Know What is Ethscription: New Innovations for Digital Artifacts

Ethscription is the latest blockchain technology model that enables the creation of on-chain digital artifacts. By using a unique reference identifier for encrypted data in Ethereum transactions, Ethscription opens up new opportunities in the digital world.

Get to know Ethscription

Unlike NFTs that use the ERC-721 standard, Ethscriptions are stored at the transaction level. In Ethscription, digital artifacts are created in transaction calldata, providing a new approach to creating and storing value on the blockchain.

How Ethscription Works

Calldata is a repository of data sent along with Ethereum transactions. Storing uniform resource identifiers (URIs) in transaction data is not a new concept, but Ethscriptions have attracted greater attention since they were introduced after Bitcoin Ordinals reached over 13 million inscriptions.

Ethscriptions vs ERC-721 NFTs

ERC-721 is a standard for tokens that are unique and not interchangeable with each other, making it ideal for representing unique individual assets. However, Ethscriptions offers a different approach. By being stored in transaction calldata, Ethscriptions are potentially cheaper than NFTs. In addition, Ethscriptions lacks smart contract logic, making them less composable than traditional NFTs.

How to Create and Transfer Ethscription?

Here's how to create an Ethscription:

1. Visit Ethscriptions.com website that provides users with tools to create Ethscription.
2. When users click on the "Create Ethscriptions" option on the website's homepage, they will be shown a page where they can upload images for "Ethscribed."
3. Users who want Ethscribe will have to connect an Ethereum wallet app like MetaMask.
4. Once the wallet is connected, images up to 96KB can be uploaded from the user's laptop.
5. Users then press the "Ethscribe" button and sign the transaction from their wallet to create an Ethscription.

How to Transfer Ethscription

Transferring Ethscription to another wallet involves a manual procedure explicitly described on Ethscriptions.com site. Basically, the user initiates an Ether 0 transaction to the recipient's wallet, including the Ethscription ID in the transaction's "Hex data" field. The Ethscription ID corresponds to the hash of the original transaction responsible for creating the Ethscription.

The Future of Ethscriptions

Although Ethscriptions has attracted initial interest among crypto users, the future of the technology remains uncertain. With liquidity in NFTs and a low digital collectibility market, the appeal of Ethscriptions could be temporary. However, as an Ordinal-inspired innovation on Ethereum, Ethscriptions may have the potential to develop further in the near future.

Conclusion

Ethscription represents the latest innovation in blockchain technology that enables the creation of on-chain digital artifacts. By storing data at the transaction level, Ethscription offers a different approach than traditional NFTs and is potentially cheaper. Although Ethscriptions has attracted initial interest among crypto users, the future of the technology remains uncertain. However, as an Ordinal-inspired innovation on Ethereum, Ethscriptions may have the potential to develop further in the near future.

However, keep in mind that liquidity in NFTs and a low digital collectibility market may affect the appeal of Ethscriptions. Therefore, it is important for crypto investors and users to remain vigilant and do careful research before investing in new technologies like Ethscriptions.

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Also Read:

Getting to Know the NFT Ecosystem: A Comprehensive Guide to NFT Investment in the Metaverse

The Important Role of Ethereum Virtual Machine (EVM) in the Ethereum Ecosystem

What is Digital Art?

DISCLAIMER: This article is informational in nature and does not constitute an offer or solicitation to sell and buy any crypto asset. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices may change significantly from time to time and Bittime is not responsible for fluctuations in crypto asset exchange rates.