Ethereum inscription: A new form of digital art creation

Ethereum inscription ( Ethscriptions ) is a new way to create and share digital artwork on the Ethereum network, utilizing the calldata of transactions to achieve this. Compared to traditional NFTs, this method is more cost-effective and has a higher degree of decentralization. Traditional NFTs typically rely on data stored in specific smart contracts, which may be controlled by a single entity.

The inspiration for Ethereum inscriptions comes from Bitcoin inscriptions (Bitcoin Inscriptions), but it was also inspired by a famous early Ethereum transaction. Unlike Bitcoin ordinals (Ordinals), Ethereum inscriptions do not require running a full node to synchronize data, making them more convenient to use. Additionally, compared to Bitcoin wallets, the public is more familiar with using Ethereum wallets.

inscription Working Principle

• When the input data ( of an Ethereum transaction is parsed as a valid data URI in UTF-8), an inscription will be created, provided that the data URI is unique. All valid MIME types are supported.
• The uniqueness of the URI refers to the fact that there is no identical content in previous blocks or earlier transactions within the same block.
• Any Ethereum transaction that has valid inscription transaction hash as input data and the transaction sender is the owner of that inscription shall be considered a valid inscription transfer.

Creating Inscription Method

1. Upload images for one-click minting through the official website, with a maximum image size of 96KB.

2. Manual operation steps:

• Use an online tool to convert the image ( to a Base64 encoded data URI with a maximum size of around 90KB.
• Convert data URI to hexadecimal format.
• Send a 0 ETH transaction to the target address, filling in the converted hexadecimal data in the "Hexadecimal Data" field.
• After the transaction is successful, the inscription should appear on the official website's "My Inscriptions" page, provided that the data has not been inscribed by others.

Transfer Inscription Method

• Find the inscription ID ) and the transaction hash ( that created the inscription.
• Send a 0 ETH transaction to the recipient, filling in the inscription ID in the "hexadecimal" field.

inscription tracking

Currently, the latest minted inscriptions can be viewed on the official website or queried using the indexer. The official indexer has not been open-sourced yet, and users can obtain historical data from BigQuery and access real-time data through the Alchemy API.

Some users have built Ether inscription panels on Dune, which can be used to query related inscription situations.

Founding Team

The earliest Ether inscriptions were created in 2016, but the official protocol, website, and supporting indexer were developed by Tom Lehman)Twitter:@dumbnamenumbers(. Tom Lehman is the co-founder and CEO of Genius, an online media platform that popularizes music intelligence, which has received $15 million in Series A and B funding from A16Z.

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Latest Update

Founder Middlemarch announced three major updates for Ethereum inscriptions on Twitter on June 20.

1. Inscription Number: Now displays the creation order number of the inscription, #0 is the genesis inscription uploaded by the founder.

2. Rewritten Indexer: To achieve stable and consistent numbering, the inscription indexer has been rewritten. The new indexer can index blocks more carefully and quickly, avoiding disorder.

3. Double-check: The page created now automatically checks whether the content has already been inscribed and provides a warning to avoid creating invalid inscriptions.

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Ether inscription gameplay

After the launch of Ethereum inscription, the first project collection "Ethereum punk" quickly completed its minting, and the current floor price on OpenSea is 0.065 ETH, with active trading.

Then, a token gameplay similar to BRC-20 appeared, such as $eths. Players mint by converting specific codes into hexadecimal strings and then performing a 0 ETH transfer to themselves. Since inscriptions are non-reusable, the ID needs to be modified by the player and is limited to below 21000.

Currently, the token standards for Ethereum inscriptions have not been established. Any content minted in the form of data is considered valid, but is only interpreted as plain text. The transfer and construction functions of tokens await further development of the protocol.

The trading of $eths is mainly conducted over-the-counter, with an initial cost of about $0.8, and the price has reached anywhere from tens to hundreds of dollars. Due to insufficient liquidity and lack of reference standards, the trading risk is relatively high.

In addition to $eths, there are also $gwei, $fomo, and other gameplay. Some users have also inscribed information related to Satoshi Nakamoto on Ethereum, such as the news headline from the Bitcoin genesis block and Satoshi's classic reply.

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Summary

From recursive inscriptions to Ethereum inscriptions, the rapid conversion reflects the fast-paced development in the cryptocurrency field. The emergence of new concepts often sparks controversy; some view it as innovation, while others see it as a regression. However, the existence of new things is inherently rational, providing new choices and perspectives for the blockchain ecosystem.

Whether it is speculation or innovation, Ethereum inscriptions enrich the blockchain ecosystem, providing users with low-cost participation opportunities and new avenues for value discovery. Its development will continue to drive exploration and innovation in the crypto space.