"Etherscriptions" bring an added dimension to asset creation on the Ethereum network.
The Ethereum community is buzzing about a new protocol enabling users to create non-fungible tokens (NFTs) and other virtual assets.
A recent innovation in Ethereum's ecosystem, the "Ethscriptions" protocol, was launched on June 17th. This unique mechanism mirrors the Bitcoin (BTC) Ordinals protocol, distinguished for its “inscriptions” of assets.
Did you know?
Want to get smarter & wealthier with crypto?
Subscribe - We publish new crypto explainer videos every week!
How to Make Passive Money with NFT? (Explained!)
The "Ethscriptions" protocol was created by music website Genius.com co-creator Tom Lehman, also known as Middlemarch on Twitter.
When introducing the project, Lehman claimed the launch was a "huge success." According to the founder, around 30,000 Ethscriptions were minted in the first 18 hours following the protocol's activation.
Lehman outlined that the "Ethscriptions" assets exploit the Ethereum information embedded in a smart contract, known as "calldata." This strategy facilitates a more affordable and decentralized process for minting assets than traditional smart contract methods.
At this point, the protocol supports inscriptions of image-only files, but Lehman disclosed plans to enable the uploading of diverse file types in the future. Under the current launch, users can "ethscribe" any image provided it does not exceed 96 kilobytes.
Although Ethereum's existing framework allows the creation of NFTs and other digital assets, it remains to be seen if Ethscriptions will enjoy a similar surge in popularity as Bitcoin Ordinals.
This year so far, Bitcoin Ordinals saw the number of inscribed assets skyrocket from nil to 10 million. This dramatic increase in activity was primarily fueled by users' interest in minting assets, later extending to entirely new token creation via the BRC-20 token standard on the Bitcoin network.
New development could bring a new wave of popularity for the Ethereum platform, similar to the Bitcoin Ordinals protocol's impact on the Bitcoin network.