Ethereum Inscriptions: Continuation of Bitcoin’s Order or Regression of History?

Ethereum: Continuation or Regression of Bitcoin's Legacy?

Author: @Yinan_cycle / Source: Twitter; Compiled by: Blockchain in Plain Language

Ethscriptions Introduction:

Ethscriptions are a new way to create and share digital artwork on Ethereum using transaction calldata. This approach is cheaper and more decentralized than NFTs. By contrast, NFTs typically rely on data stored in specific contracts, which may be controlled by a single person.

Ethereum inscriptions drew important inspiration from Bitcoin Inscriptions, but was equally inspired by the famous proto-Ethscription in this transaction. Unlike Ordinals, there is no need to run full node synchronization data, making it easier to get started, and for Bitcoin wallets, the public is more familiar with Ethereum wallets.

Inscription Mechanism:

• Any successful Ethereum transaction whose input data (interpreted as UTF-8) is a valid data URI will create an Ethscription, provided that the data URI is unique. All valid mimetypes are supported.

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• For a URI, unique means that no previous block or earlier transaction in a block can have the same content.

• Any Ethereum transaction whose input data is the transaction hash of a valid Ethscription is a valid Ethscription transfer, provided that the sender of the transaction is the owner of the Ethscription.

Creating an Inscription:

1. Create a page and upload an image directly through the official website, and cast it with one click. The maximum image size is 96kb.

2. If you want to operate step by step, you can follow the steps below:

• Use base64-image.de and other services to convert the image (maximum size: ~90KB) to Base 64 encoded data URI (e.g. data:image/png;base64,...). Ethscriptions protocol supports all data URIs, but the image effect is the best.

• Convert the data URI to hexadecimal using online tools such as hexhero.

• Use the previously converted hexadecimal data in the “Hexadecimal Data” field to send a 0 ETH transaction to the person you want to own the Ethscription.

• After the transfer is successful, it should appear on the official website’s “My Ethscriptions” page, provided that no one has Ethscribed the same data. Repeated inscriptions will not be displayed!

Transferring an Inscription:

• Find the id of the Ethscription you want to transfer. The id of an Ethscription is the transaction hash of the transaction that created it, which can be obtained from Etherscan or the official website.

• Send a transaction of 0 ETH to the recipient and write the Ethscription ID in the “Hex” field.

How to track inscriptions:

Currently, the most recently forged inscriptions can be viewed on the official website or through an indexer. The official indexer supporting it has not yet been open-sourced, but users can obtain historical data from BigQuery and use the Alchemy API to obtain real-time data.

Currently, some users have built an Ethereum Inscription Panel using Dune, and the search box can be used to query relevant inscription information.

Created by:

The first Ethscription was created in 2016, but the official protocol, this website, and the indexer supporting it were developed by Middlemarch, also known as Tom Lehman@dumbnamenumbers on Twitter.

**Tom Lehman:** Co-founder and CEO of Genius, an online media platform that brings music intelligence to the masses. The company has received $15 million in funding from A16Z in Series A and B rounds.

Latest update:

According to the founder Middlemarch ‘s tweet on June 20th, the three major updates of Ethereum Inscription are as follows:

• Inscription (Ethscription) Number

Now Ethscriptions display a number representing the order they were created in. #0 is what – the Genesis Ethscription, the one that started it all. It’s the image uploaded by Middlemarch .

• Rewrite Indexer

In order to achieve stable and consistent numbering, the ethscriptions indexer had to be rewritten. The new indexer carefully and quickly indexes blocks and never indexes blocks out of order. The old indexer was not built for this, and due to this change, 91 previously valid ethscriptions (out of a total of 85,876) will be correctly identified as invalid due to duplicates.

• Duplicate Check

The core of the Ethscription protocol is that duplicates are not allowed. Because when you successfully do something, you know you’re the first one to do it! Unfortunately, it’s been difficult to determine whether the content you want to forge has already been inscribed due to the lack of tools. Now, when you’re on the create page, we’ll automatically check whether your content has been ethscribed before and warn you, so you won’t waste gas creating invalid ethscriptions!

Ethereum Inscription Gameplay:

After the launch of Ethereum Inscription, the first Ethereum Inscription project collection, Ethereum punk, was quickly finished and is currently trading actively on Opensea with a floor price of 0.065eth.

After EthereumPunk, a Brc20-like token strategy quickly appeared on Crypto Twitter, with the first representative being $eths. The gameplay involves converting

data:,{“p”:”erc-20″,”op”:”mint”,”tick”:”eths”,”id”:”1234″,”amt”:”1000″}

This code string is converted to hexadecimal string through a code conversion website, and then 0 eth is transferred to oneself through the wallet for casting. Because inscriptions cannot be duplicated, the ID must be modified and limited to below 21000.

Currently, there is no standard for tokens on Ethereum Inscription. Anything cast through data is valid, but it is explained as plain text. As for token transfers and construction, it depends on the development of the protocol.

Currently, the trading of $eths is also conducted through off-site trading, with a cost of about 0.8U per ticket. The off-site price has once reached tens of dollars to 100 dollars, and there is no reference standard in the case of insufficient liquidity. It is difficult to distinguish between true and false, and the risk should be paid attention to.

In addition to $eths, there have been other plays such as $gwei and $fomo, pure numbers, etc. I also inscribed two pieces of information related to Satoshi Nakamoto on Ethereum Inscription, which I think is quite interesting.

1.The Times 03/Jan/2009 Chancellor on brink of second bailout for banks.

This is a sentence attached by Satoshi Nakamoto in the BTC genesis block, and it is also the title of the front page article of The Times that day.

2.If you don’t believe me or don’t get it, I don’t have time to try to convince you, sorry.

In July 2010, BM pointed out that the 10-minute transaction confirmation time for Bitcoin was too long compared to banks and needed to be as fast as swiping a credit card, and changing the consensus mechanism could achieve this. Satoshi Nakamoto responded: If you don’t believe me or don’t get it, I don’t have time to try to convince you, sorry.

Summary

Recently, from Recursive Inscription to Ethereum Inscription, the hotspots have turned and emerged quickly, which is also the so-called speed of the currency circle. In the currency circle, one day is equivalent to ten years in the mortal world. After the hotspot appears, there is no lack of discussion about it. Just like after Bitcoin Inscription appeared, there appeared the largest Bitcoin faction and the open innovation faction. It is the same after Ethereum Inscription appeared. Many people think that this is innovation or a kind of regression. After all, smart contracts on Ethereum are so mature. In fact, for a hotspot concept or innovation, many people will subconsciously feel that it is nothing more than that, and even wonder why bother and what is the meaning of this thing?

When a new thing or concept emerges, even if it is hype, its existence is reasonable. Bitcoin is not the first cryptocurrency, but a product that emerged after summarizing the experience of failures in multiple pioneering experiments of cryptocurrencies.

It provides a new way or new form of existence, enriching the entire ecology of blockchain. It can give you one more choice, or provide you with a different perspective to think about problems or give you a lesson. There is more emotional value and an opportunity to participate at low cost.

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