POW NFT is the world's first mineable NFT. POW (Proof of Work) is the mining process that creates natural token scarcity without congesting the Ethereum network. When a new token is minted, an Atom is created, and its properties are generated using the output of the mining process known as a hash – this means that each Atom is visually unique, with some properties being rarer relative to the natural distribution of elements based on a scarcity model.
POW NFT mining has a difficulty curve, which means that the more Atoms there are, the more difficult it is to mine a new one (ie, it will take longer). Instead of artificially limiting the number of POW NFT Atoms, the difficulty increases until a natural equilibrium is reached and the work required outweighs the perceived value of new POW NFTs.
For the same reason, the cost of minting a POW NFT Atom rises in accordance with a stepped generational demand curve, which is intended to provide another mechanism for the market to determine the natural scarcity of POW NFTs. The benefit of having both difficulty and demand curves is that neither whales nor people with custom mining hardware have an unfair advantage in minting new Atoms.
Because newer tokens are becoming more difficult and expensive to obtain, this will create a floor for the market price of existing tokens.
THE ATOMS
POW NFT Atoms are generated based on the hash of the token. This will determine the element, the ionic charge, the color palette, the position and motion of each electron, and many other subtle features. The element selection algorithm is based on natural scarcity laws, which means that some elements are more abundant than others.
MUSIC BY ATOM
Atoms have their own generative music. Based on the hash of the token and the Atom's atomic number, each Atom has a track that is unique to that Atom
Atom Music is rendered in real-time using the sequencer/synthesizer module built into POW NFT. This feature was developed in close collaboration with music producer and sound designer Skwid.
DIFFICULTY AND DEMAND CURVE
Every time the number of tokens doubles, the price of an Atom doubles (a new generation). The token fees are distributed to previous generations of token holders rather than the contract creator.
Mining becomes three times more difficult with each new generation. This means that mining Atoms will take three times as long. Although there is no hard limit on the number of Atoms that can be minted, there is a difficulty bomb at generation 14 (Atom #16384) that detonates the difficulty after every Atom, asymptotically approaching infinite difficulty. This provides an approximate range for the eventual token cap, but accounts for enthusiastic miners and future technological advancements in mining hardware.
The average time required to complete mine will vary depending on your hardware, but I used my own laptop as a rather arbitrary benchmark. Atom #256 should take about a minute, token #2048 should take about an hour, and token #8192 should take about 6 hours.
INFORMATION ABOUT THE MINER
The POW NFT website includes an Atom miner; if you connect to the site using MetaMask, you can start the miner (it's at the bottom of your screen).
MetaMask is required because it uses your Ethereum address to mine an Atom specifically for you. This means that no one can intercept your transaction after you have done the difficult work of mining.
The miner is designed to use as little processing power as possible from your computer. To prevent your browser from acting sluggishly, it will mine slower if resources are limited.
When an Atom is discovered, the miner will prompt you to submit a transaction with MetaMask in order to mint the token. The cost of this transaction will be determined in part by current gas prices (the cost of minting is approximately 192,000 gas per token) and in part by the demand curve.
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