The world of blockchain and NFTs is constantly evolving, with new projects pushing the boundaries of what’s possible. In this blog post, we’re excited to introduce you to Ethscriptions Tokens, a groundbreaking development in the Ethscriptions ecosystem. We’ll dive into what Ethscriptions Tokens are, the concept of token splitting, and the upcoming decentralized exchange (DEX) – all designed to provide users with more flexibility and opportunities within the Ethscriptions platform.
Understanding Ethscriptions Tokens
To grasp the significance of Ethscriptions Tokens, it’s essential to understand their origins. Inspired by Bitcoin inscriptions, these tokens have become a vital part of the Ethscriptions ecosystem. Essentially, they are special data entries that follow a specific format. For example:
While the Ethscriptions Protocol treats these tokens as plain text, the community consensus has endorsed the idea that holding one of these mint Ethscriptions increases the holder’s balance by 1000 tokens. Similarly, transferring such an Ethscription results in a 1000-token transfer.
The community’s enthusiasm for this concept is evident, with the total volume of all tokens on Ethscriptions now exceeding 1500+ ETH!
Token Splitting & $eths
As the Ethscriptions ecosystem matures, the demand for trading these tokens in smaller quantities has grown. This is where token splitting comes into play, allowing users to hold and trade fractions of tokens like $eths.
To cater to this demand, Ethscriptions is introducing an official solution: token splitting through Dumb Contract bridges. Each token will have its dedicated bridge. We’re thrilled to announce that $eths will be the first Ethscriptions token to have its official bridge, and bridges for ETH and potentially other assets are also in the pipeline.
Here’s how the $eths token bridge works:
- Users transfer a mint Ethscription to the Bridge Smart Contract.
- The Bridge Smart Contract notifies the Bridge Dumb Contract of the incoming Ethscription.
- The Bridge Dumb Contract validates the incoming Ethscription.
- If valid, the Bridge Dumb Contract mints 1000 Dumb Contract $eths tokens to the user.
- Users can buy, sell, or use these Dumb Contract tokens as they wish.
- To reclaim the mint Ethscription, users can burn their Dumb Contract $eths tokens and request withdrawal through the bridge operator.
- The bridge operator creates a withdrawal signature for the Smart Contract Bridge.
Introducing: The Dumb Contract DEX
Token splitting is most valuable when users can trade these fractional tokens seamlessly. That’s why Ethscriptions is excited to announce the development of a full-featured Dumb Contract DEX. Users will have the ability to deploy this DEX, and it is currently planned to implement a version of UniswapV2.
This DEX architecture empowers users to swap Ethscriptions-based tokens, bridged ETH, and Dumb Contract-native tokens with ease. Ethscriptions will deploy and manage an official DEX, so stay tuned for updates!
Centralized Exchanges (CEXs)
Centralized exchanges (CEXs) will also have the opportunity to list Dumb Contract tokens. The Dumb Contract token standard aligns with ERC20, making it familiar and accessible to CEXs. Ethscriptions is committed to collaborating with CEXs to ensure a smooth integration process.
A Focus on Decentralization
As the Ethscriptions ecosystem evolves, community consensus becomes increasingly important. Ethscriptions is dedicated to making Dumb Contracts safe and feature-rich, with the aim of establishing them as the official token splitting method within the ecosystem.
Dumb Contracts have transitioned from a concept to a live testnet implementation in less than a month. The Ethscriptions team is committed to delivering progress as swiftly as, or even faster than, our competitors. However, building a robust ecosystem takes time, and we appreciate the patience and support of the community.
Ethscriptions is a decentralized protocol, and while we have outlined our official vision, users will have the freedom to create their bridges and DEXs. We invite you to participate in this open-source development by joining our Discord [link] or reaching out to us directly.
Don’t forget to mark your calendars for the upcoming Q&A session, where you can have your questions answered. The Ethscriptions journey continues, and we’re excited to have you along for the ride in this pioneering adventure in blockchain and NFT innovation.