It's the base64 encoded cbor serialization of a data structure made like this:

```

{

"epoch": ,

"event": "BURN"|"MINT",

"contents": Array

}

```

Where contents contains either the hex encoded signature C or the hex encoded blind signature B_

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Discussion

What is epoch?

It's the last part of the key derivation path. Specifies how many key rotations the mint has performed and which one we are in right now.