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Bitcoin Ordinals have gathered much popularity and are attracting buyers in record time. The success of Bitcoin blockchain based digital art pieces was nothing short of extraordinary. Meanwhile, Ethereum based tokens on Etherscriptons protocol are catching the attention.
OpenSea data suggests that Etherscriptions tokens have accumulated trading volume worth 560 ETH, or equivalent to $1 Million. The trading volume was generated within a matter of days, since the launch of the tokens in mid-June.
The ESC-20 token standard enables users to create unique tokens which utilize the calldata of transactions carried out over the Ethereum blockchain network. Ethereum developer Tom Lehman launched the protocol in June this year.
Ethscriptions also leverage the inscription akin to Bitcoin Ordinals. Though the process is similar, the difference is in strategy where the former utilizes the Ethereum transaction calldata as base to generate images and artifacts like NFTs.
Traders took serious interest in Ethscriptions project given that it is open-source. Trading volume hit the $1 Million mark within 10 days of its launch.
Ethereum Based Project Needs More Time
As the project is still in its infancy, speculation is fairly high. Also, the project is said to be refrained from a clear value proposition.
The reason behind the prevailing uncertainty could potentially stem from the widespread adoption of NFTs that utilize the ERC-721 token standard. This standard is widely regarded as the default method for creating and exchanging image-based collectibles on the Ethereum blockchain. Nonetheless, Tom Lehman, the creator of Ethscriptions, claims that his platform offers a cost-effective alternative to Ethereum-based NFTs.
According to Lehman, Ethscriptions lays emphasis on utilizing calldata as a data store for facilitating the exchange of various items, including image art. This approach offers a more affordable alternative to the significant computational expenses involved in executing intricate smart contracts on the Ethereum network, particularly for projects that do not yield immediate financial returns, such as trading “JPEGs.” Essentially, Ethscriptions provides a viable solution.
Lehman elieves Ethscriptions will surpass NFTs because NFTs are primarily accessible to affluent individuals, while Ethscriptions aims to be inclusive and available to everyone.
In Ethereum, the term “calldata” refers to a specific field within a transaction that contains the encoded logic and function signature required to invoke a particular function within a smart contract. This data is essential for executing specific operations within the contract.
Traditionally, calldata has been employed to provide instructions to smart contracts regarding which function to execute and with what parameters, thereby being permanently recorded on the blockchain with the transaction. On the other hand, Ethscriptions introduces a novel application of calldata. In the case of Ethscriptions, calldata is utilized in a unique manner to generate art collectibles.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
