‘Ethscriptions’ Ordinals Arrive On Ethereum
Ethscriptions, which was launched on June 17 by Tom Lehman, co-founder of music website Genius.com, seeks to revolutionise Ethereum-based digital asset production and has already generated around 30,000 Ethscriptions in the first 18 hours.
Ethscriptions promises to improve the way digital assets are produced on the Ethereum network by drawing inspiration from the famous Bitcoin (BTC) Ordinals protocol, where assets are known as “inscriptions.”
Lehman, who goes by the Twitter handle Middlemarch, called the endeavour a “huge success.” Ethscriptions makes use of Ethereum’s “calldata,” which refers to the data contained within a smart contract, to enable a “cheaper” and “more decentralised” minting procedure than other smart contract-based approaches.
At the moment, the protocol restricts users to image-only inscriptions, but Lehman promises that Ethscriptions will support more file types in the future. Users can “ethscribe” any image that is smaller than 96 kilobytes in size, according to current protocol requirements.
The “Ethereum Punks,” Lehman’s first initiative on the Ethscriptions protocol, received a resoundingly positive response from the community. All 10,000 assets were claimed nearly instantly, reinforcing the community’s positive acceptance of the system.
(With inputs from Shikha Singh)
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