ETHS hits a new high, how sophisticated are the operational methods behind it?

ETHS hits new high, how sophisticated are its operational methods?

This spring, why is Ethscription coming? What are the driving forces behind it?

Written by: Jaleel

While the Ordinals ecosystem remains quiet, Ethscriptions, which imitates BRC-20 Tokens, suddenly surged and reached 800U, nearly doubling after a period of 3-4 months between 270-300.

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This has surprised many people. After all, when Ethscription was first released, there was no index, no trading market, and even no well-designed technical documentation like BRC-20.

The promoters are optimistic about ETHS and are entering the market on a large scale

Ethscriptions allows non-financial and arbitrary data to be written into the Ethereum blockchain. As long as the file size does not exceed 96 kilobytes, users can record any type of file. According to its creator, although it currently only allows images, this will change in the future.

These recordings use the so-called Ethereum “Call Data (Calldata)”, which refers to the data provided in the call to a smart contract. Lehman said that this is cheaper and more decentralized than using contract storage. The protocol “guarantees the uniqueness of all valid Ethscriptions content,” the creator wrote on Twitter.

BlockBeats has written related content when ETHscriptions was launched, related reading: “Ordinals triggers the “NFT atavism”, not an idealistic return”.

In a tweet published 2 years ago, @dhof graded ETH “on-chain NFTs” based on different implementation methods. One-star is storing data in the calldata field of ETH transactions, two-star is storing data using EVM opcode sstore and rendering data through external scripts, and the highest three-star is storing data using EVM opcode sstore and rendering it through the built-in renderer in the smart contract to output SVG images or similar data URIs.

If we rate Ethscription based on this standard, Ethscription can only receive a one-star rating. As mentioned at the beginning of its official website, Ethscription is achieved by storing data in the calldata field of ETH transactions. The rendering of images relies on off-chain indexing, and by open-sourcing the indexing, off-chain operations become decentralized as well.

So, why is Ethscription’s spring coming? What are the driving forces behind it? What are the superb operational methods?

“Brother, you understand the code of traffic.”

In the process of Ethscription’s rise, KOLs have also found many code words for traffic, playing a role in boosting the momentum. The content of the articles includes “#ETHS”, and as long as they remain quiet for some time, waiting for the ETHS army to come, they can get a lot of one-click likes, comments, and shares.

In the Telegram group of Ethscription, community members are always on standby, working together to increase the traffic for relevant tweets. The higher the traffic, the more KOLs will talk about it, and the higher the price will be. Under their influence, many small fish and shrimp also follow suit, flooding the relevant content, creating a powerful traffic code.

“We emphasize an L2 new narrative”

In addition, another operating method of the Ethscription army is to compare ETHS with L2. This new narrative has gained strong dissemination within the community.

“ETHS is another approach to Ethereum Layer 2. Layer 2 is a separate chain and can have a backdoor. ETHS trades on the Ethereum mainnet, with gas fees as cheap as Layer 2. Swaps, DeFi, and GameFi on the mainnet can all be implemented on ETHS. The most important thing is that it runs on the mainnet and cannot have a backdoor, making it more secure and decentralized than Layer 2. Currently, various Layer 2s have market values of tens of billions, while ETHS is only a few million.” This paragraph has become a set of copy-paste phrases.

And the source of this L2 new narrative seems to be the upcoming ESIP-5 and ESIP-6 development proposals of Ethscription.

The ESIP-5 proposal refers to Bulk Ethscription Transfers from EOAs. Currently, in a transaction, only single inscriptions can be transferred from non-contract addresses. After ESIP-5 is launched, it will support the batch transfer of inscriptions in a transaction. According to a tweet by @0xHirsch, each transaction can transfer up to 4,000 inscriptions, and at the current gas cost, it only requires 0.11 ETH. The ESIP-6 proposal refers to Opt-in Ethscription Non-uniqueness. Currently, only the first inscription with the same content (characters) is considered valid. This indexing rule ensures the uniqueness and uniqueness of inscriptions but poses limitations and issues for smart contracts and other scenarios that require the transmission of duplicate information. For example, the operation of Ethscriptions virtual machine requires the exchange and verification of information between smart contracts and Dumb Contracts.

Therefore, as the ESIP-5 and ESIP-6 development proposals are about to be implemented, Ethscription’s community members believe: “Compared with other L2 solutions (such as ZK, ARB), ETHS can achieve gas costs cheaper than L2 without the need to switch networks. After upgrading to ESIP-5 today, the gas cost for each transfer has been reduced to around 0.05u, even cheaper than many L2 solutions.”

In the current cryptocurrency environment, the project’s narrative, rhetoric, and operating methods are becoming more and more fancy. With the help of clever community operations, Ethscription has gained a lot of traffic and attention. Regardless of the development of the project itself, the operating methods behind ETHS have demonstrated the level of dissemination and operation that can be achieved in the cryptocurrency circle. However, whether its technical strength can support the current high valuations remains to be tested by time.

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