DigitalNote Coin Review

/DigitalNote Coin Review

DigitalNote Coin Review 2018-05-09T13:02:01+00:00

DigitalNote Full Coin Guide

Quick inner navigation:

  1. DigitalNote Products
  2. DigitalNote Mining
  3. The XDN Token
  4. How to Buy DigitalNote?
  5. DigitalNote Wallets
  6. DigitalNote Exchanges

DigitalNote is a decentralized digital currency known as XDN across trading platforms. It utilizes the CryptoNote technology that enables its users to send private messages and make payments anonymously. It makes use of a unique untraceable messaging system that helps users send private messages.

The same technology also enables DigitalNote to provide blockchain based deposits. DigitalNote is not owned or controlled by anyone. However, it operates with no centralization as it takes advantage of peer to peer network technology while incorporating ASIC resistant mining that creates a fair mining process for everyone.

DigitalNote also provides instant global privacy secured transactions. Additionally, the network offers encrypted communication through untraceable messages that come with extremely low processing fees in a decentralized network. The network is secured by mathematics and grants users the capability to have complete command over their financial and personal information. The network uses the user’s bank account as the private key which enables the user to enjoy freedom with no surveillance or censorship. DigitalNote came into existence on May 30th, 2014. It was previously known as DuckNote. However, the developers changed the name to DarkNote in September 2014 to enable the cryptocurrency to go to the next level and provide its new features.

Just like the coin’s ability to offer an unlimited amount of anonymity, the developers of DigitalNote have managed to remain anonymous the whole time. Currently, it is a hard task to maintain privacy and anonymity from central authorities like the government. DigitalNote offers a unique kind of solution to the problem in that it provides anonymous transactions and encrypted information via its messaging system.

Some of the most interesting features in DigitalNote include:

  • A new crypto-messaging platform that allows Instantaneously encrypted messaging between users on the same peer to peer platform.
  • The blockchain platform supporting DigitalNote is blockchain analysis resistant and therefore all messages and transactions cannot be linked back to the user.
  • DigitalNote is secure and ASIC resistant. ASIC hardware makes the mining process easier but at the same time sacrifices on authority. The developers of DigitalNote wanted the cryptocurrency to remain truly anonymous and fair to everyone operating on the platform and thus chose to maintain it as ASIC resistant.
  • DigitalNote is fair and decentralized. Users get the opportunity to use the peer to peer platform without the risk of any central authority.
  • It is an open and decentralized source project licensed under the MIT license which allows anyone and everyone to take place in its development.
  • DigitalNote uses a libertarian economy approach through the use of ASIC resistant blockchain platform to ensure that coin distribution happens fairly.

DigitalNote Products

  • DigitalNote intends to offer users something that no other cryptocurrency has or is able to provide for them: privacy and anonymity. Users are able to send private messages to each other without worrying about being monitored by a central figure. The messages are encrypted and cannot be linked to each other. Both users have to use a common private key that they can use to both encrypt and decrypt the messages.
  • DigitalNote also offers the DigitalNote mobile wallet that can be used to store or mine XDN tokens. It is mainly superior because of the fact that it offers cold storage services, can be frozen or accessed from another phone once the owners mobile phone is lost, and one can add additional security measures such as verifying email address or mobile number.
  • Another product that DigitalNote offers is time locked funds with yearly interest rates. A user may choose to deposit and lock some of their tokens on the blockchain platform. Depending on the period of time that a user locks their DigitalNote cryptocurrency, usually one month to ten years, the user is able to withdraw their XDN coins with interest as part of the main DigitalNote coin supply. Usually, longer periods of deposits will yield bigger interests due to big interest rates attached to them.

DigitalNote Mining

Other than receiving payments in XDN or buying the cryptocurrency directly using fiat currency, DigitalNote can also be mined. Through the mining process, users get rewarded for actively participating in securing the network through the performance of their CPUs. Mining the DigitalNote cryptocurrency takes place through the DigitalNote wallet. Another option is to use the mining pool, MinerGate, which provides the options for CPU and GPU mining. However, most miners have discovered that you tend to mine more if you just use the DigitalNote wallet.

DigitalNote has a 4-minute block interval which is actually 2.5 times faster than Bitcoin. It also provides a negligible amount of orphan blocks compared with other CryptoNote currencies. A low amount of orphan blocks leads to fewer losses and greater profits for miners. Such a great incentive for miners ensures bigger hash rates and a secure network.

There are two sources of emission for the XDN token. The main source of supply is an ASIC resistant proof of working mining with a constant base block reward of 150 XDN. The other additional source of XDN emission is an XDN deposit with about 1% annual interest rate. The overall emission process may last about 77 years supporting mining and at the same time increasing total XDN supply.

Each block mined rewards the miner with an amount of XDN notes rounded off to the nearest ten. The number of coins can be 320,000, 160,000 to 150 notes. The reason why DigitalNote chose rounded off numbers was that they are easier to remember and every miner can be able to predict their mining revenue with ease. Due to this fact also, there is no dust (millicents of coins) in the transaction process.

The XDN Token

The token for DigitalNote is commonly known as XDN. It grants its user anonymity while transacting and storing their coins in a wallet. The following are some of the specific functions and applications of the XDN token. They include:

  • Making secure money transfers to peers on the same network.
  • Providing private encrypted communication between parties.
  • In the case of a customer and merchant, the customer can specify his or her public address as he makes several purchases from the merchant, which only the merchant can be able to see. This applies if the merchant offers money back services.
  • A donor making a donation can offer specific instructions through the use of XDN tokens on how the donations should be used.
  • It can also be used to send a digital postcard with a personalized message or present inside.
  • A multi-signature feature also allows common ownership of XDN tokens and deposits. A group can own or deposit their own XDN tokens whereby withdrawing the tokens will need their combined effort as one person cannot withdraw the tokens.

The total number of XDN tokens is estimated to be about 8,589,869,056 XDN. Currently, there are about 6.8 billion XDN in supply in the market.

DigitalNote Price Growth

DigitalNote is estimated to rank 154th on the list of cryptocurrencies and their various market caps. It occupies 0.02% of the whole digital currency market. As of June 24th, 2014, DigitalNote had a price of about $0.000042, a market cap of around $115,859 and a 24-hour trading volume of $40,223. That was a significant price rise from $0.000042 in 2014 to $0.007241 four years later.

Compared to other digital currencies, the price of DigitalNote has not been that volatile. The only significant price peak was on 7th January 2018 where the price hit an all-time high of $0.079905 with a 24-hour trading volume of about $75.5 million. Experts forecast that the price of DigitalNote will continue to rise and investments made now may well increase with a 231.85% within the next five years.

How to Buy DigitalNote?

XDN cannot be bought with Fiat currency. It needs to be exchanged from other big coins such as Bitcoin, Ethereum, or Litecoin. The following is a step by step procedure on how to buy the cryptocurrency DigitalNote.

  • Step 1: setting up an XDN wallet

The first step is to get a wallet that can securely hold your XDN coins once they are bought. To do this, you need to visit the DigitalNote official page and select the download icon at the top right corner of the page. Visit the page at the bottom of the page with a title ‘Graphical DigitalNote wallet for users’ where you will be prompted to choose the system that is compatible with your computer.

After selecting what works for your computer, download the file and extract it. Within the extracted folder look for an execution file, one probably ending with .exe and run it. This will start the installation process. Once the process starts, you will be asked if the program may connect to the internet. Allow access so that the program can be fully operational. If not, the application may not run correctly. Your wallet will then become active and synchronize with the blockchain platform. At this point, encrypt your wallet and also set up a password. Afterward, create a backup and set it on your desktop as your wallet. You can also save it on an external drive just in case your computer gets stolen or fails to work. Head back to the wallet and click receive, you will receive a long list of words and numbers. This is your wallet’s address; keep it safe as it will be needed after. You have successfully created your DigitalNote wallet.

  • Step 2: Buying BTC/ETH

Now you need to find an exchange platform whereby you will be able to purchase another cryptocurrency such as Bitcoin, Litecoin or Ether to be able to purchase XDN crypto. There are so many exchange platforms to use; a prime and recommended platform would be Coinbase or CEX.IO. Head on over to the Coinbase website. Go to the buy and sell page and set the currency to Bitcoin. Enter the number of Bitcoins that you wish to buy.

You will be asked how you want to purchase Bitcoins, whether using your bank account or your debit or credit card. You may want to choose a credit card as is it quicker than using the bank account. However, do note that the charges for using a credit card are a bit higher. Choose the amount of fiat currency you want to use (Remember to include the transaction fees along with the purchase). Confirm that your chosen order is correct and click but Bitcoin.

  • Step 3: Exchange BTC to XDN

Using the list below, choose an exchange that supports DigitalNote. After you exchange your Bitcoins for DigitalNote, withdraw them into your DigitalNote wallet for safe-keeping. The long list of digits and letters is your wallet address. Use it to withdraw the coins into your wallet. Check back in your wallet if the coins have been safely received. You will have safely and successfully purchased your first DigitalNote cryptocurrency. Holding coins on an exchange platform is highly risky and not recommended at all.

DigitalNote Wallets

Previously you learned to install a DigitalNote wallet. Now, let’s take a closer look at wallets you can use for storing your DigitalNote coins. The following are some of the wallets that can be used.

  • Freewallet XDN Wallet

The Freewallet XDN wallet is a mobile wallet supported on both the Android and iOS platforms. It allows users to be able to store and manage their cryptocurrencies with ease. The developers of the Freewallet XDN wallet were well aware that not everyone is a blockchain expert and thus they created an already synced platform that is fun and easy to enjoy.

  • Console DigitalNote Wallet

This wallet can be downloaded from the official DigitalNote website. After downloading, one needs to extract the zip file and choose the application found in the extracted folder. Afterward, run the application and synchronize it with the blockchain and it will be done. As soon as it set up, one can begin using it.

  • Graphical DigitalNote Wallet

The graphical DigitalNote wallet is another official XDN wallet other than Console Digital Wallet. It can also be found on the official DigitalNote website as a downloadable file. Once downloaded, it just needs to run and it will automatically sync with the blockchain network.

DigitalNote Exchanges

Bittrex >>

Bittrex is one of the most prominent exchanges and trading platform that offers support for over 200 multiple cryptocurrencies. It was originally built and operated in the US and was specifically built as a solution to the multiple reliability and security breach issues that are witnessed with other exchange platforms.

Pros of Bittrex:

  • The signup and verification process is fast as minimal personal information is needed for verification.
  • The platform offers better security and support than most other exchange platforms. Also, the platform has never been hacked.
  • Users experience hardly any interruptions while using the platform.
  • Bittrex is also available and functional in most countries.
  • It also supports over 200 cryptocurrencies.

Cons of Bittrex:

  • Bittrex does not allow margin trading.
  • It offers no support for withdrawal or deposit of fiat currencies.
  • The waiting time for liquidity takes a lot of time with some users taking up to 10 minutes for an execution to take place.

HitBTC >>

HitBTC is a reputable cryptocurrency platform operated by HIT solution ltd based in Hong Kong. It is a global platform that offers support for various cryptocurrencies and has been in operation since 2013. Other than providing a trading platform for multiple tokens, crypto-assets, and ICOs, it also offers various tools.

Pros of HitBTC:

  • The platform has a strong security, probably due to the fact that it went through a hack back in 2015 and therefore has strong security features.
  • Compared to other platforms, HitBTC has relatively lower fees.
  • HitBTC has support for multi-language chat, therefore, making it easy for different people to use the platform in their native language.
  • It currently supports more than 50 cryptocurrencies.

Cons of HitBTC:

  • The verification process is time-consuming and difficult.
  • Users have complained of very slow withdrawals.
  • There are limitations on trading amounts using fiat currency n HitBTC.

In a nutshell

DigitalNote prices are expected to rise in the future as more and more people acquire the coins and trade them. Most of the users already claim that the cryptocurrency is a good investment choice as it offers something new, privacy and anonymity, which are hard to come by in this era. The DigitalNote coins seem shaky at the moment as the prices have dropped a bit. However, one can only speculate to see if the coin will recover and pass that $1 threshold soon.

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