Dubbed eScriptions, {the marketplace} mints inscriptions that allow Layer 2 good contract performance on Bitcoin.
Elastos, a undertaking that builds tooling for builders instruments to construct and deploy open-source SmartWeb dApps, has launched the primary Bitcoin-based ‘Good Inscription’ market.
Utilizing their BeL2 know-how, an Elastos-built layer 2 scaling resolution for Bitcoin, the brand new market works by creating “daughter” inscriptions on the Elastos Sidechain (ESC), that are linked to “mom” inscriptions on the Bitcoin blockchain.
This resolution permits for extra good contract programmability on prime of Bitcoin with out the necessity for extra costly transactions on the layer 1 blockchain.
Elastos’ native ELA token has tripled its market capitalization since Dec. 18. It trades for $3.34 with a market cap of $72M, rating #455 on Coingecko.
In a press launch shared completely with The Defiant, Sasha Mitchell, Elastos’ head of BeL2, outlined the advantages of Good Inscriptions, equivalent to diminished prices, divisibility, and elevated utility of Bitcoin-based worth.
“The supply of ‘Good Inscriptions’ extends past the present scope of merely working with Bitcoin. BeL2 helps particular person ‘sats’ and their distinctive inscribed worth, making a granular resolution that delivers ‘good every little thing’ for the Bitcoin ecosystem,” mentioned Mitchell.
The workforce added that whereas present inscriptions can’t work together with good contracts, the introduction of good inscriptions, facilitated by BeL2 Expertise, will allow this interplay.
Right this moment’s announcement continues the rising development of tasks tapping into the rising inscription house. Bitcoin has seen a renaissance of tasks for the reason that launch of Ordinals in early 2023, sparking comparable ecosystems on Ethereum, Close to Protocol, Avalanche, and Polygon, amongst others.
