Understanding Ethscriptions in one article: principles and advantages and disadvantages

Ethscriptions: Principles, Advantages, and Disadvantages

As CMC and OKX release articles introducing Ethscriptions, the market is speculating whether exchanges will enter the Ethscriptions narrative. Crypto KOL CryptoDoctor has written a push analysis of the principles and advantages and disadvantages of Ethscriptions.

Ethscriptions are a new way of interacting with digital artifacts that has caught the attention of the crypto community. Unlike ERC-721 NFTs stored at the smart contract and token level, they are stored at the transaction level. You can create an Ethscription for the owner you want by combining a data URI with a 0 ETH transaction. When creating an ethscription, users convert an image to a Base 64 encoded data URI, which is then converted to hexadecimal format. This hexadecimal data is then included in the 0 ETH transaction sent to the desired recipient.

The hexadecimal data is stored in the calldata of the transaction, allowing the recipient to retrieve and interpret the data to display the ethscription. Calldata is one of three memory types in Ethereum, along with storage and stack memory. As a type of transaction, Ethscriptions are cheaper than NFTs. They can actually be traded on OpenSea, and you can check if they are much cheaper than the cheapest NFT collections. On the other hand, their composability is poor as they do not support smart contract logic. Interestingly, although Ethscriptions are becoming more and more popular, they are not new, as the first (or one of the first) can be traced back to 2016.

Rock Ethscriptions is an example of sold-out Ethscriptions that highlights the demand and excitement around these digital “artifacts”. Apart from the hype surrounding Ethscriptions, there are also many criticisms. Their main criticism revolves around their immutability, as EIP-4444 may prune calldata older than one year.

Reference: https://twitter.com/0xCrypto_doctor/status/1675615974744113152

We will continue to update Blocking; if you have any questions or suggestions, please contact us!

Share:

Was this article helpful?

93 out of 132 found this helpful

Discover more

Blockchain

Compliance, endorsement path: inventory cryptocurrency exchange registration holy place

The increase was 132.58%. Tongcheng Holdings announced that it had changed its name to Firecoin Technology. The found...

Market

Future of Web3: Triple Impact of VSAP on Exchanges, Financial Markets, and TradFi

With the rapid development of the virtual currency market, more and more people are investing and trading in virtual ...

Blockchain

Hardcore: Declassified U.S. Department of Justice sues Chinese OTC acceptor for money laundering

Source: PeckSheild On March 02, 2020, the U.S. Department of Justice initiated indictments against two Chinese people...

Blockchain

Center absence: history, current status and prospects of atomic exchange and decentralized trading platforms

On July 30th, Liquid Network officially announced that Tether (USDt) has settled on the Liquid side chain, which mean...

Market

Layout for many years but little known? Exploring the full picture and opportunities of the Japanese Web3 encryption market

What is the current situation of the Japanese cryptocurrency market? Who are the key participants? How can one partic...

Blockchain

Coinbase's effect on the currency is not strong, mainly because the market is at work.

Coinbase is one of the most influential compliance exchanges in the world, providing multiple French currency channel...