【This article is from@GloryYeh，,the pioneer of NAT evangelism】

Just like the original Bitcoin, any emerging phenomenon is subject to skepticism and criticism;

Some say $NAT is a mere imitation of bitmap, purely junk;

Others claim $NAT marks a new blockchain revolution, set to completely transform the way Bitcoin’s ecosystem issues tokens;Setting aside biases;

one objective fact we observe is: at its launch, the project sparked immense enthusiasm in the Bitcoin community, with over 10,000 addresses spending nearly 5 million USD in gas to mint $NAT in about a week!

Such fervor and achievement definitely qualify as a phenomenally successful star project. So, what exactly is $NAT, and does its inception truly bear epoch-making significance?

Ⅰ. Unveiling $NAT

$NAT is the first token based on the TAP protocol that embodies a non-arbitrary token concept, deployed officially by TRAC.

November 21, 2023 (Beijing Time)，After the release of the $NAT project, it dominated the charts for a week under the TAP protocol!

（The image below shows the minting volume proportion within the Ordinals ecosystem as of 2023-11-27, where the TAP protocol accounted for about 70% of the entire Ordinals ecosystem’s minting volume.)

Its minting method is quite simple yet innovative：seizing a block on the Bitcoin chain! Once you choose a block and complete its minting, that block will forever belong to you, and no one else can mint it again.

It’s worth mentioning that the issuance of $NAT (in terms of the number of tokens and the amount of currency each token contains) adopts a novel approach:

(1) Number of tokens: Determined by the number of blocks already generated on the Bitcoin chain.

• For example, from the genesis block of the Bitcoin chain on January 3, 2009, until the current time (2023-12-16), approximately 821,328 blocks have been generated, meaning there are about 821,328 $NAT tokens in total.

(2) The amount of currency per token: Decided by the number of bits (the target value for the block mining difficulty, with higher bits indicating lower difficulty) on that block.

• For instance: If the 817,824th block contains 386,161,170 bits, then the number of currency units in that block is 386,161,170.

Ⅱ. Total Quantity and Issuance Mechanism

The total amount of $NAT equals the sum of bits on all blocks, currently about 328 trillion (approximately 821,328 blocks * average of 400 million bits per block).

1. Since the number of blocks on the Bitcoin chain is continuously increasing, estimated at one block every 10 minutes, there are approximately 52,000 new blocks added each year.
2. However, the number of bits in each block is gradually decreasing. As shown in the following figure, every 100,000 blocks see an approximate reduction of 2.81% in bits (estimated at about 1.4% reduction per year).

Considering the above two points, $NAT has a certain amount of issuance, but since the number of new blocks added each year is relatively stable and the number of bits is gradually decreasing, the rate of issuance will decrease year by year:

Based on this issuance rate, it is projected that by 2047, the total amount of $NAT will be on par with the circulating supply of \)shib:

Ⅲ. Digital Materialism Theory

$NAT introduces a new model for token minting and supply. It’s akin to mining gold in real-world mines, where each mine has a certain limited amount of gold.

Blocks are the mines, and bits are the gold, with a predetermined amount extracted from each block. This approach introduces non-arbitrary scarcity, as opposed to fungible tokens with supply set arbitrarily by the deployer.

The theoretical basis behind this model is the “Digital Materialism Theory” (or DMT theory), with $NAT being a practical implementation and advancement of this theory.

“Digital Materialism Theory” proposes the creation of a digital material form by utilizing inherent patterns present within data.

To illustrate using the token issuance model:

1. The traditional token issuance model allows project teams to arbitrarily decide the number of tokens to be issued.
2. The issuance model based on “Digital Materialism Theory” is determined not by human will but by the byproducts of blocks on the Bitcoin chain.

Block byproducts refer to data dimensions (specific attributes) that are inherent to the creation of Bitcoin blocks, such as hash values, block height, bits, etc.

The number of tokens corresponds to the number of byproducts generated within the ruleset on the Bitcoin chain. The total quantity is not fixed, and the amount of issuance is also unknown.

Will the Digital Materialism Theory, propelled by $NAT, redefine a new era in the Bitcoin ecosystem?

Ⅳ. The Prospects and Imagination of $NAT

• Expectation One: Innovative Token Issuance Model

$NAT initiates a new token issuance mode based on digital material theory, which is an unprecedented innovation and a major revolution.

Currently, the index of $NAT has been completed, but its creator Benny has not disclosed more details. It's boldly speculated that Benny's index for $NAT may encompass more than just the bits dimension, but all block-associated entities (over 30 dimensions).

Thus, all assets issued based on digital material theory in the future will need to use the $NAT index, creating a massive incremental market!

• Expectation Two: The First Meme Coin of the TAP Protocol

How popular has the TAP protocol been recently? Binance has openly endorsed it at least three times:

(1) On 2023-11-25, during the introduction of the Bitcoin ecosystem, TAP protocol was highlighted.

(2) On 2023-12-24, Binance Research officially mentioned TAP protocol again.

(3) In introducing Ordinals DeFi, TAP protocol was ranked first.

Given the current wallet addresses holding $NAT, its popularity, and attention, it is destined to become the first meme coin of the TAP protocol. Only when \)NAT becomes popular can TAP protocol fully break out, attracting more partners and users, thereby further stimulating the entire Bitcoin ecosystem. This is a trend and the mission of $NAT.

• Expectation Three: Inflation Play Similar to $doge

The development of things is twofold. Massive inflation can lead to a coin price collapse, while a small, predictable inflation can bring more popularity and enthusiasm, especially as this inflation is generated with the increase of Bitcoin blocks, and anyone could potentially grab $NAT on that block by burning gas. What an exciting and sexy thing this is!

• Expectation Four: The Cornerstone of Metaverse Development

$NAT may essentially be not just an innovative token issuance model but also possess countless possibilities.

For instance, with NAT (Non Arbitrary Data), you can reason within the BitMap field, making BitMap a fully functional metaverse within its own data.

Reasoning based on data means the capability of smart contracts, implying the power like that of BitVM (Bitcoin Virtual Machine).

NAT can be a piece of data or a combination of any data. In this way, anything becomes possible.

NAT is the ace in the hole for Benny and the cornerstone for the parent company TRAC to build the metaverse and deeply cooperate with mainstream gaming and film companies.

(The specific details are not elaborated for now, leaving the biggest suspense for later revelation.)

What surprises will the market-wide opening of $NAT bring to the entire crypto circle with these four expectations combined? Let’s wait and see.

In Conclusion

Adrift in the river of time,

epic scenes unfold one after another.

The birth of blockchain has established the trend towards decentralization.

Amidst skepticism and ridicule,traditional constraints are continually being shattered.

Innovation and consensus have become the main themes.

What kind of era is this?

Creators are liberated from their shackles.

Countless ideas surge and countless wisdoms shine.

Technology dances with art,and the digital melds with the real.

It’s not prejudice and arrogance that change the world,

but rather technology and innovation.