Beware the Ordinals, 30,000 ‘Ethscriptions’ Land on Ethereum

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

The protocol, launched on June 17, is called “ethscription”, an allusion to the Bitcoin (BTC) Ordinals Protocol – where assets are referred to as “inscriptions”.

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

Thanks for watching the huge potential here!

I’m on EthScripts 24/7, but I need your help!

dm @proroketh To join our Protocol Twitter chat. Remedy, Bug Report, No Alpha, No Trading, NERDs Only! pic.twitter.com/udKdsVT0L8

— middlemarch (@dumbnamenumbers) June 17, 2023

According to Lehman, Ethscription Assets Use Ethereum “calldata” – data within a smart contract – to allow for a “cheaper” and “more decentralized” mining process than traditional smart contract-based methods.

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

Lehman’s first project on the Ethscription protocol, dubbed “Ethereum Punks,” received an overwhelmingly positive response from the community, with all 10,000 assets being claimed almost immediately.

Introducing EthScript: A new way to create and share digital artifacts on Ethereum using transaction calldata.https://t.co/XfQ7RdtblD

ALSO: Introduction to Ethereum Punks. Because why should all non-contract punk collections be on bitcoin?https://t.co/d3Ycwbdc2Z,

— middlemarch (@dumbnamenumbers) June 16, 2023

lyman couple The project’s launch garnered so much user activity that the API interface for the official EthScripts website temporarily crashed.

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Due to the pre-existing infrastructure that allows for the creation of NFTs and other digital assets on the Ethereum network, it is unclear whether ethscripts will witness the same popularity as bitcoin ordinals.

In less than six months, the total number of fiats written on bitcoin grew from zero to ten million. The surge in activity was driven in large part by users embracing the novelty of being able to mine assets, including the latter entirely new tokens – via the BRC-20 token standard – on the bitcoin network.

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