The count
Exact. It is the number of literal 8 characters in your transaction ID, which is what the artwork registers. Nothing about that is an estimate.
The rarity
An estimate, and here is exactly what it assumes. Transaction IDs are drawn at random from a fixed set of characters. So the number of eights in one follows a binomial distribution, set by how long the IDs are and how many characters they can be built from. Both of those are measured from the IDs people have actually checked here, so the figure sharpens as more people check.
Multiply that share by 122,154 and you get roughly how many Credits in the collection look like yours. It is arithmetic on an assumption, not a count of the collection, and it stays that way until the contract is deployed and every token can be read on chain.
What this page stores
Your transaction ID is hashed in your browser. What reaches the server is the digest, the count of eights, how long the ID was, and which characters appeared in it. The ID itself is never transmitted and never written down. That is also why the ranking works at all: the digest lets the same ID be recognised twice without anyone holding the ID.
The picture
Four 8 by 8 plates drawn from the SHA-256 of your ID, in cyan, magenta, yellow and black, which is the same mechanism the work uses. It is not Jack's renderer and it is not your Credit. It is what the mechanism looks like.
Not affiliated
This is a reading tool for a collection by Jack Butcher. It is not his site, it sells nothing, and it takes nothing.