What is DigitalNote (XDN)?
Future of XDN Cryptocurrency and know how to buy XDN

#1: What is XDN?

XDN: The Basics

XDN is the digital cryptocurrency used by the DigitalNote blockchain. It is a decentralised, peer-to-peer, and completely secure cryptocurrency developed in 2014. What sets it apart from altcoins is the emphasis on privacy, supporting anonymous and encrypted message passing between nodes on the network.

XDN Development

  1. DigitalNote was initially launched as duckNote on 30th May 2014, and was a fork from Bytecoin. It was then renamed to DarkNote in September 2014, and then finally to DigitalNote in June, 2015.
  2. XDN had a fair launch, that is, there was no premine of blocks, or ICO, for XDN. This means there is no danger of the developer of some other single node on the network holding an unfairly large chunk of coins.
  3. XDN was developed in order to improve upon the various protocols in blockchain technology established by the likes of BTC, such as providing more security, promoting fairness within the network, and supplying true anonymity.

 

#2: What are the benefits of DigitalNote?

XDN Technology

  1. Proof-of-Work | Proof-of Stake hybrid - XDN is one of the few cryptocurrencies to use a PoW/PoS hybrid mechanism in order to achieve consensus in the network and authenticate transactions. This means that the network is broken into miners and stakers, reducing the resources and power consumed by the blockchain network immensely, and reducing detrimental environmental effects. This also means that miners do not have a monopoly over the system.
  2. CryptoNight algorithm - The CryptoNight algorithm is a memory-bound function used by the CryptoNote protocol, which XDN has been developed with. Unlike Bitcoin’s SHA-256 algorithm, it is extremely difficult to abuse with Application Specific Integrated Circuit (ASIC) mining setups. This encourages a fair and truly decentralised network, unlike that of larger PoW coins such as BTC, and gives CPU and GPU miners a fair chance at mining. It prevents the network from being monopolised by ASIC miners.
  3. CryptoNote technology - The CryptoNote technology and associated protocols that have been utilised in XDN make it one of the first truly anonymous coins. The technology allows unlinkable transactions or transactions where the sender and receiver details cannot be divulged from the blockchain, unlike those of other blockchains. XDN also employs ring signatures, where a block is verified through a complex process involving the public keys of several different users, making figuring out the origin and transaction content of a block, prohibitively difficult, and practically impossible.
  4. Proof of Activity based Staking - Unlike most other altcoins, XDN employs a non-inflationary method of rewarding users who stake their coins, thus improving the security of the network, by using only the staking period to determine the reward. Stakers are rewarded according to the period of time they lock their coins for, which can range from a month to up to 10 years. The more stakers there are, the more secure against attacks the network is.

Key Features

  1. PoS/PoW Approach - This not only promotes fairness in the network by not allowing miners to control a large chunk of the network but also reduces the resources and power consumed by the blockchain network, reducing the detrimental effect on the environment.
  2. ASIC resistant blockchain - With the improved algorithm of XDN, ASIC miners will not be able to boost their mining power unfairly, and will cease to have a monopoly over the blockchain which would result in them mining the most blocks. The XDN blockchain is resistant to ASICs and gives GPU and CPU miners a fair chance.
  3. Privacy Protection - The XDN blockchain employs CryptoNote technology to obfuscate sending and receiving addresses involved in any transaction. This means that the sender or receiver, or even the content of a transaction, that is, its value, cannot be determined from the public blockchain. This is done by merging transactions with each other in a controlled manner, using the CryptoNote protocols.
  4. Encrypted messaging - Expanding on the technology of CryptoNote, XDN has also enabled the use of a completely secure, private, decentralised, and peer-to-peer messaging system, where no one except the sender and intended receiver will be able to decode the message. There is no need or exchanging keys beforehand either, as the message, bundled along with a transaction, will be automatically decoded according to the transaction content when the receiver comes across the block.
  5. Encrypted transaction comments - This unique feature allows users to attach any message they desire to a transaction, which will then be broadcast into the blockchain in a secure and encrypted manner. Due to the obfuscation of address, the sender of the comment will not be identifiable by someone browsing the public blockchain, allowing users to circumnavigate censorship,
  6. Fast and efficient future-proof network - With a maximum cap of 8.59 billion XDN, a block time of only 4 minutes, and a block reward of 150 XDN, the DigitalNote blockchain ensures a consistent, fast, and reliable network, with much a faster coin distribution schedule than most other altcoins. Continuous updates by the developers also ensure an up-to-date and current blockchain.

 

#3: How to Buy & store DigitalNote?

How to buy DigitalNote

  1. DigitalNote can be bought and traded on multiple exchanges, such as Bittrex, Upbit, and Altex, with Bittrex being the largest by volume.
  2. XDN can be mined using either CPU or GPU mining system. The nature of the XDN algorithm makes it ASIC-resistant. Any cryptonightv1, monero7, or cryptonight_v7 mining software, such as XMR-STAK can be used. Users can also join mining pools such as those on FairHash[1], or SuperPools[2], to improve their mining turnout.
  3. Staking is another way to earn XDN coins. XDN coins can be deposited to earn staking rewards, where the length of the staking period determines the rewards. Deposits can be made for a month to up to 10 years.

XDN's unique staking methodology is non inflationary and is paid to holders depending on the "locking" period chosen. The period can range from a month to period of up to 10 years. The longer the period, the higher the staking return.

XDN Wallet

The official XDN wallet can be downloaded from their official GitHub page.

CoinSwitch

While cryptocurrency exchanges provide you with a platform to buy or sell the XDN cryptocurrency, CoinSwitch, the largest cryptocurrency exchange platform, comes in to help you make the right decision by providing the prices for XDN on multiple crypto exchanges. With support for more than 140 coins and 45,000 pairs of cryptocurrencies, you can choose whichever pair you want with your token and compare the prices at multiple exchanges. This way, you can choose the best deal for you!

What’s more - with CoinSwitch, you do not rely on a separate XDN wallet from the exchange to store your XDN cryptocurrency. Instead, all transactions happen to and from your own personal private wallets.

 

#4: What is the future of DigitalNote?

Also Read: Complete Analysis of DigitalNote | Live DigitalNote (XDN) Price Charts And Predictions

Price History

Date

Open

High

Low

Close

Volume

Market Cap

Jul 01, 2018

0.005883

0.005924

0.005531

0.005775

1688020

40636300

Jan 01, 2018

0.021551

0.021625

0.019785

0.020738

9113730

148390000

Aug 01, 2017

0.002767

0.00319

0.002599

0.002968

1299720

19052600

Jan 01, 2017

0.000078

0.000091

0.000077

0.000082

1008

533126

Sep 01, 2016

0.000132

0.000136

0.000121

0.000121

1906

906146

Jan 01, 2016

0.000064

0.000065

0.000064

0.000064

1944

439710

Aug 01, 2015

0.000231

0.000237

0.000221

0.000237

8751

1579810

Jan 01, 2015

0.000065

0.000074

0.000064

0.000068

7076

443838

Jul 01, 2014

0.000024

0.000031

0.000017

0.000019

3044

82437

  1. DigitalNote has had an average run so far, following general market trends similar to BTC or other altcoins
  2. The unique feature-set of XDN might see an increased interest in it by miners and investors alike in the future
  3. A recent hardfork in 2018 means prices have been highly volatile during the year and will take time to settle down.

 

#5: How is DigitalNote different from other cryptos?

  1. Hybrid consensus mechanism - DigitalNote is one of the few cryptocurrencies providing a hybrid PoW/PoS consensus mechanism. This not only promotes fairness in the network by not allowing miners to control a large chunk of the network, but also reduces the resources and power consumed by the blockchain network, reducing the detrimental effect on the environment.
  2. ASIC resistant blockchain - The XDN blockchain is protected from the biggest problem PoW coins usually come to face, which is ASIC miners taking up most of the network, and having a monopoly over the blockchain and mining the most blocks. The improved Cryptonight algorithm used in XDN means it is resistant to ASICs and gives GPU and CPU miners a fair chance.
  3. Improved difficulty readjustment - The LWMA-2 difficulty adjustment algorithm bridges security gaps in the original code and results in increased resistance of the network against hash attacks and timestamp attacks. According to the developer of the algorithm, “This is the best algorithm for micro coins because it has the fastest response for a given amount of stability.”
  4. Complete anonymity - The XDN network is one of the few blockchains that provides true anonymity to its users. Apart from untraceable transactions, it also includes privacy features such as completely encrypted, anonymous messages and transaction comments, and obfuscating addresses to preserve the privacy of the clients involved. This is unlike most other altcoins, where transactions and involved addresses are stored on the public blockchain, accessible by anyone who can view the blockchain.
  5. Robust features - Along with the various updates to the blockchain technology resulting in shorter block times, a fair and equal-opportunity network, and improved security measures, the robust and innovative features of XDN which enhance the privacy of its users and provide completely anonymous transactions, such as the use of the CryptoNote technology and a completely secure and anonymous messaging system sets XDN apart from other altcoins.

#6: Should you invest in DigitalNote?

  1. Unique features provided by XDN such as anonymous transactions and encrypted messaging might attract more people in the future, raising prices.
  2. While investing in any cryptocurrency is subject to their inherent volatile nature, the unique features and consistent development of XDN make it worth a look into for investment.
  3. However, due to a very recent hardfork, there is high volatility in prices, in which case it might be safer to wait for the market to settle back down.
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