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Michael
Michael
Jun 20, 2023
News

Ethereum Gets A Replica of “Bitcoin Ordinals”

NFT inscriptions appear on the Ethereum blockchain, a few months after Bitcoin Ordinals release.
Ethereum Gets A Replica of “Bitcoin Ordinals”

Following the recent release of Bitcoin inscriptions (aka Bitcoin Ordinals), the crypt community has received new momentum as Ethscriptions surface. The Ethereum-based service provides a unique method for creating and sharing digital artifacts on Ethereum. 

Ethscriptions was launched by Middlemarch, one of the founding partners of the NFT infrastructure enterprise Capsule 21. The developers designed Ethscription as an Ethereum-centric encoding system that resembles the preceding Bitcoin inscription. It has a unique mechanism that translates the input data (UTF-8) of an Ethereum transaction as valid data URI. The data URI must be unique to prevent duplication on the blockchain. However, all mime types would be supported. Such a mechanism will keep the integrity and distinctiveness of the blockchain. 

The recipient of the creation transaction will be the initial owner of the Ethscription while the sender serves as the creator. In such scenarios, if the input data of an Ethereum transaction is the transaction hash of a valid Ethscription it becomes a valid Ethinscription transfer. Interested creators can visit the Ethscription domain to have a glance through these assets. The website allows creators to view Ethsciption owned by specific addresses, providing a more tailored experience. 

Ethereum Enables Punks Collections

Middlemarch also unveiled Ethereum Punks, a collection of digital artifacts specifically designed for the Ethereum blockchain. The team is challenging the usage of all non-contract Punk collections on Bitcoin. In less than 18 hours, Middlemarch recorded about 30,000 Ethereum punk mints. 

The crypto community has applauded the team for such an amazing innovation curated. Some sects have noted that the Ethscription is more functional and reliable than Bitcoin Ordinals. Middlemarch has acknowledged some users are experiencing some issues with their innovation and promised to release an update to that effect. They also reiterate that they do not own any hidden information about a user’s creation.

Disclaimer: The information provided on this page do not constitute investment advice, financial advice, trading advice, or any other sort of advice and you should not treat any of the website's content as such. Individuals should do their own research before taking any actions related to the product they read about and carry full responsibility for their decisions.
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