Welcome to the Elastos Blog
Read it here first
Escription: The First Smart Inscription Marketplace is LIVE
Escription, the first smart inscription marketplace for ESC-20 tokens, is now live on Elastos! Escription enables unique data to be inscribed directly onto the Elastos Smart Chain blockchain. The uniqueness of these inscriptions lies in their immutability and the proof of ownership they provide. Being the first platform to offer such a service on ESC, Escription simplifies the process of creating and trading ESC-20 inscriptions. Today, Escription supports a new launchpad for financial tokens on Elastos, similar to Bitcoin’s BRC-20 tokens.
History of Inscriptions
Bitcoin inscriptions began as a means to permanently include unique identifiers or messages within a Bitcoin transaction, serving as a rudimentary precursor to smart contracts. These inscriptions were simply data embedded in a transaction’s output and could be anything from text to complex instructions.
After the Segregated Witness (SegWit) and Taproot updates to Bitcoin’s protocol, which took place in 2017 and 2021 respectively, Bitcoin Ordinals introduced a system to individually number and track satoshis, the smallest unit of Bitcoin. This enabled each satoshi to carry distinct information, making it possible to create digital artefacts akin to NFTs on the Bitcoin blockchain. This innovation was significant because it allowed for the representation of unique digital assets on a blockchain initially designed primarily for financial transactions.
In March 2023, a programmer known as Domo established the BRC-20 standard to mint fungible tokens on Bitcoin, starting with “ordi.” This spurred wallet support and the launch of many BRC-20 tokens, including memes, leading to soaring values, market caps, and increased network congestion and transaction fees by May 2023.
Ethscriptions serve as Ethereum’s innovative response to Bitcoin Ordinals, enabling a vast array of digital entities beyond minimal currency units to be inscribed on the blockchain as unique data URIs. URI (Uniform Resource Identifier) refers to a string of characters used to identify a particular resource or piece of data on the blockchain. By harnessing Ethereum’s smart contract technology, Ethscriptions facilitate not only ownership but also dynamic and programmable interactions with the data, positioning themselves as a versatile tool for digital innovation within the blockchain domain.
Smart Inscriptions on Elastos and The Bigger Picture
Escription now enable users to mint, buy, and trade inscriptions on ESC for less than a cent! However, the platform aims to go beyond just generating and trading Elastos inscriptions in the coming months. Its vision is to merge Bitcoin and Ethereum innovations to create a smart inscription economy. Looking ahead, the platform plans to integrate BeL2, the Bitcoin Elastos Layer 2 protocol. This integration will allow Bitcoin inscriptions to be bridged into ESC, creating a ‘daughter’ inscription that mirrors the ‘parent’ inscription on Bitcoin. As a result, the value of Bitcoin inscriptions can be transformed into the programmability of Ethereum’s system, using the Elastos SmartWeb.
Enabling Bitcoin inscriptions to be used in smart contracts on ESC opens avenues for new decentralized finance applications and utility models for Bitcoin down to each Satoshi, such as payments and loans. This enhancement of Bitcoin inscription value aligns with the core principle of BeL2, which is to make Bitcoin Smart in everything by delivering smart contracts using it’s layer2 solution. This is achieved without fundamentally changing Bitcoin.
Head over to Escription today and try it out for yourself! Mint ESC-20 inscriptions and join the team on their journey as they integrate BeL2 and support making everything on Bitcoin Smart! Follow our X account for the latest updates, including upcoming airdrops, passed by the Cyber Republic DAO, to support interactions.