Summary
Elastos has launched the first Bitcoin-based ‘Smart Inscription’ marketplace, utilizing its BeL2 technology. This allows for additional smart contract functionality on top of Bitcoin without the need for expensive transactions on the layer 1 blockchain. The marketplace offers benefits such as reduced costs, divisibility, and increased utility of Bitcoin-based value. This move follows the trend of projects exploring the emerging inscription space, with similar ecosystems emerging on Ethereum, Near Protocol, Avalanche, and Polygon.
Key Points
1. Elastos has launched the first Bitcoin-based ‘Smart Inscription’ marketplace, called eScriptions. This marketplace utilizes Elastos’ BeL2 technology to create “daughter” inscriptions on the Elastos Sidechain (ESC) linked to “mother” inscriptions on the Bitcoin blockchain. This enables Layer 2 smart contract functionality on Bitcoin without the need for additional expensive transactions on the layer 1 blockchain.
2. The availability of Smart Inscriptions offers several benefits, including reduced costs, divisibility, and increased utility of Bitcoin-based value. Smart Inscriptions extend beyond the current scope of working with Bitcoin and support individual ‘sats’ with their unique inscribed value. This granular solution delivers “smart everything” for the Bitcoin ecosystem.
3. The launch of eScriptions adds to the growing trend of projects exploring inscription capabilities. Since the launch of Ordinals in early 2023, there has been a renaissance of projects in the inscription space, not only on Bitcoin but also on other blockchain platforms like Ethereum, Near Protocol, Avalanche, and Polygon.