São apenas dois "fluidos viscosos". Nenhuma outra explicação científica é oferecida em qualquer um dos quadrinhos (ou materiais suplementares) com relação à composição do material ou líquido envolvido.
RORSCHACH:
Rorschach is the replacement for The Question, and draws his name from the famous psychiatrist's blot-test. While he wears an assortment of street clothes rather than a costume, his entire body is encased in a thin, hollow membrane, semi-porous and incredibly thin. This contains two viscous liquids, one black and the other white. The liquids flow and change according to variations in pressure and body temperature, making the black and white blots run over his body in an ever-changing design. His face is a white blank marked only by a constantly altering Rorschach blot.
The black-and-white motif ties in with the character's very hard-edged moral philosophy, and is also used by the character himself as a metaphor for the ambiguity of life. Each man must read his own fate into the pictures conjured by the neutral Rorschach blot, and judge himself accordingly.
Watchmen: Edição Absoluta