A new protocol called Ethscriptions has been launched on the Ethereum blockchain. Developed by Tom Lehman, co-founder of Genius.com, Ethscriptions allows users to create non-fungible tokens (NFTs) and other digital assets.
The main goal of Ethscriptions is to offer a cheaper and more decentralized minting process compared to traditional smart contract-based methods.
Ethscriptions leverages Ethereum “calldata,” which allows non-financial and arbitrary data to be included in the main Ethereum blockchain.
The launch of Ethscriptions on June 17 received an overwhelming response from the community. Tom Lehman, also known as Middlemarch on Twitter (@dumbnamenumbers), described the launch as a “huge success.” In the first 18 hours, almost 30,000 Ethscriptions were created.
Initially, the protocol allows users to ethscribe image-only assets as long as they are under 96 kilobytes in size. However, Lehman plans to expand the protocol to support different file types in the future.
One of the initial projects on Ethscriptions, called “Ethereum Punks,” gained significant attention as all 10,000 assets were claimed almost instantly. The high user activity temporarily crashed the API interface of the official Ethscriptions website.
While the success of Ethscriptions is notable, it remains to be seen if it can achieve the same level of popularity as the Bitcoin Ordinals protocol, which saw a rapid increase in the number of inscribed assets on the Bitcoin network in a short period.
The Ethereum community’s enthusiasm for innovation and experimentation has paved the way for the enthusiastic reception of Ethscriptions. Developers and users are excited about the potential for creativity and innovation in blockchain technology.
The protocol ensures the global uniqueness of all valid Ethscriptions, laying the foundation for future developments in a Layer 2 (L2) world.
Despite occasional downtime due to high demand, Ethscriptions has made a promising start, attracting both new and existing users to explore its capabilities.
Compiled by Coinbold
