The continuous evolution of blockchain technology brings forth intriguing innovations, including new digital collection mechanisms like Ethscriptions and Bitcoin Ordinals.
Ethereum Inscriptions and Bitcoin Ordinals enable the transformation of real-world objects such as art, music, photos, videos, etc, into digital assets (NFT). This introduces a new revolutionary shift in the digital content markets.
What is Ethscriptions?
Ethscriptions is an NFT protocol built on the Ethereum mainnet and was launched in June 2023 by Tom Lehman, also known as Middlemarch.
Unlike traditional NFT, Ethscriptions includes a Uniform Resource Identifier (URI) in every transaction on the Ethereum network, utilizing the calldata mechanism.
In contrast, Ethscriptions does not directly interact with smart contracts, resulting in more cost-effective and faster transactions. It introduces a unique mechanism by directly linking digital collection information to transactions on the Ethereum network, making it more efficient.
This approach proves more effective compared to the ERC-721 concept, eliminating the need for user interaction with smart contracts.
The protocol relies solely on Uniform Resource Identifiers (URIs) in each transaction, automatically generating digital identities without the need for minting processes.
What is Ordinals?
Ordinals, or Bitcoin NFT, is a protocol designed by software engineer Casey Rodarmor to enable the creation of NFTs on the Bitcoin blockchain. Users can embed photos, audio, and videos into each satoshi within Bitcoin network transactions, similar to traditional NFTs.
A satoshi is the smallest unit of Bitcoin (BTC), this is equivalent to 0.00000001 Bitcoin. The process of embedding data into each satoshi is known as “inscription,” and it can be done without the need for sidechains or external token dependencies on the Bitcoin network.
What distinguishes Ordinals from traditional NFTs is that one inscription can encompass multiple digital assets.
This protocol offers wider scalability and adds a unique dimension to the creation and management of digital assets on the blockchain network.
Differences Between Ethscriptions and Ordinals
Bitcoin Ordinals and Ethereum Inscriptions are protocols with similar fundamental concepts. Both leverage transaction forms, in general, to create digital collections directly linked to the information of each transaction without going through smart contracts.
However, there are some important differences between these two.
Use Cases
Ethscriptions current usage is limited to storing images only, but there is potential for future expansion to accommodate different file types. On the other hand, the Ordinals protocol can be used to store diverse digital collections, including artworks, profile pictures, videos, and game characters.
Network
Ordinals utilize existing transaction data on the Bitcoin network without altering its fundamental information. On the other side, the Ethscriptions protocol implements a calldata mechanism directly linked to every transaction on the Ethereum network.
Transaction Costs
Transaction costs for Ordinals on the Bitcoin network range from $1 to $5. On the other hand, Ethscriptions costs on the Ethereum network, according to official Ycharts data, range from $0.3 to $0.6.
Data Mechanism
Bitcoin Ordinals utilize existing transaction data without altering the basic information. The Ethereum Inscriptions protocol uses a calldata mechanism directly linked to each transaction on the Ethereum network.
Conclusion
Bitcoin Ordinals and Ethscriptions are advanced innovations that introduce a new form of Non-Fungible Token (NFT) protocol with lower costs.
Both utilize existing transactions without the need to interact with other decentralized applications, making the process more efficient.
Overall, these two protocols serve as a significant indication that blockchain technology still holds much untapped potential.
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