ethereum inscriptions to the world. The idea quickly gained attention, with Middlemarch writing a thread introducing a collection called ‘Ethereum Punks’ on the same day. The inscriptions are generated on the Ethereum network through successful transactions that contain unique data URIs. Notably, duplicate content is disregarded, and they support all valid mime types.
What’s more, to guarantee uniqueness, no previous Ethscription within a block or the same transaction block can have the same content. The transfer of Ethereum inscriptions occurs when the input data of a transaction is the hash of a valid Ethscription, and the sender of the transaction becomes the owner of the Ethscription. However, it’s important to note that the file used for an inscription on the ETH chain must be below the 96-kilobyte threshold.
Moreover, when a creation transaction takes place, the recipient becomes the initial owner of the Ethscription, while the sender assumes the role of the creator. Lehman has started ethscriptions.com, a website that allows visitors to explore and browse all the Ethereum inscriptions created thus far. It also provides the necessary tools for inscription creation on the Ethereum chain.
Are They Gaining Popularity?
Since its launch, users have created thousands of Ethscriptions, establishing their presence on marketplaces like OpenSea. Additionally, the Emblem Vault team has enabled trading for a collection of Ethscriptions on their NFT platform.
The introduction of Ethscriptions has set the crypto community abuzz, with its unique approach to creating and sharing digital artifacts. Therefore, Ethereum’s blockchain opens up a path of possibilities, bringing new life to the concept of inscribed artworks.
As Ethscriptions start to gain attention, the future of digital artifacts and their impact on the crypto landscape seems more exciting than ever. This is a space where trends pop up and quickly fade away. Will this be one of them? Or could this potentially be here to stay?