Ethereum

Celsius

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<p class="is-style-lead">Despite its relatively recent launch, Ethscriptions has shown tremendous acceptance, evoking parallels with Bitcoin&#8217;s Ordinals.</p>



<p>The Ethereum (<a href="https://crypto.news/price/ethereum/">ETH</a>) community, known for its unrelenting pursuit of experimentation and innovation, has a new brainchild—<a href="https://ethscriptions.com/" target="_blank" rel="noopener">Ethscriptions</a>. </p>



<p>Ethscriptions is the latest protocol stirring interest in the Ethereum community. It leverages Ethereum&#8217;s calldata to enable users to inscribe non-financial data directly onto the Ethereum main chain.</p>



<p>Developed by Tom Lehman, co-founder of Genius.com, Ethscriptions offers a more decentralized and economical approach than the conventional contract storage method.&nbsp;</p>



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"><p lang="en" dir="ltr">Introducing Ethscriptions: a new way of creating and sharing digital artifacts on Ethereum using transaction calldata.<a href="https://t.co/XfQ7RdtblD" target="_blank">https://t.co/XfQ7RdtblD</a><br><br>ALSO: Introducing Ethereum Punks. Because why should all non-contract Punk collecting happen on Bitcoin?<a href="https://t.co/d3Ycwbdc2Z" target="_blank">https://t.co/d3Ycwbdc2Z</a>…</p>&mdash; Middlemarch (@dumbnamenumbers) <a href="https://twitter.com/dumbnamenumbers/status/1669822912579223552?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">June 16, 2023</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
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<p>By leveraging Ethereum&#8217;s calldata, Ethscriptions allows users to inscribe non-financial data under 96 kilobytes in size, primarily images at present, directly onto the Ethereum main chain.</p>



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"><p lang="en" dir="ltr">Text Ethscriptions<br><br>Currently the <a href="https://t.co/ZcR9HKlexS" target="_blank">https://t.co/ZcR9HKlexS</a> tool only allows you to ethscribe images.<br><br>But the protocol itself allows all data URIs!<br><br>Eg, you can do text like this &quot;data:,middlemarch&quot;.<br><br>Trivia: the shortest possible Ethscription is &quot;data:,&quot; <a href="https://t.co/IhjR6APKkE" target="_blank">pic.twitter.com/IhjR6APKkE</a></p>&mdash; Middlemarch (@dumbnamenumbers) <a href="https://twitter.com/dumbnamenumbers/status/1670068448485941248?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">June 17, 2023</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
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<p>It&#8217;s the literary equivalent of etching a message in stone—a message that will remain etched in the vast digital landscape of Ethereum.</p>



<p>With an overwhelming response from the community, close to 30,000 Ethscriptions were created within 18 hours of the protocol&#8217;s launch. This dynamic debut echoes the launch of Ordinals on Bitcoin, marking another pivotal moment in the blockchain world.</p>



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<blockquote class="twitter-tweet" data-width="550" data-dnt="true"><p lang="en" dir="ltr">With almost 30k Ethscriptions in &lt;18 hours, the launch was a huge success!<br><br>Thank you for seeing the massive potential here!<br><br>I am on Ethscriptions 24/7, but I need your help!<br><br>DM <a href="https://twitter.com/proroketh?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">@proroketh</a> to join our protocol Twitter chat. Ideas, bug reports, NO alpha, NO trading, NERDS ONLY! <a href="https://t.co/udKdsVT0L8" target="_blank">pic.twitter.com/udKdsVT0L8</a></p>&mdash; Middlemarch (@dumbnamenumbers) <a href="https://twitter.com/dumbnamenumbers/status/1670063380726423554?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">June 17, 2023</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
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<h2 class="wp-block-heading" id="ethscriptions-vs-ordinals-a-tale-of-two-protocols">Ethscriptions vs. Ordinals: a tale of two protocols</h2>



<p>Bitcoin&#8217;s (<a href="https://crypto.news/price/bitcoin/">BTC</a>) <a href="https://crypto.news/ordinals-explained-new-era-of-nfts-on-bitcoin-network/">Ordinals</a> and Ethereum&#8217;s Ethscriptions were born from a shared vision: to expand blockchain beyond mere financial transactions.&nbsp;</p>



<p>While Ordinals marked the Bitcoin network&#8217;s foray into the world of non-financial data inscriptions, Ethscriptions, albeit similar, bring a fresh perspective to the Ethereum network.</p>




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            Bitcoin Ordinals upgrade addresses ‘cursed inscriptions’ issue         </a>
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<p>While both protocols reflect innovation, the community&#8217;s response is a stark difference. The introduction of Ordinals faced pushback from some Bitcoin maximalists, resistant to deviating from Bitcoin&#8217;s primary function as a financial asset.</p>



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<blockquote class="twitter-tweet" data-width="550" data-dnt="true"><p lang="en" dir="ltr">It appears that there&#39;s an &quot;attack&quot; on Bitcoin.<br>The Ordinal gang/ Big blockers? Are pushing random inscriptions and pay high fees.<br>They clog the mempool and increase overall fees to include a transaction in the block.<br><br>What is unclear is, what is the purpose?<br>They are, at this…</p>&mdash; Toma B (@Toma_7_32) <a href="https://twitter.com/Toma_7_32/status/1655296428816625665?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">May 7, 2023</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
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<p>On the other hand, the Ethereum community embraced Ethscriptions with open arms. Ethereum&#8217;s culture of innovation and experimentation could explain this acceptance, as it has always positioned itself as a &#8216;world computer&#8217; and a platform for decentralized applications (<a href="https://crypto.news/learn/what-is-a-dapp/">dApps</a>) rather than just a currency.</p>



<p>Ordinals and Ethscriptions use different methods to inscribe data. Ordinals rely on Bitcoin&#8217;s transaction data, whereas Ethscriptions leverages Ethereum&#8217;s &#8220;calldata.&#8221;&nbsp;</p>



<p>Ethereum&#8217;s approach is seen as more decentralized and cost-effective than using contract storage, a significant point of difference.</p>



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"><p lang="en" dir="ltr">It&#39;s cheaper and more decentralized than using contract storage.<br><br>Also protocol guarantees global uniqueness of the content of all valid Ethscriptions!<br><br>Plus it&#39;s skating to where the puck is going in an L2 world.</p>&mdash; Middlemarch (@dumbnamenumbers) <a href="https://twitter.com/dumbnamenumbers/status/1669896370440794113?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">June 17, 2023</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
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<p>Ordinals allow various inscriptions, including artwork, profile pictures, and playable games. Ethscriptions, although currently limited to image-only inscriptions, intends to expand to accommodate different file types, potentially leading to broader applications.</p>



<p>A notable implication of both protocols is the potential rise in transaction costs. Bitcoin saw an increase in transaction fees with the advent of Ordinals, a likely scenario for Ethereum with Ethscriptions, especially given Ethereum&#8217;s already high transaction fees.&nbsp;</p>



<h2 class="wp-block-heading" id="the-community-response-and-potential-implications">The community response and potential implications</h2>



<p>An undeniable indicator of the community&#8217;s excitement about this groundbreaking venture is the launch of Ethereum Punks, a collection of non-contract punks similar to those on the Bitcoin network. All 10,000 inscriptions were <a href="https://ethereumpunks.net/" target="_blank" rel="noopener">claimed</a> almost immediately post-launch.&nbsp;</p>



<p>However, this high activity level resulted in occasional downtime and necessitated Lehman&#8217;s assurances to the community about the project&#8217;s technical stability.</p>



<p>Ethereum&#8217;s innovation doesn&#8217;t come without implications. The launch of Ethscriptions could result in an upswing in Ethereum&#8217;s transaction fees.&nbsp;</p>



<p>But do not let this dissuade you. Increased transaction fees incentivize miners to sustain their efforts, ultimately fortifying the security of the decentralized platforms.&nbsp;</p>



<p>This measure is crucial, considering Ethereum tops the chart as the most expensive chain for transactions and development.</p>



<h2 class="wp-block-heading" id="future-of-ethscriptions">Future of Ethscriptions</h2>



<p>The narrative of Ethscriptions may have just begun, but its potential ramifications are colossal. Users can only inscribe images, but Lehman hints at a future where different file types could be uploaded. </p>



<p>The widespread acceptance of Ethscriptions illuminates the continued push for innovation and the endless quest for improved functionalities within the blockchain universe.</p>



<p>While some argue that similar technologies have existed for years, Ethscriptions’ swift adoption and awareness underline a newfound appreciation for such initiatives.&nbsp;</p>



<p>Whether Ethscriptions will continue to make waves or become a transient ripple in the blockchain pond depends on the ongoing community engagement and adoption.&nbsp;</p>



<p>For now, Ethereum&#8217;s innovative spirit remains undeterred, continuously seeking new territories to explore in the expansive universe of blockchain.</p>




    <p>
        Read more:

        <a href="https://crypto.news/what-happened-to-celsius-network-a-year-in-review/">
            What happened to Celsius Network: a year in review         </a>
    </p>

What are Ethscriptions and how they work compared to Bitcoin Ordinals

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