Hacash Diamond is the first ever PoW NFT and the first NFT that combines Text and generative art on the blockchain.
Hacash Diamond (HACD) is an NFT on the Hacash blockchain. Each HACD is represented by 6 special letters coming from the set of letters "WTYUIAHXVMEKBSZN", so that the total amount of HACD is limited to 16 ^ 6 = 16,777,216. And each HACD varies in shape and color.
The white paper about Hacash was published by an anonymous author on the internet in 2018, and subsequently was used to develop Hacash ecosystem by developers in Hacash community. The first HACD "NHMYYM" was mined on May 16, 2019. That's right! HACD can be mined.
Unlike other NFTs, HACD's production is very similar to Bitcoin's production which highly relys on CPU in the early stage. HACD may also require GPU to produce in the future, or even ASIC that is currently used to produce Bitcoin.
But it is significantly different from Bitcoin output:
- 1.The mining difficulty of Bitcoin is constantly adjusted, but the difficulty of mining HACD only goes up. So even if HACD has a total amount of about 17 million, it will never be mined. By 2100 there will probably be only 1.7 million, or even less.
- 2.Bitcoin can be produced with sufficient hashing power, and HACD requires not only hashing power, but also bidding among miners after being mined.
- 3.Regardless of the market's demand for Bitcoin, Bitcoin is constantly being produced, while HACD can produce on-demand or even completely stop production according to market demand.
Before a HACD is mined, the only information about the diamond revealed to the public is its 6-letter identity, and there is no way for anyone to know about its shape and color in advance.
With the above characteristics, we believe that Hacash Diamond is the first PoW NFT and the first NFT that combines Text and generative art on blockchain.
But Hacash Diamond is more than a PoW NFT that creatively crates text and on-chain generative arts. As the HACD community grows, it is worth to explore other functions that HACD can potentially support, such as on-chain lending and DNS in layer2 network.