How To Create Ethscriptions on the Ethereum Blockchain

Ethscriptions are the latest trend
in the Ethereum ecosystem. What are Ethscriptions you ask? That's
what this Beginner's Guide is all about. Everything you need to know about
Ethscriptions in less than 5 minutes. My name is Trevor
with CMC, and let's get started. So what are Ethscriptions? Ethscriptions are the Ethereum
equivalent of Bitcoin ordinals. They are NFTs without NFTs
as they allow you to share data. For now, only images
without creating ERC- 721 tokens. Their inventor claims inscriptions
are cheaper and more decentralized Than their token equivalents. To create an Ethscriptions,
you convert an image not bigger than 96 Kilobytes into a special code
called base64 encoded data URI. And you send this image with a 0 ETH
transaction to your desired recipient And insert the hex data in the
hex data field. Who created Ethscriptions? Ethscriptions were created by Tom Lehman, The co-founder of the music website
Genius.com and the Capsule 21 podcast123. He uses the pseudonym
Middlemarch on Twitter. Lehman launched Ethscriptions
Protocol on June 17th of 2023 And tweeted several times
about Bitcoin ordinals online before Launching them, suggesting that ordinals
inspired him to create this new protocol Ethscriptions versus NFTs. So the key difference
between Ethscriptions and NFTs Are that Ethscriptions use transaction
call data to store the image, And NFT use smart contracts
to store the metadata And link it to an external source,
storing the content. Ethscriptions are technically cheaper
to create and transfer than NFTs As they only require a 0 ETH transaction
with some hex data. You can make the argument
that Ethscriptions Are more decentralized than NFTs
since they host content Natively on Ethereum
without relying on third party storage. Ethscriptions support all data URIs
while NFTs are limited By the smart contract
standards and platforms that they use.

Ethscriptions
are currently limited to images, Which is something that Lehman plans
to change in the future over. Images have also been by far
the most sought after content for NFTs. Ethscriptions have a size limit of 96
kilobytes, restricting the potential For more complex and detailed data,
at the time of this video. Ethscriptions may not be compatible with
some existing NFT platforms or standards. The most significant Ethscriptions
collection is Ethereum Punks, Which is a collection of 10,000
ETH scribed punks on Ethereum. It minted out within hours of the launch. Let's talk about how to create
your own Ethscriptions. Ethscriptions
can be created within a minute. Number one, Convert
an image (maximum size is 90KB) to a base 64-encoded data using base64-image.de
or other similar services. The Ethscriptions protocol Currently supports images,
but other file types will be available. And number two, convert the URI to hex
using Hexhero or other similar tools And three send a transaction
to the address with the hex data. In the hex data field, The address will own the ether
Ethscriptions and transaction costs 0 Eth and four
or you can also connect your wallet And create your own Ethscriptions
directly on the website. Okay, now let's talk about the future
of Ethscriptions. So Ethscriptions follow the big Hype about bitcoin ordinals
and BRC tokens. But with NFT being a native feature
of Ethereum, you can't help But wonder whether Ethscriptions
are actually necessary. As so often in the crypto space, The future of an innovation will depend
on the uptake by the community. Lehman is bullish That Ethscriptions will find their place
in the future of Ethereum scaling, But some in the NFT community
are less bullish on their future. At the time of this video,
they have not caused a spike in gas fees And whether Ethscriptions will be able
to match the demand for ordinals Remains to be seen.

Let us know your thoughts about
Ethscriptions in the comments down below.

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