Bitcoin Ordinals Beware: “Ethscriptions” Have Arrived On Ethereum!

Introduction

In the ever-evolving world of cryptos, new and exciting trends continue to emerge. One such trend that has been capturing the attention of crypto enthusiasts is the rise of crypto inscriptions. These unique and artistic creations serve as a testament to the growing creative potential of blockchain technology. While Bitcoin inscriptions have gained fame for their historical significance and collectible value, a new player has entered the scene – Ethscriptions.

Bitcoin inscriptions have been making waves in the crypto community, captivating collectors and enthusiasts alike. These inscriptions, often found on early blocks of the Bitcoin blockchain, hold historical value and serve as a tangible connection to the origins of the crypto. By engraving messages, artwork, or dedications into the blockchain, individuals immortalize their contributions to the Bitcoin network. These inscriptions have become sought-after digital artifacts, showcasing the creativity and passion within the crypto space.

Read More: Bitcoin Price Predictions

Enter Ethscriptions!

Building upon the success of Bitcoin inscriptions, Ethscriptions was born. Built by music website Genius.com co-founder Tom Lehman, who goes by the pseudonym “Middlemarch” on Twitter, Ethereum now has its own version of these artistic expressions called Ethscriptions. With the advent of Ethscriptions, users can now embed messages, images, and dedications directly onto the Ethereum blockchain. These Ethscriptions bring a new level of personalization and creative expression to the Ethereum ecosystem. They offer individuals the opportunity to leave their mark on the blockchain and contribute to the growing tapestry of Ethereum’s history.

Introducing Ethscriptions: a new way of creating and sharing digital artifacts on Ethereum using transaction calldata.https://t.co/XfQ7RdtblD

ALSO: Introducing Ethereum Punks. Because why should all non-contract Punk collecting happen on Bitcoin?https://t.co/d3Ycwbdc2Z…

— Middlemarch (@dumbnamenumbers) June 16, 2023

Lehman also went on to declare that the project was a “huge success” in a series of tweets late last week, and noted nearly 30,000 Ethscriptions were created within he first 18 hours of the protocol going live.

With almost 30k Ethscriptions in <18 hours, the launch was a huge success!

Thank you for seeing the massive potential here!

I am on Ethscriptions 24/7, but I need your help!

DM @proroketh to join our protocol Twitter chat. Ideas, bug reports, NO alpha, NO trading, NERDS ONLY! pic.twitter.com/udKdsVT0L8

— Middlemarch (@dumbnamenumbers) June 17, 2023

Ethscriptions hold several implications within the crypto community. Firstly, they provide a means for individuals to showcase their creativity and express themselves through blockchain technology. By embedding personal messages or artwork into the Ethereum blockchain, users can leave a lasting impression for future generations to discover. Ethscriptions also have the potential to create a new market for digital collectibles and unique tokens, attracting collectors and investors.

Additional Read: Ethereum Price Predictions

Additionally, Ethscriptions reinforce the underlying principles of decentralization and immutability that form the foundation of blockchain technology. By engraving messages into the blockchain, users highlight the power of censorship resistance and the ability to preserve information securely. Ethscriptions also contribute to the growing cultural and historical significance of the Ethereum network, further solidifying its place in the crypto landscape.

At present, users are restricted to inscribing only images, although Lehman has indicated that the protocol will eventually support various file formats. Currently, users can “ethscribe” any image as long as it does not exceed 96 kilobytes in size.

Lehman’s initial venture on the Ethscriptions platform, known as “Ethereum Punks,” received an overwhelmingly positive reception from the community, resulting in all 10,000 assets being swiftly claimed.

According to a report by CoinTelegraph, merely within a span of under six months, the collective count of inscribed Ordinals on the Bitcoin network skyrocketed from zero to a staggering 10 million. This remarkable surge can be primarily attributed to users eagerly embracing the exciting opportunity to mint assets, including the creation of entirely new tokens utilizing the BRC-20 token standard, all within the Bitcoin ecosystem. However, it is still unclear if these Ethscriptions will be able to enjoy a similar level of growth and popularity thanks to already pre-existing infrastructure for NFTs on Ethereum.