Zhaopin Investment Research Institute Briefing - Ethscriptions Protocol
The Ethscriptions protocol (hereinafter referred to as the eths protocol) is a protocol for building and sharing native digital assets on the Ethereum chain.
Ethscriptions have been available since 2016. However, the birth of the eths protocol itself was inspired by the btc inscription protocol, which was launched by Tom Lehman.
To date, there are over 2 million inscriptions on Ethereum. The Eths protocol not only brings inscriptions on the Ethereum chain, but also attempts to bring new explorations to the Ethereum L1 expansion. Simply put, it has several key points: * Utilizes the calldata on Ethereum. The Eths protocol uses Ethereum transactions to call data calldata to store data instead of smart contracts, which has the opportunity to reduce fees.
So, how is calldata used? In ordinary transfer transactions, the user sends eth and calldata as "comment feild", which will generally be left blank. If you interact with a smart contract, the "function name and parameters" information will be added to the calldata field. Ethscriptions also uses a similar method. It encodes data into calldata, but it is not for smart contracts. It has the concept of dumb contract (the name is also interesting, in sharp contrast to smart contracts). In this way, ethscription is completely on the Ethereum chain, achieving permanent existence, and is suitable for building native digital assets on Ethereum, etc.
* The Eths protocol is not L2, it is a new expansion exploration. Eths and L2 explore different technical routes. In terms of the current scalability of Ethereum, there is still a lot of room for development.
And importantly, there are certain trade-offs in different technical routes, and there is no question of who to replace for the time being. For the eths protocol, some relatively simple functions are currently implemented through dumb Contract and ESC VM, and its biggest narrative comes from the general computing possibilities of ESC VM. If there is a chance to reach this point in the future, for eths, it will have the opportunity to bring more application scenarios and further enrich and prosper the Ethereum ecosystem.
