The original goal of inscriptions was to give ordinary users the ability to perform decentralized computations for a reasonable cost. You may have heard of Ordinals or BRC-20 on BTC, inscriptions are similar in nature and were first conceptualized to perform a similar role.
As with all things crypto and blockchain, an opportunity was spotted for speculation and inscriptions are currently being used to mint and trade information imprinted on the calldata. Think NFTs but more limited in storage space and not requiring off-chain storage. Ownership is secured and proven by the blockchain.
At Project Ralph we are going to use inscriptions but in a freely tradable way. Instead of an NFT-like digital item, they will be fungible within our system. Therefore, no matter the blockchain upon which your $PR Inscription resides, it will still be worth the same as on any other chain. (Trading fluctuations and subsequent arbitrage will bring about fluctuations in this value between $PR-native blockchains.)
To make inscriptions work, you need a really good blockchain indexer. In fact, to make things work well and safely, Ralph needs multiple indexers that work on a majority agreement before confirmation. In Ralph's case, some really good multi-chain indexers are also needed.
Fortunately, ElkNet provides exactly that service - it's almost as though Ralph was born to demonstrate the cross-chain capabilities of ElkNet...
Using our custom-built UI/Widget, you will be able to mint your $PR inscriptions. There will be minting events and whitelisting of user addresses to make this possible.
As per the above, the ElkNet indexers will not recognize more mints than have been assigned, and never more than the max supply.
There will be fail-safes in place to keep supply in line with our Ralphonomics.
To allow both states of $PR token to feely trade and move cross-chain, you will be able to wrap and unwrap your inscriptions to become tokens and vice versa.
This is made possible by our custom UI widget and ElkNet's indexing capabilities.
