Introducing Heroglyphs: Is Ethereum’s Inscription Moment Coming When Validator Nodes Can Issue Coins?

Source: ELI5 of TLDR Original twitter

## Author: ELI5 of TLDR

Compiled by Shenchao TechFlow

##Introduction

While Bitcoin’s Inscription/Rune project is attracting a lot of attention, the Heroglyphs project on the Ethereum platform is opening up another unique token opportunity. This project not only challenges the traditional token minting model, but also contributes new ideas to the decentralization of Ethereum.

The Heroglyphs project launched a so-called "elite coin" by giving complete validators (Complete Validators) exclusive token minting rights. These tokens are different from meme coins on the market in that they represent the actual value of network security and technical contributions.

When Ethereum gas decreases and is expected to return to ETH, the Heroglyphs project may provide a new perspective.

The following is a compilation of the full text.

I mean, would you rather buy a token created by a king or a token created by a farmer?

This article will briefly explain Heroglyphs, I think you will get something better than runes.

HeroGlyphs is a new protocol on the Ethereum blockchain that’s not for us average cryptocurrency enthusiasts, but It is for full validators. Validators are the ones who keep Ethereum “alive”.

HeroGlyphs allow full validators to create (or mint) their own special tokens that only they can create.

There won’t be a lot of them, they will be “elite tokens”, not some random meme coin or anything like that, it will have a deeper meaning and a greater intention.

Ethereum faces the risk of centralization. In an industry based on decentralization, centralization is not a good thing because if there are three big validators and they own most of "Power" then we may have a problem.

As liquidity staking becomes more and more popular, we have a lot of “economic validators” who don’t really contribute to network security, those “economic validators” are just there for rewards Instead of staking ETH, those staked ETH are “managed” by a single protocol.

Even if these protocols have good intentions, centralization is not a good thing. Centralization is centralization, and it brings multiple risks.

So, HeroGlyphs is a protocol designed to incentivize people to become full validators to decentralize the validator environment as much as possible.

Currently, becoming a full validator doesn’t seem very profitable if you don’t have a large amount of ETH. Having a large amount of ETH has a greater chance of being selected to confirm a block and being rewarded for it.

While the entire process of selecting validators is random, holders with large amounts of ETH can create multiple validator clients to increase their chances of being selected. So in effect, both liquidity staking protocols and large validators make Ethereum centralized.

Now it’s the turn of the HeroGlyphs project, created by crypto gurus, The project hopes to incentivize people to become full validators by giving them the exclusive ability to mint tokens that only they can mint.

It’s like owning tokens created by the rulers who control the network and ensure its continued operation. I mean currently anyone can create a token. This literally only takes a few mouse clicks.

But HeroGlyphs opens up a new avenue for token creation: elite tokens created by full validators—those who actually secure the network.

Heroglyphs hopes to add additional revenue streams based on cryptocurrency speculation and degen trends.

Everyone comes to the cryptocurrency industry for speculation. How many of you have minted Heroglyphs coins and don't understand it? Don’t be shy and admit it, we’re all struggling here.

Okay, but how does this all work?

A validator who is randomly selected to propose a block can "engrave" (like runes/Ordinals) some short data into the block. It can be anything but up to 32 bytes.

Heroglyphs protocol consists of two parts: one for encoding information and the other for translating information.

It's difficult to fit all the information needed to create a token into 32 bytes, so we have to establish some "identifier".

These "identifying tokens" will be what CMs (validators with specific permissions) are able to rent and use to mint more tokens (and do other things related to token management and creation thing) short tag.

Yes, renting, not buying, it should operate based on Herberger tax principles.

You rent it based on what you think it's worth and pay that amount over set intervals.

Do you think such a token is worth 5 ETH? no problem. But if there are others out there who think it deserves more and are willing to pay more, then say goodbye to your mark.

But how will validators receive rewards? According to the project white paper, all full validators will receive equal rewards and minting rewards will be distributed equally.

This is an interesting approach, both for us regular crypto investors and for the Ethereum network as a whole, as it will improve its security.

Not long ago, Vitalik, the co-founder of Ethereum, wrote an article about meme coins and their potential,

By investing in Ethereum By using the NFT/Meme of the verification nodes, you will contribute to a better decentralized future. Complete Validators are heroes, but so are you!

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