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Dear country without banks
The NFT boom on Ethereum sparked the rise of “Ordinals” digital artifacts, aka Bitcoin NFT inscriptions, earlier this year.
That inspiration is now paying off, with the small team just last week unveiling an Ordinals-style esscription, “a new way to create and share digital artifacts on Ethereum.”
case? This method of on-chain storage has been around since his 2016, and recently he’s been used in NFT projects like Blitmap and 0xmons, so it’s not new.
Additionally, an upcoming Ethereum “purge” upgrade may eventually remove anything created with this storage method.
Nonetheless, Ethscription took off quickly, with over 140,000 Ethscriptions created since the system was announced last Friday. With that said, let’s understand all the basics and important nuances you need to know here.
-WMP
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June 16, 2023, Tom Lehman (aka middlemarch.eth, co-founder of the NFT platform) Capsule 21) announced its arrival on Twitter. ethics system.
Described as a new way to create on-chain digital artifacts via “transaction call data,” the Ethscriptions method uses data URIs to encode media (such as images) within the Ethereum transaction itself.
So unlike ERC-721 NFTs, which are stored at the smart contract and token level, Ethscription is stored at the transaction level. Therefore, by combining a data URI with a 0 ETH transaction to a desired owner (such as your own wallet), you can create this type of digital artifact.
Furthermore, in the same Ethscriptions announcement, Lehman introduced: ethereum punka copymint demonstration showing how to use Ethscriptions to create a large-scale Ethereum-based Ordinals-inspired digital collection.
As of today, June 20th, over 140,000 escriptions have already been created, including 10,000 Ethereumpunks. With about 13 million Ordinal registered in Bitcoin in the last 6 months, in his 4 days from launch Ethscripts has already reached 1% of his total Bitcoin registrations.
As for the “why esscription and why now” question, Mr. Lehmann Pointed out in a new tweet The main idea of this system is to provide an easy way to store “dumb” data, i.e. media that is stored at the blockchain transaction level instead of the smart contract level.
The Ethscriptions system uses transaction call data on Ethereum to create tradable digital assets.
Calldata is a type of storage used in Ethereum transactions that contains data sent with the transaction. This data can be used to interact with smart contracts, but it can also be arbitrary information, such as a data URI that encodes an image.
Again, Ethscriptions are digital artifacts that are stored as part of an Ethereum transaction, making them cheaper than ERC-721 NFTs, but also significantly less flexible as they do not hold smart contract logic. increase.
It is worth emphasizing again here that using transactional call data to encode media is not really new on Ethereum. The first recorded instance of using data URIs in Ethereum call data occurred in 2016 and, as I mentioned at the beginning, his NFT projects like: blitmap and 0xmons Much more recently it has come to rely on calldata encoding.
On-chain storage is when the blockchain itself, such as Ethereum, is used to store data such as NFT metadata, rather than external resources such as private “off-chain” servers or distributed storage networks such as Arweave or IPFS. is.
Ethscription is therefore technically on-chain in that it does not rely on external storage. however, on-chain spectrum.
In fact, fully on-chain NFTs not only have the best long-term storage guarantees, but also configurability via smart contracts. In contrast, Ethscription is not configurable as it does not have smart contract logic, nor does it have good storage guarantees due to Ethereum’s upcoming “purge” update (Via EIP-4444, etc.) may perform transaction call data pruning.
For such restrictions, Dom — with blitmap creator Sip — properly authorized calldata-based projects one star Rating in his now cult classic “The Michelin Guide to On-Chain NFTs”. So in this ranking system he would have Ethscriptions =⭐️ which is not terrible but not great.
Now that you understand the basics and context of Ethscriptions, how do you actually create Ethscriptions?
Now the Lehmans ethscriptions.com is the most popular platform for creating and tracking new Ethscriptions.of Create description Pages provide an interface that streamlines the authoring process, such as converting images to data URIs. Note that the maximum image size is currently 96KB.
Once you have uploaded the desired image, press the “Ethscribe” button to complete the creation transaction in your wallet. Once the transaction is confirmed, you can check your new creation by clicking on the “My Ethscriptions” tab on Ethscription.com.
It is also possible to forward the Ethscription, but it is currently a manual process as shown below.
About listing Ethscripts on the NFT Marketplace like the open seayou first need to “wrap” them into NFTs Use a platform like Emblem Vault This is to make it available for browsing on such marketplaces.
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As already mentioned, the specter of call data pruning on Ethereum in The Purge is one of the big potential problems for the Ethscriptions vision. And, again, without smart contracts, Ethscripts are technically limited. As an on-chain specialist, he pointed out that using tokenfox.eth on Ethereum is similar to using them.Horses when you already have a car”
Despite these challenges, the explosion of interest and activity in ordinal notation on Bitcoin in recent months has led to a sudden surge in physical escription creation on Ethereum. It remains to be seen how this trend will develop, but for now it’s clear that the concept resonates with a lot of people, and its performance will be watched in the coming weeks. will be
William M. Peester is the creator of metaversal — Bankless newsletter focused on the emergence of NFTs in the crypto economy. He is also a senior writer for Bankless’s flagship newsletter.
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