DigitalNote (XDN) is an open source cryptocurrency, based on CryptoNote anonymous technology. The digital currency uses a peer-to-peer technology and fair ASIC-resistant Proof of Work mining process to operate with no central authority. DigitalNote coin is designed to provide instant worldwide privacy protected transactions and untraceable encrypted messaging transfers with almost zero processing fees. Mathematics is used to secure the XDN network and empowers individuals to control their own finances and information. DigitalNote also acts as a decentralized and private Blockchain.
History of DigitalNote
DigitalNote first launched as a DuckNote cryptocurrency on May 30, 2014, with the aim of spreading the hash rate and information about the anonymous CryptoNote based XDN. CryptoNote is an application protocol that powers several decentralized, privacy-oriented cryptocurrencies such as DigitalNote.
In September of the same year, the cryptocurrency grew big enough to be moved to the next step, resulting in it being renamed DarkNote, a name used by many XDN community members.
With the new name came new features, such as encrypted messages, untraceable transactions, transfers, aggregation, a new source code, and network improvement.
How Does DigitalNote Work?
DigitalNote is a privacy-protected transaction resource that is designed to facilitate transactions regardless of jurisdiction. Digital Note coin is based on a CryptoNote algorithm that allows the secure transfer of funds through messages that are untraceable and anonymous.
All transactions involving the cryptocurrency occur in a decentralized peer-to-peer network at no extra cost. Its system is also 2.5 times faster than that of Bitcoin given that its block target time is just 4 minutes. People using the cryptocurrency are allowed to control their information and finances, as high-end mathematics have been used to secure the network. Complete freedom without having to rely on third parties or central bodies to finalize transactions also makes the digital currency extremely unique.
Digital Note is also the only cryptocurrency that offers Blockchain deposit features to individuals. This feature allows holders of the XDN coin to accrue annual interest on holdings on locked amounts in the Blockchain. Annual interest can range between 0.4% and 1.094%.
DigitalNote is consistently evolving with future updates expected to include proof of activity and proof of mining. The updates should make the digital currency more secure. The digital currency as an investment promises a confidential and secure way of saving and growing money given the interest rate offered on holdings.
How to Mine DigitalNote XDN
So far, there are limited options for XDN mining as it is still a work in progress. However, miners can still use DigitalNote Wallet to mine the crypto using the default mining pool. After opening the wallet, one needs to select the mining tab and then click add pool. After typing 45620 in the port field, click OK and select the mining pool added from the list and click Start Mining. The total number of XDN that will ever be in circulation is 8589869056.
Digital Note value over time is dependent on the hype around the cryptocurrency space. So far, DigitalNote value has been rising steadily but the only time will tell if it will continue its ascension or if it will drop.