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     Before diving in, readers should be familiar with the ERC-20 protocol (commonly known as tokens) and the ERC-721 protocol (often referred to as NFTs or 'small images') on Ethereum. Those unfamiliar with these concepts should seek more basic web3 introductory materials.

     The reason why these two protocols are so widely used is consensus. It's a community's agreement to recognize data created under a specific protocol via smart contracts. In this context, "the community" refers to us, "smart contract" is the technological method, and "protocol" denotes the way it's implemented.

     This can similarly be applied to understanding Ethscription: It's a community's agreement to recognize data created under a specific protocol via Ethscription VM. The primary difference here is between the traditional "smart contract" and the Ethscription VM (or ESC VM for short). While many are familiar with smart contracts, ESC VM might be new to some. But for now, it's enough to understand that it serves a function akin to smart contracts.

     Using PEPE and eths (the first token of Ethscription) as examples:

     The real question is, if we already have smart contracts, what's the value of the ESC VM? This originates from the "blockchain trilemma" which posits that achieving security, scalability, and decentralization all at once is challenging. L2 solutions have emerged in large numbers, and one of their objectives is to enhance the scalability of Ethereum.

     While L2 is implemented as a separate blockchain, ESC VM expands directly on Ethereum itself. Thus, E-VM isn't an L2. Their underlying principles differ: L2's advantages include speed and cost-efficiency, while E-VM's strength lies in operating directly on the Ethereum mainnet. It isn't a sidechain, a subnet, or an L2 - it's pure Ethereum! It also modestly reduces transaction fees.

     Looking ahead, Inscription represents a novel direction, even if it's been around since Ordi. Inscription is set to stand alongside L2 and DeFi as an independent avenue of exploration. Ideally, its trajectory will mirror that of Smart Contracts, aspiring to achieve the same foundational status that can't merely be quantified by valuation. On the ESC VM, countless wealth stories will emerge, all thanks to Ethscription's innovation and vision. This drives community consensus, creating a sense of unity and further propelling Ethscription's growth.

     To sum it up, Ethscription is about achieving Ethereum expansion at a reduced cost through a consensus mechanism based on inscriptions.