Ethscriptions are the latest trend in the Ethereum ecosystem. Since its launch on June 17, it’s been quite popular, with more than 130,000 Ethscriptions created so far.
Now, let’s explore what Ethscriptions are, how they function, and why Lehman thinks they’re important.
What Are Ethscriptions?
Ethscriptions are a novel concept introduced by Tom Lehman, co-founder of Genius.com, within the Ethereum ecosystem. These assets leverage Ethereum’s “calldata,” which is data within a smart contract, to offer a more cost-effective and decentralized method for creating digital items compared to traditional smart contract-based approaches.
Ethscriptions are used for creating and selling digital things, like pictures, on Ethereum. They’re cheaper and more decentralized than other ways. It helps content creators make money fairly, and buyers get what they want without ads or hidden fees.
After their launch, there was a remarkable achievement – more than 140,000 Ethscriptions were created in just four days.
The Need for Ethscriptions
In an ever-changing digital world, both content creators and consumers are on the lookout for ways to back and enjoy top-notch content without dealing with intrusive ads or unclear money-making schemes. Ethscriptions step in to address this need, bringing a clear, ad-free, and ethical approach to content compensation and access.
Key Takeaways
- Ethscriptions provide a new way to create image-based NFTs on the Ethereum blockchain, taking inspiration from the emergence of Bitcoin Ordinals.
- Ethscriptions made their debut alongside Ethereum Punks, showing how Ethereum can host digital collectibles.
- On June 17, 2023, Ethscriptions made their debut on the Ethereum blockchain. The creator of Ethscriptions, Tom Lehman, took to Twitter to announce their launch, alongside Ethereum Punks.
Ethscriptions vs. NFTs
Ethscriptions are the Ethereum equivalent of Bitcoin Ordinals. Or they can be described as ‘NFTs without NFTs’ because they enable the sharing of data, primarily images at the moment, without the need to create ERC-721 tokens. So, let’s see the difference between them.
| Comparison | Ethscriptions | NFTs |
| Storage Mechanism | Transaction calldata for image storage | Smart contracts for metadata, linking to external content |
| Creation and Transfer Costs | Cheaper to create and transfer (0 ETH transaction) | Typically costlier due to gas fees and contract setup |
| Decentralization | Arguably more decentralized, content on Ethereum | May rely on third-party storage, potentially less decentralized |
| Data Support | Supports all data URIs | Limited by smart contract standards and platforms |
| Content Types | Initially limited to images (with future expansion) | Versatile but often used for images |
| Size Limit | Restricted to 96 kilobytes | Can handle more complex and detailed data |
| Compatibility | May not be compatible with some NFT platforms | Compatible with established NFT platforms and standards |
How to create an Ethscription?
- Visit Ethscriptions.com: Start by visiting the Ethscriptions.com website, which offers the necessary tools for Ethscription creation.
- Choose ‘Create Ethscriptions’: On the website’s homepage, you’ll find the ‘Create Ethscriptions’ option. Click on it to proceed.
- Upload Your Image: You’ll be directed to a page where you can upload the image you wish to ‘Ethscribe.’
- Connect Your Ethereum Wallet: To complete the Ethscription, users are required to connect an Ethereum wallet application such as MetaMask.
- Upload Your Image: Once your wallet is connected, you can upload images from your laptop, with a maximum size limit of 96KB.
- Ethscribe: After uploading your chosen image, simply click the ‘Ethscribe’ button. You’ll then need to sign the transaction using your wallet to create the Ethscription.
How to transfer Ethscriptions?
- Find the Ethscription ID:
- The Ethscription ID is like a unique code for each Ethscription.
- You can get this code from Etherscan or Ethscriptions.com.
- Start a Transaction:
- Begin a new transaction, but it doesn’t need to involve any actual Ethereum (0 ETH).
- Make sure to include the Ethscription ID in the “Hex data” part of the transaction.
- Wait for Ownership Update:
- After a short wait, the Ethscription’s ownership should change to the new owner.
- This only works if you were the rightful owner when you did the transfer.
- Unauthorized transfer attempts won’t work.
The Future of Ethscriptions
The future of Ethscriptions holds the promise of expanding beyond images, potentially accommodating diverse content types. As Ethereum continues to advance, Ethscriptions may become a pivotal tool for creators and users, revolutionizing how digital content is shared, supported, and enjoyed on a decentralized and ethical platform.
Lehman thinks Ethscriptions play a crucial role in the Web3 world. In a tweet on June 20, he shared his thoughts, saying Ethscriptions provide an affordable solution to those seeking decentralized solutions and unlocking Ethereum’s full potential.
Conclusion
The introduction of Ethscriptions shifts the conversation around NFT innovation back to the Ethereum network. Fueled by the enthusiastic Ethereum community, Ethscriptions are experiencing ongoing advancements and gaining substantial attention. They hold promise in revolutionizing the blockchain and digital content creation landscape. Yet, questions surrounding file size restrictions and supported file types remain. Let’s wait and see how these factors shape the future of Ethscriptions.
Consulting an Ethereum Development Company for Ethereum Development Services is a wise choice when implementing Ethscriptions. These experienced professionals can expertly assist you in creating and trading these digital assets, ensuring a smooth and successful process.
