What Is XDN?
XDN is short for DigitalNote; a cryptocurrency announced as duckNote back in 2014 with the aim to bring an untraceable messaging platform. Where not even the fact of the message being sent can be known and is only decryptable by the recipient. As a lot of people might say. That can be seen as the ultimate purpose of cryptocurrencies. And they would be right. DigitalNote solves a lot of issues inherent in Bitcoin. Bringing users a more private and decentralized platform.
However, a lot of cryptocurrencies go obscured and under the radar despite. The great concepts and technology behind them thanks to the enormous popularity. Enjoyed by other, more established projects like Bitcoin or Ethereum.
So, to shed light on this great platform, we present you the basics:
What Is It?
DigitalNote could be described as both a form of electronic money and an encrypted messaging platform.
Why? Well, because users can use CryptoNote, a function within the platform, to deliver untraceable messages with each transaction. In other words, whenever someone makes a transaction, they have the opportunity to attach a note to it. Those “letters” are secret, and no one but the recipient can decrypt them. They are so secure that no one can even distinguish a transaction with a message from one without it.
XDM also solves the issue related with how Bitcoin’s blockchain is verifiable by anyone. Thus making it possible for someone to see every single transaction we have made as long as they have external data they can compare (such as purchases in exchanges), data which often isn’t kept as secure as they should be.
Which Advantages Does It Have Over Bitcoin?
- Transactions up to 2.5 times faster than those of Bitcoin with a 4-minute interval for blocks.
- A mining process that’s efficient in CPU miners. Making it easily accessible for anyone willing to invest their time. Their mining process far surpasses Bitcoin’s since not only it’s easy to do with CPU. But is also resistant to ASIC miners, making it virtually impossible to centralize it.
- Allows for anonymous and untraceable messages to be sent with. A myriad of uses such as letters, ID information, refund addresses, specifying how funds should be spent, and many more.
- Block rewards are round numbers which reduce the size of transactions for blocks. And make it easier for ring signatures by eliminating “cents” of coins.
Proof of Activity.
This is one of the most curious parts of DarkNote.
XDN is, probably, the first cryptocurrency to ever introduce both Proof of Work and Proof of Stake. Mining, this protocol has been dubbed “Proof of Activity”.
What that means is that users can obtain coins by both lending their computer’s processing power. Or by “locking” their coins for them to “age” and generate more coins. It doesn’t merely make it more accessible for users wishing to participate. In the mining process, but it also makes the overall network more secure. By combining the security advantages of both PoW and PoS mining.
And, when you combine PoA with the fact that its PoW is ASIC-resistant. You have a completely decentralized cryptocurrency that far surpasses any other we’ve seen.