[ POW NFT
POW NFT is the first ever mineable NFT. POW (Proof of Work) is the process by which tokens are mined, and it 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 called a hash – this means that every Atom is visually unique, with some properties being more rare according to a scarcity model relative to the natural distribution of elements.
( If you’re new to the concept mining and want to learn more, read the Intro to Mining. )
POW NFT mining has a difficulty curve which means the more Atoms that exist, the more difficult it is for a new one to be mined (ie, it will take longer). Rather than artificially limiting the number of POW NFT Atoms, the difficulty continues to increase until a natural equilibrium is reached and the work required outweighs the perceived value of new POW NFTs.
For this same reason, the price to mint a POW NFT Atom increases following a stepped generational demand curve, intended as a further mechanism to allow the market to determine the natural scarcity of POW NFTs. The advantage of having both difficulty and demand curves means neither whales nor people with custom mining hardware are unfairly advantaged in being able to mint new Atoms.
Because newer tokens are increasingly difficult and more costly to acquire, this will also create a floor for the market price of existing tokens.
[ The Atoms
POW NFT Atoms are rendered based on the token’s hash. This will determine a number of factors including the element, the ionic charge, the colour palette, the position and motion of each electron and many more subtle features. The element selection algorithm is inspired by natural scarcity laws, meaning some elements are more common than others.
On top of this, a new row (period) of elements is unlocked every time the number of tokens increases four-fold. This means that Atom #128 could be from any of the first 4 rows, but the 7th and final row doesn't unlock until Atom #8192.
The exact element you get won't be known until your Atom is minted and given a hash.
[ Atom Music
Atoms also contain their own generative music. Every Atom has a track which is unique to that Atom, based on the token's hash and the Atom's atomic number.
Atom music renders live using POW NFT's in-built sequencer/synthesiser module. This feature was created through strong collaboration with music producer & sound designer Skwid.
[ Difficulty and Demand Curve
The price of an Atom doubles every time the number of tokens doubles (a new generation). The token fees are not paid to the contract creator, they are distributed to the token holders of previous generations.
With every new generation, the mining difficulty gets three times harder. This means Atoms will take on average three times longer to mine. Although there is no hard cap on how many Atoms can be minted, there is a difficulty bomb at generation 14 (Atom #16384) – after the difficulty bomb detonates the difficulty will increase after every Atom, asymptotically approaching a level of infinite difficulty. This gives an approximate range for the eventual token cap, but makes allowances for enthusiastic miners, or future technological advancement in mining hardware.
The average time taken to mine will depend on your hardware, but I used my own laptop as a rather arbitrary benchmark. Atom #256 should take on average 1 minute, token #2048 should take on average an hour, and token #8192 should take on average 6 hours.
Atom minting fees are equally distributed across all Atoms from previous generations. Eligible Atoms accrue 0.000045 ETH from every new Atom that is minted.
[Team
POW NFT was originally made by a lone creator AnAllergyToAnalogy
Github Medium Twitter hello@pownft.comGenerative Atom music was created in collaboration with music producer & sound designer Skwid
Bandcamp Soundcloud Podcast Instagram FacebookSpecial thanks to Ghost Agent the NFT whisperer for his guidance and for making everything here look good.
TwitterPOW NFT also has the following social media accounts:
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