Bittime - Ethereum is buzzing with new innovations. One is the use of Ethereum data blocks (blobs) to create digital "inscriptions", similar to Ordinals in Bitcoin. This trend broke the record for the highest blob usage ever recorded.
According to data from Dune Analytics, on March 27, 2,437 data blocks were used to create digital inscriptions. This figure is equivalent to 22.8% of all data blocks released that day.
The use of data blocks for this digital inscription is recorded as the highest compared to other Ethereum Layer 2 solutions such as Arbitrum, Optimism, Base, and Linea.
The Soaring Use of Blobs and Its Impact
This surge in the use of data blocks for digital inscription coincides with an increase in gas costs on the Base network. Gas costs at Base briefly reached $300 before dropping to around $30. Apart from that, slot utilization on Ethereum has also decreased, allegedly due to the larger block size due to the use of data blocks.
Check Today's Crypto Market:
Similar to Ordinals in Bitcoin
The concept of digital inscriptions on Ethereum is inspired by Ordinals on Bitcoin. Ordinals allows users to store data on the smallest unit of Bitcoin, called a satoshi. The data stored in satoshis is what is then called Ordinals.
Digital inscriptions on Ethereum Virtual Machine (EVM) compatible chains are data embedded in transaction call data. Similar to Ordinals in Bitcoin, digital inscriptions aim to offer flexibility like smart contract-based ERC-20 tokens and NFTs.
Also Read How to Buy Crypto:
Controversial Potential
However, Dune Analytics also highlights the potential controversy of this trend. The digital inscription actually goes against the EVM's initial design decisions. While offering the advantage of lower gas costs, digital inscription can pose challenges in terms of indexing, compatibility and integration.
The Dencun update on Ethereum launched on March 13 allows the creation of data blocks. This data block functions to increase data storage capacity in Ethereum transactions without affecting block processing time.
The use of Ethereum data blocks to create digital inscriptions is an interesting new phenomenon to monitor. On the one hand, this innovation offers wider data storage potential. However, on the other hand, this trend also raises concerns regarding the compatibility and efficiency of the Ethereum network. Crypto investors and users need to pay attention to the latest developments regarding the use of data blocks on Ethereum.
Check Crypto Prices Today:
How to Buy Crypto with Bittime
You can buy and sell crypto assets in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
To be able to buy crypto assets on Bittime , make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. Learn Complete Guide How to Buy Crypto on Bittime .
Monitor price chart movements of Bitcoin (BTC) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
Also Read:
Block Explorer, Link between Users and Blockchain
What is Block Size or Block Size on Blockchain
What is a Block and How it Works in Blockchain
DISCLAIMER : This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
Comments
0 comments
Please sign in to leave a comment.