Yes, it's the actual watermark.

Nerd-out links about California’s ballot process.

Mentions Dominion multiple times and briefly talks about the watermark:

https://elections.cdn.sos.ca.gov/ccrov/pdf/2020/august/20169sl.pdf

Statement about the watermark specifically:

https://elections.cdn.sos.ca.gov/ccrov/pdf/2020/august/20167sl.pdf

California Secretary of State Ballot Printing guide:

https://www.sos.ca.gov/administration/regulations/current-regulations/elections/ballot-printing

Interesting link covering all states and the ballot “paper trail”:

https://www.ncsl.org/research/elections-and-campaigns/voting-system-paper-trail-requirements.aspx

I 100% believe that the states that had paper ballots mailed out had guidance on how to print watermarks on their ballots. This was a false illusion to those in charge of rigging the election. They think to themselves something along the lines of: “look how easy this is, they want a simple watermark printed a certain percentage…” but not knowing that they’ve been supplied by the good guys with ballot paper that has a very undetectable watermark or security feature already on the paper.

In addition; those states are probably supplied with a very precise amount of paper for ballots and back-up ballots based on census information. But they lose control of the fact that they can’t force people to vote so a good majority of those mailed-out ballots won’t be returned. Sure, they could use the reserve back-up ballots to perpetrate their fraud but that has custody issues that would require too much effort. So off to the printing press they go manufacturing fake ballots to the specs mandated by the respective states. Or so they think…

Oops! I’m sure they tried forensics much like I did yesterday but they failed to detect the truly hidden watermark/block-chain. Boom!

“These people are stupid” - Q