Let’s talk about inscriptions.
All the craze started with the Ordinals protocol and Bitcoin inscriptions. This innovative new technology has opened up a new world of content creation that could ignite a wave similar to when NFTs took the world by storm. What are inscriptions? Why are they significant? Where are we heading with them?
What are Ordinals and Inscriptions?
It started with the Ordinals protocol, the project for creating Bitcoin non-fungible tokens (NFTs); crypto inscriptions are the new method of writing data that drives this project. Ordinals are the means of ordering satoshis to create NFTs. Crypto inscriptions are the “stamping” of a signature or metadata onto the transaction call data, or in Bitcoin’s case, onto satoshis; it’s the content of the NFT. Inscriptions embed images, text, audio, or videos onto the satoshis or call data. Engraving content into the data through inscriptions can implement a range of applications.
Using Bitcoin Ordinals, which are Bitcoin NFTs, as an example, let’s examine the difference between these inscription-based NFTs and older NFTs. What makes them different?
For one thing, Ordinals at its base are just satoshis while NFTs are new tokens. Ordinals keep their metadata within the chain as opposed to other NFTs where they keep them separated and off-chain, only referencing the token. This means the blockchain itself is the NFT. The on-chain nature of Ordinals makes them immutable while other NFTs are alterable by the creator or the owner. The immutability of inscriptions paves the way for NFTs that feel more grounded to the blockchain.
Crypto inscriptions, at its simplest, are a new way to store data on the Bitcoin blockchain. Going deeper, crypto inscriptions can create a brand new market like when NFTs first blasted into the spotlight. Crypto inscription is the topic around town, and crypto enthusiasts everywhere are all looking at it.
What’s so Hot About It?
Next, let’s talk about why inscriptions are so popular lately. What are some of the features and pros ?
Non-fungible: Inscriptions are unique. As each one is created by engraving into call data, they will stay permanently embedded into the network.
Immutable: Inscriptions, as mentioned previously, are stored on the blockchain. This means they aren’t alterable, adding a sense of security.
Potentially Limited: The quantity can be restricted and cannot be altered. Depending on the chain involved, inscriptions could be limited in quantity, which adds value security. An example of this would be Bitcoin inscriptions as there are only so many satoshis.
Part of the Web3 and crypto world is jumping on trends as soon as they rise in popularity. Crypto inscriptions are a perfect example of a brand-new piece of technology being quickly adopted by the biggest players to become the next trend. Bitcoin started the craze, and it wasn’t long before giants like Ethereum started implementing their own versions. As more and more blockchains look to the viability of having inscriptions on their chains, new content will be generated to kick-start a whole new era.
Inscriptions have only started making their way into the crypto scenes and they will likely continue to garner attention as the allure of creating unique content balloons.
What are Some Top Blockchains with Inscriptions?
Following the Bitcoin inscriptions craze, many other blockchain giants have adopted their own inscriptions. Here are some of the major names in the game:
Ethereum: Ethereum was one of the first to jump on the train. Ethscriptions takes the original concept and attempts to create a less centralized and more cost-effective version.
Solana: Solana inscriptions have also been introduced. These work like reserving a piece of the chain to represent your identity and ownership in Solana’s chain and history, playing to the proof-of-history nature of Solana.
Avalanche: Avascriptions have been popping off lately. The characteristics and concept are similar to the ones mentioned above, and 90% of all transactions on Avalanche have been inscriptions at the time of writing.
As more and more blockchains adopt inscriptions onto their network, this could become the next craze in the crypto world.
ThunderCore and Inscriptions?
Inscriptions on ThunderCore are also a possibility that might come in the future. This would open up a whole new array of opportunities and utility for users, and it’s certainly a very exciting prospect. ThunderCore is an EVM-compatible blockchain featuring a breakthrough consensus protocol, PaLa, allowing lightning-fast efficiency. With users in more than 100 countries, this blockchain emphasizes a growing global reach. ThunderCore offers a native currency, TT, and nurtures an innovative ecosystem within the TT Wallet mobile app. The high efficiency and low-cost nature of ThunderCore would play very well in adopting this new and exciting technology.
What’s Next?
We will continue to explore new and old technology alike so everyone within this ecosystem is equipped with the knowledge to seize opportunities as soon as they arise. Feel free to read up on our past Thunder Academy articles or recap the various updates we have! Until next time, on the ThunderCore Blog.
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