How the blobscription named by Vitalik opens up a new narrative space for eths

Original source: Killer Research

On March 28, V God publicly tweeted the platform Ethscription: "Dencun hard fork has been activated, thank you Blobscriptions, the blob fee market is now in "price discovery mode"."

Blobscriptions is a new feature launched by Ethscription on March 27. In a short period of time, it triggered the attention of many companies such as Vitalik Attention from celebrities and project parties. Up to now, Ethscription has become one of the universal scalability solutions that combines off-chain computing capabilities with Ethereum ecological legitimacy.

1. Cutting-edge Ethereum Layer2 - Facet

In August 2023, Ethscriptions introduced a virtual machine (ESC VM, later renamed Facet VM) to enhance its functionality and make it In theory, it can become a universal computing engine. In October 2023, Taiming launched Dumb Contracts technology, which allows sharing information and performing calculations at low cost on Ethereum L1. It powers smart contracts and computations by applying rules to Ethereum-aligned data. It can run directly on the main network and realize the functions of smart contracts, while reducing the gas cost of on-chain operations.

At this level, Ethscription has gone far beyond the level of inscriptions, can execute more complex contract logic, and assumes the mission of scalability for the Ethereum main network. The inscription ecology has also begun to show great potential. For example, Binance liquidity aggregator Orion announced that it will release the relay Scorpio on the Ethscriptions platform, which will apply the traditional Ethereum state Dapp to the Ethereum system through bridge contracts and smart contracts. In the future, it will introduce stable and reliable calculations to Ethscriptions. Liquid staking, cross-chain bridge and other products.

Ethscription has put forward many proposals to enhance scalability, such as ESIP-4, which supports the deployment and interaction of Dumb Contracts, improves functionality and scalability, and simultaneously launched Dumbswap to support $eths and other tokens. currency circulation; ESIP-5 transfers coins in batches in strategic transactions. ESIP-6 proposes a backward-compatible mechanism that can create and process duplicate information in the protocol after the proposal is launched to adapt to more complex contract functions and applications in the future. It can be seen that all the construction of Ethscription is paving the way to support more, stronger, and more complex functions and products.

2. New changes brought about by the Cancun upgrade - Blob

Speaking of Blobscriptions, the new function of Ethereum inscriptions on the V God platform, we must first start with the Cancun upgrade of Ethereum.

In order to achieve data availability, the various Rollup schemes we are familiar with need to upload data to the Ethereum main network as L1. These data need to be placed and exist in L1 so that everyone can see them. When you want to challenge can be verified. So what needs to be done is to reduce the cost of this upload.

The Cancun upgrade of Ethereum in March introduced a new transaction type called Blob. Blob has two characteristics:

(1) The value in the Blob cannot be included in the contract. It is read directly, because it only needs to be saved, and there is no need to actively read and perform verification

(2) There is a retention period, which is currently 18 days. The main idea of ​​this design is: you only need to save the data long enough for the nodes to have enough time to synchronize the data, and the task of saving all complete historical data should be left to those who are interested in those data. The current solution provided by Ethereum The method is to only save it for 18 days.

Blob can essentially be regarded as a temporary storage space. The data content of Layer2 transactions can be moved to a new temporary blob for storage. Layer2 transaction data is not actually stored in Layer1. On the one hand, it greatly reduces the storage cost of L1. On the other hand, it can store large-capacity data more conveniently and achieve capacity expansion. In other words, Rollup needs to upload data to L1, which used to rely on calldata. After the Cancun upgrade, the data of Layer2 rollup can be transmitted to layer 1 at a lower cost in the form of blobs, and does not need to be permanently stored like calldata.

After introducing blob, the next step is to get consistent support from all clients. Vitalik pointed out in the latest long article "Sequel to Ethereum Evolution" that in the future, blob capacity will be gradually increased and L2 will be improved to better utilize these data spaces.

3. Ethereum ecological orthodoxy DA narrative - Blobscriptions

After the Cancun upgrade, there are about five major DA projects on the market (data Availability project):

(1) is the ETH blob/Danksharding we introduced above

(2) Celestia (independent decentralized DA)

(3) Near DA

(4) EigenDA/MantleDA (DA using ETH restaking)

(5) Centralized DA (Validum mode)

Simply put, data availability means that the block producer publishes all the transaction data of the block and ensures that the verifier can download it without concealment. A certain cost is required to achieve this. The purpose of DA is to ensure the security of the verification mechanism while reducing the cost of publishing data. The EIP-4844 upgrade of Ethereum has greatly reduced the cost of L2 publishing data on L1. In the eyes of the Ethereum Foundation and Viatalik, this orthodoxy needs to be implemented - that is, the solution that does not use Ethereum DA is not The real Ethereum Layer 2.

Ethscription, as one of the first scalability solutions to respond to blobs, not only actively embraces blobs, but also designs blobscription into a permanent storage mode. Currently, layer2 is relatively black-box in terms of data charging, and may incur additional charges when users upload data. If the blob mode is selected for L2 upgrade, profits are likely to be reduced if the ecosystem does not explode. Since many layer 2 may consider business issues such as cost and profit, L2 may not necessarily have the motivation to execute blobs quickly in the short term.

The banner of DA’s legitimacy is taken over by Ethscription first at this moment. As a general computing engine that has introduced virtual machines, Ethscription’s position in the Ethereum ecosystem has once again been elevated, and it has further entered the core ecosystem of the Ethereum system. , becoming the first typical representatives of the ETH blob/Danksharding camp.

4. Eths Value Assessment

Eths, as the asset with the largest consensus in the Ethscription system, has now become the symbol of Ethscription. From the grassroots birth, to the initial establishment of a community, to breaking through the meaning of the original inscription meme and becoming Ethereum layer 2, Eths has grown into a powerful ecosystem through ups and downs. Compared with the market value of Inscription Leader and other layer2, as the leader of Ethscription ecology, the current market value of Eths is still relatively small. The multiple increase of Eths in a short period of time after Vitalik's announcement further proves that once the value of Eths is discovered, it will be extremely explosive. powerful.

And it can be seen that Binance and OKX have continued to express their interest and concern in Ethscription. Official tweets have frequent interactions, and products are also actively integrated.

We can expect that Blobscriptions will continue to play a standard-bearing role in promoting Ethereum blobs/Danksharding, and we can also expect that Ethscription will launch more constructive proposals regarding blobs in the future. , it is even more believable that Ethscription, as one of the projects with the strongest on-chain community, can set a better example for other Layer 2 projects in terms of ecological construction and community building. In the future, Ethscription will further grow into an Ethereum scalability solution with official legitimacy, strong ecology, unified community and core carrying capacity under the attention and publicity of the Ethereum Foundation/Vitalik.

At the same time, we can also further open up the imagination of the market value of Eths as an Ethscription Dragon-first token. At present, Eths has not been listed on the first-tier exchanges, but the daily trading volume of tens of millions of dollars in the second-tier exchanges and The ecology on the chain has proven its strong vitality. Eths is still in the early stages of value discovery, and the popularity of Blobscriptions is only the market’s initial feedback on Ethscription’s value discovery.

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