Just this past weekend, a new trend emerged that is capturing the attention of crypto enthusiasts and NFT collectors alike. Ethscriptions, a protocol developed by Tom Lehman, co-founder and former CEO of Genius.com, has made its debut on the Ethereum network, offering a unique way to create and share digital artifacts.
Introducing Ethscriptions: a new way of creating and sharing digital artifacts on Ethereum using transaction calldata.https://t.co/XfQ7RdtblD
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— Middlemarch (@dumbnamenumbers) June 16, 2023
Ethscriptions Protocol is an innovative concept that allows users to create and share digital objects on the Ethereum network. Taking inspiration from Bitcoin Ordinals’ Inscriptions, Ethscriptions empower creators to establish rules for the usage and accessibility of their digital artifacts. This introduces a new level of ownership and control in the digital realm, attracting a community of creators and collectors eager to explore the potential of Ethscriptions.
The Quick Rise of Ethscriptions
This protocol quickly gained momentum, landing in the top trending spot within the crypto community. Interestingly, over 2,300 Ethscriptions were listed on the popular NFT marketplace, Opensea.
Ethscriptions in the top trending spot PLUS more than 2,300 listed on Opensea 🤯
If you don't know what Ethscriptions are yet, I got you👇🧵 33-second read.
— adammcbride.og 🔎 NFT Archaeologist (@adamamcbride) June 18, 2023
Moreover, Lehman launched the project on Saturday, June 17, 2023, and the response was nothing short of explosive. In less than 18 hours, nearly 30,000 Ethscriptions were created, prompting Lehman to deem the launch a “huge success.”
This Ethereum-based protocol allows non-financial and arbitrary data to be inscribed into the Ethereum blockchain. Currently, users can “ethscribe” images as long as they are under 96 kilobytes in size. However, Lehman has revealed plans to expand the protocol to accommodate different file types in the future, in a bid to broaden the possibilities for creators.He said,
“I also have lots of plans for extending the protocol that I can’t wait to share, but the foundation must come first!”
By utilizing Ethereum’s “calldata,” which refers to the data provided within a smart contract call, the Ethscription offers a cheaper and more decentralized alternative to traditional contract storage. Meanwhile, Lehman emphasizes that this protocol guarantees the global uniqueness of content in all valid Ethscriptions.
With the overwhelming interest in Ethscriptions, the protocol experienced several periods of downtime during its initial launch. Lehman candidly acknowledged the challenges, apologizing for the crashes caused by the high influx of users.
While Ethscriptions have made a strong entrance into the crypto and NFT spaces, only time will tell if they will reach the same level of popularity as Bitcoin Ordinals.