Skip to main content

Watch out Ordinals 30000 Ethscriptions land on Ethereum

Inspired by Bitcoin Ordinals inscriptions, Ethscriptions offer a new way to mint NFTs on Ethereum.

Ethereum users have been given another way to create nonfungible tokens (NFTs) and other digital assets on the blockchain with the launch of a new protocol.

Launched on June 17 the protocol, dubbed “Ethscriptions,” is a nod to the Bitcoin (BTC) Ordinals protocol — where assets are known as “inscriptions.”

Ethscriptions was developed by music website Genius.com co-founder Tom Lehman, who uses the pseudonym Middlemarch on Twitter. Lehman declared the project a “huge success” in a series of tweets on June 17 and noted nearly 30,000 Ethscriptions had been created within the first 18 hours of the protocol going live.

According to Lehamn, Ethscriptions assets utilize Ethereum “calldata” — the data within a smart contract — to allow for a “cheaper” and “more decentralized” minting process when compared with conventional smart contract-based methods.

Users are currently limited to image-only inscriptions but Lehamn says the protocol will allow for different file types to be uploaded in the future. Currently, users are able to “ethscribe” any image as long as it's less than 96 kilobytes in size.

Lehman’s debut project on the Ethscriptions protocol, dubbed “Ethereum Punks” witnessed a considerably positive response from the community, with all 10,000 assets being claimed near-instantaneously.

Lehman added the project’s launch garnered so much user activity that the API interface for the official Ethscriptions website temporarily crashed.

Related: Bitcoin Ordinals to bridge Ethereum NFTs with the launch of BRC-721E

Due to pre-existing infrastructure that allows for the creation of NFTs and other digital assets on the Ethereum network, it’s unclear if Ethscriptions will witness the same level of popularity as Bitcoin Ordinals has.

In less than six months, the total number of Ordinals inscribed on Bitcoin surged from zero to ten million. The enormous surge in activity was driven in large part by users embracing the novelty of being able to mint assets, which later included entirely new tokens — by way of the BRC-20 token standard — on the Bitcoin network.

NFT Creator: ‘Holy shit, I’ve seen that!’ — Coldie’s Snoop Dogg, Vitalik and McAfee NFTs



from https://ift.tt/tGsrk9x
https://ift.tt/Xf8kAQc

Comments

Popular posts from this blog

ENS DAO delegates offer perspective on DAO governance and decentralized identity

AlphaWallet CEO and Spruce co-founder talk about their roles as contributors to the Ethereum Name Service following the project's recent airdrop. Earlier this month, the Ethereum Name Service, or ENS, formed a decentralized autonomous organization, or DAO, for the ENS community.  Cointelegraph spoke to two ENS DAO delegates who applied for the opportunity to represent the community and stay involved in the decision making process: Victor Zhang, CEO of AlphaWallet, an open source Ethereum wallet, and Gregory Rocco, co-founder of Spruce, a decentralized ID and data toolkit for developers. Zhang spoke about his experience as an external contributor to ENS and an early supporter since 2018. Zhang initially sought to help ENS by offering Alpha Wallet as a user-friendly tool for  resolving .eth names and cryptocurrency wallet addresses. Essentially, if a user inputs an .eth name in the AlphaWallet, it will show the wallet address, and vice versa using reverse resolution. Alpha...

How Social Platform Chingari is Using Web 3.0 to Transform the Traditional Way We Use Social Media

The world is changing. This isn’t news to anyone, but sometimes it is nice to realize that—contrary to news headlines—not all the change is bad.  In fact, the last decade has seen so much innovation and so many improvements to technology that even 2015 seems like a different world.  Internet speeds, connecting with anyone globally (for free), and our ability to reach large groups of people without a middleman is nothing short of revolutionary. When it comes to technology evolution, this often happens with different iterations.  Once a system is mature, there’s a better idea of what we would like to change and improve.  We go back to the drawing board, target our creative minds at the issues, and create a new version that has evolved to better meet our needs.  The Internet has followed this model since its inception, evolving through three distinct stages.  We are only at the cusp of the third stage, called Web 3.0, with technologies such as blockchain and ...

INX submits bid for Voyager Digital's assets

FTX US won a $1.4-billion bid to purchase Voyager’s assets in September, but with the firm filing for bankruptcy, the funds were once again up for grabs. Trading platform INX has submitted a bid for an undisclosed amount to purchase the assets of crypto brokerage firm Voyager Digital. In a Nov. 30 announcement, INX said it had sent a non-binding letter of intent for Voyager’s assets following the platform filing for bankruptcy in July. According to INX CEO Shy Datika, the bid was aimed at providing “credibility, technology, and unique regulatory positioning” for Voyager users seeking stability in a volatile market. Voyager’s original bankruptcy filing from the Southern District Court of New York suggested the firm could owe between $1 billion to $10 billion to more than 100,000 creditors amid a bear market and exposure to Three Arrows Capital. In September, FTX US won a $1.4-billion bid to purchase Voyager’s assets, but with FTX Group itself filing for bankruptcy in November, th...