Some blockchains are using a Proof-of-Work (PoW) mechanism, some are using a Proof-of-Stake (PoS) mechanism and then there is DigitalNote. DigitalNote is a robust Proof-of-Work and Proof-of-Stake hybrid blockchain. So let me explain what the benefits of the DigitalNote blockchain model are.
What Is DigitalNote?
DigitalNote was first released to the public in 2014 as a result of the hard-fork of Bytecoin under the name DuckNote until it changed its name to DigitalNote the same year.
DigitalNode is saying about itself that it has built the blockchain for the future by combining PoW and PoS.
The hybrid DigitalNode blockchain rewards both, stakers and miners. This hybrid mechanism results in stronger network security and a fairer dispersion of block rewards compared to other cryptocurrencies.
The core of DigitalNode is built by instant transactions and encrypted messaging.
The Hybrid Blockchain
DigitalNote utilizes a hybrid distribution method, combining both PoW and PoS. Such hybrid systems are still relatively new. Only a few blockchains employ an algorithm that adjusts the time span between generated blocks for either PoW or PoS in unison.
A custom difficulty retargeting algorithm was created for DigitalNote. This algorithm is called “VRX” and allows the proper shuffling of generated block types within a full hybrid blockchain. PoW and PoS complement each other’s shortcomings, which increases the security of DigitalNote substantially. It is almost completely negating the possibility of a so-called 51% attack. In August 2020, the Ethereum Classic blockchain had been hit by several 51% attacks. The latest 51% attack on the Ethereum Classic caused the reorganization of over 7,000 blocks which corresponds to approximately two days of mining. The Okex exchange suffered a loss of $5.6 million directly as a result of this attack.
Encrypted Messaging
DigitalNote has highly secure encrypted messaging features. DigitalNote`s messaging features were designed to be simple and effective. Messages are encrypted and then relayed via a peer-to-peer protocol. Only the designated recipient can then decrypt the message locally through the wallet`s client. The recipient can read and reply to the message securely.
Instant Transaction
The new DigitalNote Masternode network enables InstantTX. When a user specifies an InstantTX the transaction is broadcast to the entire network immediately through the Masternode Network. This means that users can send and receive $XDN as well as messages in seconds if they choose InstantTX.
The Masternode Network
DigitalNote uses a Masternode Network to incentivize network cooperation, to strengthen on-chain security, and to allow for additional features like InstantTX. Masternodes process additional feature data for the blockchain without compromising security by forcing a verified collateral lock of a specific amount of XDN to run and operate. A Masternode requires a persistent internet connection and penalizes any participant that consistently disconnects to avoid inconsistent connections or any possible hang-ups in service provided to end-users. This system ensures that the security and flexibility of the DigitalNote blockchain.
DigitalNote Coin $XDN
DigitalNotes native coin is called $XDN.
$XDN`s price today is $0.0012 and it is located on market cap rank #452. $XDN has a circulating supply of 5.1 Billion coins and a maximum supply of 7 Billion coins.
Bittrex is the current most active market trading it. You can trade $XDN also on UPbit and HitBTC. Right now, $XDN can only be stored in the DigitalNote Desktop Wallet and in the DigitalNote Web Wallet. A mobile wallet is in the works.
By the end of November 2020, DigitalNote is going to introduce an ERC-20 called $2XDN. The first $2XDN tokens will be delivered by an airdrop for holders of $XDN. Simply hold at least 100 $XDN in your wallet and the new $2XDN tokens will be airdropped directly in your wallet at a 1:100 ratio.
The intention of issuing the new ERC-20 token is to allow users to flip between holding $XDN for yield whilst using $2XDN for versatility. The ERC-20 standard token is much more convenient on more platforms.
My Final Conclusion
DigitalNote has some unique features and I believe that I cloud be profitable because you can stake $XDN, mine $XDN, or simply hold $XDN and wait for the $2XDN airdrop.
I hope I could provide you with some interesting and useful information about DigitalNote.
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