Natcats surged tenfold in one week, what exactly i

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Original author: Cookie

Original source: BlockBeats

In the past week, in a relatively unnoticed corner, there is a small picture project in the Bitcoin ecosystem that has skyrocketed 10 times without being officially listed on any Bitcoin NFT trading market. The current OTC floor price has reached 0.08 bits. Coin, this is the Natcats.

Natcats

A few days ago, Natcats 829999 was traded at a price of 1.3 BTC, becoming the Natcat with the highest single transaction price so far.

Just yesterday, two small picture projects of DMT concept, NATTRIBUTES and Natdogs, immediately entered the daily trading volume list after being put on the shelves of Magic Eden. NATTRIBUTES transacted over 11 BTC in a single day, and Natdogs transacted over 5 BTC in a single day.

What is DMT concept picture?

DMT Theory

The well-known Bitmap is the application of DMT theory. This theory is quite obscure in the documentation. In short, there are many types of data in the Bitcoin blockchain, such as block hash value, block size, block height, block target difficulty, etc. Creating specific digital assets based on these data is what the DMT theory hopes to achieve.

How will everyone use the data from the Bitcoin blockchain to create specific digital assets? This process of mining the value of Bitcoin blockchain data is like discovering chemical elements in nature. Multiple "elements" can be registered under the same data type, but the elements cannot have the same name. This means that the same type of data can be used in multiple ways.

The first registered and named "element" is DMT. This "element" utilizes Bitcoin's block target difficulty data. Natcats, NATTRIBUTES and Natdogs all use this "element", which utilizes Bitcoin's area. Block target difficulty data to create small pictures. So how exactly do the Natcats use this "element"?

The creative process of Natcats

First of all, the small DMT pictures you see are the results of code rendering. Now if you go to Magic Eden to view the collection of NATTRIBUTES and Natdogs, you will find this:

This is because Magic Eden does not yet support DMT small image rendering on the front end. Somewhat similar to "recursive inscriptions", most of the small Bitcoin pictures you see now are actually the result of layer-by-layer pointer call content and rendering according to the code.

The picture above, from left to right, is the rendering code for rendering the Natcats image (burned to the chain in the form of JavaScript), the Natcats deployment inscription, and the Natcats casting inscription. The "dep" field in the casting inscription points to the deployment inscription, and the "id" field in the deployment inscription points to the on-chain inscription that contains the image rendering code.

You can understand it this way: According to the data on the chain, Natcats generates images based on a specific script, but additional work needs to be done to display the results of the code running. After all, Bitcoin itself will not do this. We usually call this process "indexing". For example, to display the balance of BRC-20 in front of your eyes, you need the work of an "indexer" to display the correct results to your browsing interface.

Now let’s explain how Natcats uses Bitcoin’s block target difficulty data to create small images. Similar to Bitmap, one Natcats corresponds to one block, but Natcats imposes restrictions on the block data requirements - only Bitcoin's block target difficulty data (hexadecimal field) contains "3b", and this area Natcats cast from blocks will be considered valid.

Bitcoin's block target difficulty data is adjusted every 2016 blocks (about 2 weeks), and "3b" appears only 4 times in the history of Bitcoin, each time with 2016 blocks, so the current total supply of Natcats The amount is 2016*4 = 8064 pieces. As for whether such a block will appear in the future, it is not yet known. There may be a new "3b" block in the future, and then there will be new Natcats available for casting.

The above only determines whether Natcats can be "born", and the "gene" that determines Natcats (i.e. what Natcats look like) is determined based on the block height of the block it generates. For example, if you "occupy" the "3b" block with a block height of 123008 (that is, use this block to cast a Natcat), because the block height contains "00", then this Natcat will have earrings .

The feature generation rules are more complicated in detail. For example, the color of earrings changes according to the third digit of the block height, but the idea is the same. Therefore, some features have not been generated yet. For example, Natcat whose block height contains "00000" will have an alien crown. In short, because it is unpredictable when the "3b" block will appear, its block height is also unpredictable, and everything from the series supply to the rarity of features is unknown. Therefore, Natcats is also called "generative art based on Bitcoin block data."

The logic of NATTRIBUTES and Natdogs is generally the same as that of Natcats, but the specific rules are different, so I won’t go into details here.

Conclusion

Finally, I would like to remind everyone that Natcats has not officially listed any Bitcoin NFT trading market so far. Although there is a collection on Ordinals Wallet, it is obviously incomplete, and most transactions are now conducted OTC on its official Discord.

And NATTRIBUTES and Natdogs have been FOMOed on Magic Eden. Investment is risky, so everyone needs to be extremely cautious.

热点： DMT IN IS