DigitalNote’s XDN price skyrocketed during the past few weeks to record a 1000% increase in market cap in less than 3 weeks. Interestingly, it seems that DigitalNote has the potential to grow even more in 2018 for a myriad of reasons, especially that bitcoin’s transaction fees have become inappropriately high rendering bitcoin for the first time since the genesis block was mined by the legendary Satoshi Nakamoto, unsuitable for micropayments. So, why did the price of DigitalNote soar in just a few weeks? Is DigitalNote a promising coin to mine in 2018?
What is DigitalNote XDN cryptocurrency?
DigitalNote is a decentralized cryptocurrency that is based on the CryptoNote protocol that promotes anonymous transactions, so it is almost impossible to trace transactions on the DigitalNote blockchain. The first block on the XDN blockchain was mined on the 30th of May, 2014 and since then, DigitalNote has been providing instant worldwide encrypted untraceable transactions with nearly “zero” transactions fees. The mining process is an ASIC-resistant Proof-of-work (PoW) process that promotes decentralization and enables users to mine XDN via their personal computers.
You can possess DigitalNote via mining using the world’s top user-friendly mining software from MinerGate. You will be able to receive DigitalNote coins for devoting your CPU power to secure XDN’s network. Even more, you can earn 0.5-1% annual interest rate on the DigitalNote coins you have on your wallet, provided that you have had them “locked” in the wallet for at least 1 month. DigitalNote also allows its users to communicate via “crypto messages”, which represent a fast, private and untraceable means of communications. The XDN blockchain is totally resistant to all forms of blockchain analysis, so all transactions and messages sent across its network are totally untraceable.
DigitalNote’s code is open source and is licensed via MIT, so technically speaking, anyone can participate in the process of code development. In the near future, XDN will support “proof-of-activity” which will enable the creation of Digital IDs on the coin’s blockchain.
Why did the price of DigitalNote Skyrocket?
Firstly, the great rise in bitcoin’s transactions fees has urged crypto-enthusiasts, speculators and those who use bitcoin as a currency, to look for coins with low transaction fees. Mainly, coins whose prices were below 100 satoshis, such as Bytecoin BCN, Ripple XRP, DigitalNote XDN, became more popular and their prices skyrocketed ahead of the inappropriately high transaction fees of bitcoin. For example, Bytecoin BCN rose from around 22 satoshis to more than 100 satoshis in around 3 weeks. DigitalNote XDN was also a good choice for those trying to work around bitcoin’s high fees, which greatly contributed to the rise in the coin’s price.
Secondly, DigitalNote’s roadmap included many attractive future developments that helped people recognize that the coin is way undervalued and tempted them to speculate over it, which pushed XDN’s price to the moon. The XDN ICCO (Initial Crowdfunded Coin Offering) which started on the 2nd of June, 2017 at Hitbtc’s exchange platform fueled the price surge. Also, the database blockchain storage upgrade greatly improved the currency’s scalability and the memory efficiency of blockchain storage. Now, XDN’s blockchain can handle all forms of messages, thanks to the Messages 3.0 release. Moreover, the proof-of-activity upgrade, which is planned to be implemented in the second quarter of 2018, introduces an added layer of scalability and security for the coin’s blockchain. The development team also worked with Freewallet to develop a mobile wallet, which enabled anyone to buy XDN with his/her credit card.
DigitalNote XDN is a very promising coin to mine in 2018, but which pools should you be joining? By far, MinerGate’s XDN mining pool is the only pool listed on XDN’s official website and the truth is that almost 100% of DigitalNote’s hash rate belongs to Minergate’s mining pool. Currently, MinerGate’s XDN hash rate equals around 5.8 MH/s which represents almost 100% of the world’s hash rate for XDN. So, if you are considering to mine DigitalNote, MinerGate should be your only choice. All you have to do is sign up for an account using your email, download & install the latest version of miner software that fits your operating system, run the miner and finally, set the application to mine XDN. You can find a simple tutorial to help you set up your MinerGate’s miner on your machine here.
Even though DigitalNote XDN experienced massive growth during 2017’s fourth quarter, we are likely to see it even grow more in 2018, so if you haven’t started to mine XDN yet, then now should be the time to consider doing so, because XDN is one of the most promising CryptoNote cryptocurrencies that is expected to witness a massive price surge in 2018.