Blockchain Trends

What Are Ethscriptions?

Have you been waiting long for your transactions to be confirmed lately? “Ethscriptions” might’ve been the cause of some networks having been clogged recently.

What are Ethscriptions?

Ethscriptions is a new method of creating and transferring digital content for Ethereum-compatible networks, inspired by Bitcoin Ordinals. With this technology, you can attach an image to the transaction data field — so it becomes a part of the blockchain. You may say that there are NFTs for this purpose, but there is a crucial difference. NFTs contain only a link to an image, video, etc — the file itself is located out of the blockchain. Ethscriptions make it possible to store such content directly in the block.

What is the potential of Ethscriptions?

On the one hand, Ethscriptions give the possibility to securely keep files “on-chain” but, at the same time, cause network overload and increase fees. Only time will tell whether this technology is going to be a long-lasting thing.

Stay tuned! With NC Wallet, you are informed about all the significant trends in the industry.

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