Is Ethereum Ethscriptions going backwards? Will Eths replicate the Ordibehesht myth a thousand times?

Is Ethereum going backwards? Will Eths repeat the Ordibehesht myth many times?

Ordinals Community and Ordinals World believe that eths is not only expanding the ordinals consensus but also creating a new paradigm for ethNFT asset creation. They analyze the advantages, disadvantages, growth data, potential opportunities, and risk points of Ethscriptions.

Founder of Middlemarch always emphasizes one thing: why pay expensive fees for NFT? This is the core advantage of Ethscriptions. Previously, Ethereum recorded state data with a content of 0 on expensive blocks. Now, Ethscriptions utilizes Ethereum’s true advantage: sunglasses:. It provides a consensus standard for user actions through signature verification, such as storing information directly using calldata, converting uploaded images to URI format, then converting them to hexadecimal, and entering hexadecimal fields into calldata. The ultimate effect is that previously, minting NFTs required $10, now it only requires $1.

At the same time, Ethscriptions storage is fully on-chain, whereas NFTs were previously stored on IPFS or centralized devices (which poses a risk of loss). This is the same concept as BTC ordinals, 100% pure on-chain. These two advantages are the most important reasons for Ethscriptions’ popularity on Ethereum. It has created a new asset creation paradigm: salute face:.

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Disadvantages: There are mainly two points: the limit of 1M blocks, which currently only allows uploading images and text, and not videos or games. Additionally, it has no programmability. These two disadvantages make Ethscriptions less scalable, but just like ordi, disadvantages can also be another form of advantage.

Potential related opportunities: mainly Ethscriptions derivative projects. On the one hand, there are NFT and domain names (games and memes have not yet appeared), and on the other hand, there are projects related to protocol expansion such as ethn, as well as various experimental projects like 721, serc :test_tube:. Regarding this part, our principle is to participate with an experimental mentality, choose innovative and useful use case-related projects, participate at a low cost, and avoid FOMO. The biggest risk point: Ethscriptions may be removed by Ethereum core? This is the same concern as Ordinals being removed by BTC core. However, Ordinals is currently deeply bound to various interested parties in the BTC ecosystem, and the ecosystem is developing rapidly, and it has opened up new use cases for BTC. BTC’s usage scenarios are more abundant. Therefore, the possibility of deletion is almost zero. The same principle applies to Ethscriptions.

Reference: https://twitter.com/OrdzWorld/status/1673599338449350656

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