Understanding the past and present of the Rare Pepe
Exploring Rare Pepe's history and significance.
Original author: 0xBeyondLee Source: mirror
1. The Era of “Satoshi”
In fact, as early as many years ago, “Satoshi” has existed as the smallest indivisible unit of Bitcoin, that is, 1 Bitcoin = 10^9 Satoshi, but because it is too microscopic and has no use case, it has not entered the mainstream players’ vision. However, in the past three months, with the explosion of the Bitcoin ecosystem, Satoshi as the inscription carrier has naturally gained a lot of attention. In addition, Satoshi, with its intuitiveness and resistance to fluctuations, has replaced USDT to become the king of pricing units in the Bitcoin ecosystem.
In addition to being an inscription carrier and pricing unit, Satoshi itself is also naturally suitable for collection and speculation. Of course, to clarify this view, you first need to understand what attributes Satoshi itself has.
Open the official browser of Ordinals, and enter any number or name in the search box to find the corresponding Satoshi. The information contained in a Satoshi is very rich. Taking my name BeyondLee as an example, it includes five representation methods, rarity, and expected mining time.
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Below is an explanation of the five mainstream representation methods of Satoshi, which can be understood as the identity ID of Satoshi (satisfying the bijective concept in the set), that is, any one of the representation methods can accurately lock a Satoshi, which is a one-to-one correspondence.
1. Integer notation
This is easy to understand, that is, the ranking among all Satoshis. However, it is worth emphasizing that the exact value of the maximum mining amount of Satoshis is not 21 trillion, but a strange number like 2099999997690000, which is related to the halving of Satoshis and will not be further explained in this article.
2. Decimal notation
A series of numbers separated by a dot, where the number before the dot represents the height of the block it is in, and the number after the dot represents its specific position in the block.
3. Degree notation
Hour, minute, second, millisecond, respectively correspond to cycle, halving, difficulty adjustment, and height of the block. The rarity is determined based on this notation, so it is crucial to understand this notation, and later in this article, these four concepts will be explained in detail.
4. Percentile notation
The current mining progress, which is about 92.5%, is the percentage of all 21 trillion Satoshi in circulation. The mining difficulty will increase as the progress continues, and the last Satoshi is expected to be mined in some time in 2140.
5. Name notation
Each Satoshi has a unique name ranging from nvtdijuwxlp to a, which becomes simpler as mining progress increases. The good news is that there are many Satoshis with special meanings, including your name, but the bad news is that they are almost impossible to mine until a hundred years later due to their high degree of order.
Please note that all numbers in the above five representation methods start with 0, not 1.
By carefully observing the notation of Satoshi, you can find some interesting things. The Satoshis named 0 and a are like echoes across time and space, connecting this epic that spans 21 trillion Satoshi and lasts for more than 130 years…
After understanding the notation of Satoshi, let’s delve into the four key elements that define rare Satoshis, namely blocks, difficulty adjustments, halvings, and cycles.
About every ten minutes, a new block is mined, and this interval is relatively stable.
2. Difficulty adjustments
Every 2016 blocks, which is about two weeks, the Bitcoin network adjusts the block mining difficulty target in response to changes in the hash rate to ensure the stability of block generation.
Every 210,000 blocks, which is about four years, the number of Satoshis contained in each block is halved. So far, this is also one of the most important narratives driving the cycle changes of Bitcoin.
Some magical things will happen after six halvings. Halving and difficulty adjustment will occur simultaneously, which is called “conjunction.” The interval between conjunctions is called a cycle, and it occurs approximately every 24 years. It is predicted that the first conjunction will occur at some point in 2032.
Using decimal notation can conveniently locate the position of Satoshi. However, it should be noted that in the decimal notation, the difficulty adjustment and halving are not a radix relationship, but two independent statistical mechanisms that operate independently, and occasionally coincide.
For more information on Satoshi, please refer to the official documentation of ordinals.
2. What are Rare Satoshis?
Understanding the above concept, it is natural to find that Satoshis that play an important role in these periodic events, Satoshis with unique names, and Satoshis that have experienced historical events will have different rarity and premiums.
Taking a very vivid example, Satoshi is like a 100 yuan RMB in circulation. The purchasing power will not be different due to printing batches or turnover, but a small part of the paper money with special serial numbers has a premium due to the appearance of the crown number. Satoshi is the same. Based on some consensus criteria, a small number of Satoshis with special properties have generated incredible high premiums in the market circulation. Conversely, the mainstream consensus criteria for Satoshi are much stricter than the leopard number of RMB.
Below, this article will briefly introduce two mainstream criteria, namely Rare Satoshis and Interesting Satoshis, which are sometimes collectively referred to as Rare Satoshis because the quantities of these two types of Satoshis are very rare.
1. Rare Satoshis
According to the four basic events of the decimal notation, Satoshi’s six rarity can be defined very clearly, namely common, uncommon, rare, epic, legendary, and mythic.
It should be specially explained that foreign communities collectively refer to these five types (except common) as rare satoshis, and the rare Satoshi among them is named Rare Satoshi in capital letters.
On May 23, inscription number 8669069 came out of nowhere, causing heated discussions in the ordinals community and the rare Satoshi community. The reason why it is so concerned is because it is the first inscription on the rare level Satoshi. It should be noted that among the current 1.9 trillion Satoshis, there are only 370 rare level Satoshis, which makes this inscription likely to become the most expensive encrypted artwork in history. In addition, “The Times 03/Jan/2009 Chancellor on brink of second bailout for banks.” included in the image was engraved by Satoshi Nakamoto in the genesis block, which gives it unparalleled significance. It should be noted that in the art world, the superposition of rarity often has the effect of 1+1>>>2.
2. Interesting Satoshis
The definition of interesting Satoshis is quite flexible and you can even define a type of Satoshi as having interesting characteristics due to its special meaning. Currently, the mainstream interesting Satoshis mainly include the following categories:
1st TX: On January 12, 2009, Satoshi Nakamoto sent 10 bitcoins to Hal Finney, marking the first on-chain interaction in history.
JPEG: Possibly the first Bitcoin purchase transaction in history, it occurred on February 24, 2010.
Digits Blockinglin: Satoshis whose numbers are palindromes in their integer representation, such as 15951.
Name Blockinglin: Satoshis whose names are palindromes, such as btcctb.
Pizza: The Satoshis used in a transaction to purchase pizza for 10,000 bitcoins, which is the origin of the nickname “Bitcoin Pizza” and occurred on May 22, 2010. This day has been designated as “Pizza Day” since then.
Vintage: The first 1000 Satoshis included in the first blocks.
Nakamoto: Satoshis mined by Satoshi Nakamoto, which has an interesting name.
Block 9: The oldest Satoshis currently circulating in the market, unless the addresses belonging to Satoshi Nakamoto wake up again.
Block 78: Satoshis mined by Hal Finney, which is the first time someone other than Satoshi Nakamoto participated in mining.
You can easily find the explanation of these categories on the ord.io market.
Three, Mainstream Projects Inventory
Unlike other Bitcoin ecosystems, the projects and communities about rare Satoshis are mainly led by foreign players, and the participation of the Chinese community was relatively low in the early stage. Among them, the RareSatSociety (RSSC) community is the most prominent. The community also created identity marks for OG using the .sats domain name.
This article will inventory the top ten rare NFT projects, it does not constitute any investment advice and is for learning and reference only.
The 8669069 rare inscription mentioned above comes from the @SeizeCTRL project. Each of their added artworks will be engraved on a rare NFT, which establishes their king status in the rare NFT sector.
@null_ish is an NFT collection engraved on uncommon NFTs, and is sold through Gamma platform’s PSBT (partially signed bitcoin transaction).
3. Ordinal Maxi Biz (OMB)
@OrdinalMaxiBiz is the top rare NFT project, and all collections are engraved on Block 9, the ninth block. The current floor price is about 2.88 BTC.
@BitPepe3333 is a series of 3333 pepe NFTs, consisting of six rare attributes NFTs.
5. Cypherpunk Ghosts
@GhostsBtc has a total of 777 ghost NFTs, which is the first dynamic HTML engraved on uncommon NFTs.
6. Inscribed Pepes
@InscribedPepe consists of 420 pepe NFTs engraved on uncommon NFTs.
7. Bitcoin Bees
@OrdinalBees is a collection of 1000+ NFTs all engraved on rare NFTs such as antique NFTs and palindrome NFTs.
8. Pixel Blockingnda Wars
@pixelBlockingndawars is a panda NFT collection engraved on block 78 NFTs.
@satributes is an NFT collection engraved on Vintage antique NFTs.
@xingbrc20 is the first BRC 20 NFT engraved on uncommon NFTs.
IV. Related Platform
It can be roughly divided into tool platforms and trading platforms. Participants in the rare NFT sector are mainly overseas users, and currently there are relatively few tutorials for Chinese users. The author will update relevant information in the future. Once again, the following information does not constitute investment advice. The author cannot guarantee the credibility of these platforms and is for learning and reference only.
1. Ordinals Browser
Used in conjunction with official documentation, it can be used to query all information about Cong, and is currently the most reliable tool platform.
@satingio is the most powerful and interesting Cong comprehensive platform, integrating multiple functions such as retrieval, casting, and transfer, and will update usage tutorials later.
3. Ordinal Hub
@ordinalhub is a rare Cong retrieval and analysis platform, and email binding is required to use it.
The above are tool platforms, and the following introduces trading platforms.
4. f 2 pool
The fish pond @f2pool_official developed by the god fish @bitfish1 can participate in the auction of rare Congs. The current price is about 500-700 u for an uncommon Cong, which is the channel with the lowest entry price at present.
@ord_io is the most mainstream rare Cong inscription exchange, with clear and efficient retrieval for inscriptions of different rarity.
@trygamma can also trade rare Cong inscriptions, but the retrieval function is not very complete.