New update brings NFT inscriptions to Ethereum
The cryptocurrency and blockchain community is abuzz with the announcement of a novel Ethereum-based service, Ethscriptions. This new platform provides a unique method for creating and sharing digital artifacts on Ethereum, leveraging the transaction calldata.
Source code will be publicly available soon
Middlemarch, one of the founding partners of NFT infrastructure enterprise Capsule 21, has unveiled an Ethereum-centric encoding system (dubbed Ethscriptions) that closely mirrors Bitcoin inscriptions.
The official announcement was made yesterday through a tweet.
The project’s developers, @0xHirsch and @duvtale, who helped with front-end development and background color selection respectively, were credited in the announcement.
Ethereum Punks new collection
Adding to the intrigue, the team also dropped Ethereum Punks, a collection of digital artifacts specifically designed for the Ethereum blockchain:
“ALSO: Introducing Ethereum Punks. Because why should all non-contract Punk collecting happen on Bitcoin?”
The collection has been a success so far, with an impressive uptake of 30,000 Ethereum punk mints in record time.
How does it work?
Ethscriptions work through a unique mechanism. Any successful Ethereum transaction, where the input data (interpreted as UTF-8) is a valid data URI, creates an Ethscription. The catch? The data URI has to be unique. Duplicate content gets ignored, and all valid mimetypes are supported.
Moreover, the uniqueness of the URI is confirmed by ensuring no Ethscription from a previous block or a transaction earlier in the same block shares the same content. This ensures the integrity and distinctiveness of each Ethscription.
In terms of ownership, the recipient of the creation transaction becomes the initial owner of the Ethscription, while the sender is marked as its creator. In a scenario where the input data of an Ethereum transaction is the transaction hash of a valid Ethscription, it becomes a valid Ethscription transfer, given the transaction sender is the Ethscription’s owner.
Interested parties can view all the Ethscriptions at ethscriptions.com/all. The website also offers the option to view Ethscriptions owned by specific addresses, providing a more tailored experience.
