Ethscriptions and Ordinals are two innovations in the blockchain space that have the potential to revolutionize how we interact with cryptocurrencies. Ethscriptions, launched by Tom Lehman, co-founder of Genius.com, are digital entities stored on the Ethereum blockchain that leverage Ethereum’s “calldata” to inscribe non-financial data directly onto the blockchain. Despite currently only supporting images, the scope for diversification in data types is vast.
On the other hand, Ordinals use Bitcoin’s blockchain to encode diverse data types onto a satoshi, the smallest divisible unit of Bitcoin. Each satoshi carries a unique number, or “ordinal,” based on its mining order, and when data is inscribed onto them, they become unique digital assets. This extends the concept of non-fungible tokens (NFTs) to the Bitcoin ecosystem.
While Ethscriptions and Ordinals operate on different blockchain platforms and use distinct methods, they both aim to incorporate non-financial data directly into their chains to revolutionize the blockchain space.
Ethscriptions currently have limitations in terms of data size and type, only supporting images under 96 kilobytes. Ordinals, on the other hand, can handle up to 4 megabytes and accommodate text, video, and other file types.
To create Ethscriptions, users can go to the Ethscriptions.com platform and follow the step-by-step guide. They need to connect an Ethereum wallet, like MetaMask, and upload an image not exceeding 96KB in size to convert it into an Ethscription.
These new developments in web3 and the NFT sector enable the inscription of various data onto distinct cryptocurrency units, expanding tokenization possibilities. This could lead to a more decentralized, blockchain-based internet where digital ownership is transparent and verifiable. The potential widespread use of Ethscriptions and Ordinals may integrate blockchain technology more deeply into our daily digital lives.
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