As a new concept stemming from the booming trend of ordinals in March, Ethscription is often misunderstood as a mere copycat of Inscription on the Ethereum mainnet. However, within a span of just 6 months, thanks to the hard work of protocol founders and the community, the development roadmap and the narrative surrounding Ethscription have undergone fundamental changes.
In July, the Ethscription Project was selected as the core project in the Ethereum Infrastructure sector for Gitcoin round 88(https://explorer.gitcoin.co/#/round/424/0x222ea76664ed77d18d4416d2b2e77937b76f0a35/0x222ea76664ed77d18d4416d2b2e77937b76f0a35-20). It received donations from 2932 contributors. Since then, the Ethscription global community, a decentralized community now with over 5000 members worldwide, has been actively suggesting, promoting, and building the project together with the protocol founders.
Now, the core protocols of the Ethscription Project, namely the Dump contract and dumpswap, will be deployed on the Ethereum mainnet in early November, heading to reshape decentralized processing and computation on Ethereum.
The advantages of Ethscription align with the importance of maintaining a strong base layer, achieving a balance between user-friendliness and decentralization, and fostering collaboration between technology and the community to create a sustainable ecosystem.
Etherscription provides a secure and trustless protocol, allowing users to execute contracts without relying on third parties. It is a decentralized solution that redefines the on-chain data of the Ethereum mainnet by utilizing calldata (3.4Mb size after ESIP-3 upgrade). This approach ensures independence from individual permission or control, especially considering the possible backdoors and recent shutdowns of certain Layer 2 solutions. By eliminating the need for trust, ETHS enhances the robustness of the base layer.
Furthermore, Etherscription is designed to be user-friendly, enabling users to easily interact with the protocol without facing any technical barriers. It simplifies the process of extracting and encrypting messages, making it accessible to a wider range of users directly on mainnet with lower cost. On the Georli testnet, data shows that the gas fee will be significantly lower, only 1/40 of the cost on the main net and 1/10 of most Layer 2 solutions. ESIP 5&6 are currently being deployed on the mainnet, and bulk transfers could be handled smoothly with a gas fee of only ~0.11ETH for 4000 ETHS (4,000,000 original tokens of Ethscription) transferred at once. Additionally, Ethscription does not rely on any off-chain resources or indexers, ensuring that it remains decentralized and resilient to external dependencies.
Ethscription introduces various technical principles and features to enhance the functionality of the Ethereum network, considering both technology and ecosystem. It incorporates a decentralized contract escrow mechanism, an Ethereum mainnet extension, an Ethscription virtual machine, and EOA batch generation capabilities. These technical advancements contribute to the overall ecosystem by providing new possibilities and expanding the capabilities of the Ethereum network. With the large and strong developer community of Ethereum, we can expect more use cases on Defi, Gamefi, and SocialFi in the near future. At the same time, the strong and active Etherscription community will contribute to the growth of the ecosystem. They will drive the data flywheel by serving as the initial seed users for these use cases.
On October 24th, 2023, the founder of Ethereum, Vitalik, delivered a 20-minute speech titled “The Future of Ethereum and its Development Roadmap” at the ETH HK event. Below are three key conclusions from his speech, which demonstrate his expectations and thoughts on the future of Ethereum:
- It is crucial to maintain a strong foundation while cautiously expanding certain aspects of Ethereum’s capabilities.
- Striking a delicate balance between user-friendliness and the advantages of decentralization is a complex challenge.
- Both technology and the ecosystem play vital roles in Ethereum’s future.
We can expect Ethscription to play an important role in the booming Ethereum ecosystem. It is currently working towards achieving a cautious expansion goal while maintaining a delicate balance between user-friendliness and the advantages of decentralization. The project aims to build a healthy and sustainable ecosystem that bridges the gap between technology and community.
You can find more information about the Ethscription Project at https://dumbscan.com/ and about dumpswap at https://dumbswap.app/.