The Ethereum blockchain has introduced a new protocol called “Ethscriptions,” offering users an alternative method for creating nonfungible tokens (NFTs) and other digital assets. Developed by Tom Lehman, co-founder of music website Genius.com, the protocol aims to provide a more cost-effective and decentralized approach to minting assets on Ethereum. In its initial hours, Ethscriptions gained significant traction, with nearly 30,000 Ethscriptions created.
Ethscriptions Protocol and Advantages
Ethscriptions leverages Ethereum’s “calldata” feature, which utilizes the data within a smart contract. This approach allows for a more affordable and decentralized process compared to conventional smart contract-based methods. While currently limited to image-only inscriptions, future plans include the ability to upload different file types. Presently, users can “ethscribe” any image as long as it remains under 96 kilobytes in size.
Ethereum Punks and Community Response
One of the prominent projects utilizing the Ethscriptions protocol is “Ethereum Punks,” a creation by Tom Lehman. The release of Ethereum Punks witnessed an overwhelming response from the community, resulting in all 10,000 assets being claimed almost instantly. The high user activity even caused the temporary crash of the API interface on the official Ethscriptions website.
Ethscriptions vs. Bitcoin Ordinals
While Ethscriptions shows promise, it remains uncertain whether it will attain the same level of popularity as Bitcoin Ordinals. Bitcoin Ordinals experienced a rapid surge in activity, with the total number of inscribed Ordinals on Bitcoin skyrocketing from zero to 10 million within six months. This growth was fueled by users embracing the ability to mint assets, including the creation of new tokens through the BRC-20 token standard on the Bitcoin network.
With the launch of Ethscriptions, Ethereum users now have an additional option for minting NFTs and digital assets on the blockchain. The protocol’s initial success and positive community response indicate a promising future. While Ethscriptions might not replicate the same level of popularity as Bitcoin Ordinals, its innovative approach and the potential to support various file types make it an interesting development within the Ethereum ecosystem.