Ethscriptions, a new protocol inspired by Bitcoin Ordinals, has gained traction in the crypto market. Since its launch in mid-June, over 560 ether ($1 million) worth of tokens have been traded on OpenSea. Ethscriptions, also known as the ESC-20 token standard, allows users to create unique tokens on the Ethereum blockchain using transactional calldata. Developed by Tom Lehman, the protocol differs from Bitcoin Ordinals by generating NFT-like image artifacts embedded in Ethereum transactions. Despite the high trading volume, Ethscriptions is still in a speculative phase and lacks a clear value proposition compared to the ERC-721 token standard. Lehman believes Ethscriptions offers a cost-effective alternative to Ethereum NFTs, appealing to a wider audience. The protocol utilizes calldata as a data store, providing an affordable option for projects without immediate financial returns. By converting data into hexadecimal format and recording it on the blockchain, Ethscriptions effectively creates collectibles called “Ethscriptions.” While they are not traditional NFTs and cannot be transferred or sold in the same way, they serve as unique representations of data on the Ethereum blockchain.
Continue reading on Theblock.com
By
By
By
By
By