What is the Ethereum In_script_ion? Why is it Different?

TD;LR

When talking about Ethereum, it often refers to smart contracts and Layer2. In terms of innovative breakthroughs in application construction and improving network throughput, Ethereum has achieved many things. It can be said that Ethereum once changed the blockchain through smart contracts.

On this year’s In_script_ion Track, the Bitcoin public chain led by BRC-20 is so strong that it is beyond doubt, that its brilliance conceals a series of new narratives; When in_script_ion protocols appear on other chains, they all look like following the trend or imitating. The appearance of in_script_ions on Ethereum, which represents “innovation,” has led some to ridicule that “the Ethereum ecosystem has started reversing by imitating the BRC-20.”

But in reality, the existence of Ethereum in_script_ions is not just about “imitating BRC-20.” What is its underlying logic? What are the advantages and long-term potential?

What are Eth_script_ions?

The concept of Eth_script_ions was proposed by Tom Lehman and on June 17, 2023, a search engine and website were developed for the protocol. It is a new way to create and share digital artworks on Ethereum using transactional calldata.

So what is calldata? Simply put, when sending Ethereum to others through Ethereum transactions, calldata is the “remarks column.” Sometimes people will write something in the comments section. When interacting with a smart contract, you can add information passed to the smart contract in the calldata field, including function names and parameters.

Eth_script_ions encode data into calldata, but this information is not specific to smart contracts. Specifically, it will first create a “send to oneself” transaction with a transaction amount of 0, with the same address from to. At the same time, the player will write the code of the text or image into the remarks column. After the transaction is completed, this information will become information that can be viewed repeatedly and will never disappear.

As a reference, BRC-20 uses Segwit to save data in witness data; In short, they all attach data to the on chain information in some way, so we call it in_script_ions.

BRC-20 is inscribed in Bitcoin information, while ETHs are inscribed in transaction data. Whether it is the smallest unit of Bitcoin or transaction data, they cannot be tampered with or deleted, in order to achieve the purpose of permanent data existence.

Why do we Need Eth_script_ions

If you trade on the Ethereum mainnet, you will inevitably feel that the gas fees on Ethereum are so expensive, which is also inevitable. After all, Ethereum has become a huge and heavy system, and it is difficult to interact lightly on it; Currently, innovations such as L2 and modular blockchain are improving these issues. However, for most users, smart contracts and L2 (currently centralized) have significant costs, and Eth_script_ions are their substitutes.

Eth_script_ions allow users to share information and perform calculations on Ethereum L1 at an extremely low cost, and are more decentralized because it bypasses the storage and execution of smart contracts and comes with anti censorship features. Although Eths may limit the size of the data you inscribe (96K), it can manufacture a “permanent storage” of data at an extremely low cost.

Tom’s original intention was to reduce NFT minting costs through Eth_script_ions and provide a more decentralized approach than smart contracts; At present, Eth_script_ions mainly play the role of inexpensive NFTs. After the launch of Eth_script_ions virtual machines, they will become a cheap alternative to Ethereum virtual machines, and may even host application setup or network scalability issues.

How to Inscribe and Trade ETHs In_script_ions

There are currently three mainstream trading markets: ETCH market, Eth_script_ion, and orderX. Among them, Eth_script_ions was the initial native market, but due to its average user experience, its liquidity was poor; The ETCH market is the most mainstream and commonly used trading market.

Taking ETCH market as an example, you can select and search for tokens or collectibles of interest in the marketplace, view information and conduct transactions in the listed collectibles;

Inscribing and minting are also very simple. By selecting tokens, you can view the tokens being minted, connect the wallet, and inscribe them; At present, it seems that the process of inscribing on Eth_script_ions is very simple and cost-effective, and the steps are clear. After completing the minting, players can view specific information on Etherscan.

The Current Situation and Future of ETHs

Because the minting cost of ETCH is extremely low, its growth effect is very significant; On December 26, according to ETCH data, the floor price of Eths exceeded 7.24 ETH, with a market value of around 340 million; Recently, ETHS has not been as popular as BRC20 or other public chains, as various CEXs have not yet been launched and there has been no popular FOMO effect; At the same time, the liquidity is not high, but it can be seen that unlike most current in_script_ions protocols, Eth_script_ions is a long-term vision project and may even participate in L2 narrative competition (although the information is still relatively basic).

The long-term value of Eth_script_ions is worth looking forward to, and it has gradually been recognized, so its community has also grown. When developers release more information, I believe we can win a new wave of growth.

Looking back on its journey, Eth_script_ions has evolved from an NFT manufacturing protocol towards a broader track. On August 8th, ESC VM (Ethereum In_script_ion Virtual Machine) testnet launched and introduced the “Dumb Contracts” system for Eth_script_ions, allowing users to interact with it through the In_script_ion.

With the Eth_script_ions of the Dumb Contracts contract system, it will become a member of the new Ethereum storytelling parallel to L2. Although it may not be able to handle complex requirements, some simple instructions may be suitable for solving this “lightweight” protocol, which may be exactly what Ethereum needs.

Of course, more information needs to be monitored in real-time by developers and communities; If this vision can be executed and implemented healthily, ETHS and other in_script_ion assets as native tokens can also take off.