When interacting with a blockchain what is the first thing that comes to your mind? Is it popularity? Speed? Security? Gas fee? Or what have you? Well, if you picked one at of all then you are right and if you picked all then you are right as well after all the end goal is towards decentralization which must perform one or if not the entirety mentioned above.
Over the past few months, various blockchains has seen sudden spike with their daily onchain activities and this is majorly caused by onchain inscription.
What is Crypto Inscription?
This can be define as minting non-fungible tokens (NFTs) by directly inscribing data like text, images, and videos onto the chain. This was first introduced into the bitcoin network and they were called ordinals and over time it advanced from bitcoin alone to other network and today it is available on PlatON.
Just as demand and supply detect, when demand is a bit higher than supply we start seeing sudden spike in prices but as it relates to the blockchain network, we are going to replace price with gas fee. Inscription comes with a cost as users try to get into this limited supply which in turn creates several onchain related activities within seconds and thus leading to a higher gas fee or congested state, this is somewhat similar to many network with exception to PlatON.
Few days back PlatON observed one of its highest onchain activities where a total of 20m+ inscriptions were minted via https://insctraders.app/ and to the best of my knowledge, onchain related activities were in no form affected, gas fee remained at $0.0001 as usual and transactions were processed like any other day without any form of complaint from users which from my view is actually a pass mark against many others.
Inscription is here to stay and over time users would start looking into various network that allows minting without breaking that said chain and PlatON is definitely one to look into.
